Vintage Duplex with Guest
For Sale
$359,000
215 S Cherry Ave, Tucson, AZ 85719
Two separate residences offer flexible layouts, current rental use, and off-street parking near central Tucson destinations.
Property Size1,467 SF
Price / SF$244.72
Days on Market11
Property Features for 215 S Cherry Ave
General Information
Standard status
Active
Size
1,467 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR
Multifamily Units
2
Building Details
Buildings
2
Listing Agency:
Long Realty
(520) 241-3123
Listed By:
Tim R Hagyard
(520) 241-3123
Source:
Exprealty
Added: Aug 11
Changed: Aug 20
Last Checked: Aug 21 at 9:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Long Realty
Investment Insights
Based on property information with market context.
This duplex includes a vintage bungalow built c. 1927 and a separate guest house, creating two distinct residential spaces within a 1,467 SF property. The 867 sq ft main residence includes a living area with fireplace niche, French doors, galley kitchen, two bedrooms, one bathroom, and two office or flex areas. The guest house adds one bedroom, a great room, high ceilings, and scored and colored concrete flooring.
Both residences are currently rented, and off-street parking accommodates the two homes. The property is near the University of Arizona, Downtown Tucson, and the Sunshine Mile, providing access to several established central Tucson destinations.
Both residences are currently rented, and off-street parking accommodates the two homes. The property is near the University of Arizona, Downtown Tucson, and the Sunshine Mile, providing access to several established central Tucson destinations.
Key Highlights
- Duplex configuration with a separate guest house
- 1,467 SF property with two distinct residences
- 867 sq ft main house with 2 bedrooms, 1 bath, kitchen, and office/flex areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,439
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$328,780
$328.8K
Cap Rate 7%
$234,843
$234.8K
Cap Rate 9%
$182,656
$182.7K
Market Conditions
NOI Build-Up for 1,467 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.5K $17.40/SF
− Vacancy
−$2.0K −$1.39/SF
EGI
$23.5K $16.01/SF
− OpEx
−$7.0K −$4.80/SF
NOI
$16.4K $11.21/SF
Area
Tucson, AZ
Vacancy
8.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$328,780
Cap Rate 7%
$234,843
Cap Rate 9%
$182,656
Alternative Uses
Best Use
Multifamily LT 5
$234.8K
$205.5K – $274.0K
NOI $16,439 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$215.3K
$188.4K – $251.2K
NOI $15,074 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$381.1K
$333.5K – $444.6K
NOI $26,676 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,255
Businesses Nearby
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer flexible layouts, current rental use, and off-street parking near central Tucson destinations.
Where is this duplex located?
The property is located at 215 S Cherry Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Duplex configuration with a separate guest house; 1,467 SF property with two distinct residences; 867 sq ft main house with 2 bedrooms, 1 bath, kitchen, and office/flex areas
