Industrial-Style Apartment
New
For Sale
$3,500,000
222 South Cherry Avenue, Tucson, AZ 85719
The fully occupied property offers varied floor plans and in-unit laundry.
Property Size16,042 SF
Days on Market2
Property Features for 222 South Cherry Avenue
General Information
Standard status
Active
Size
16,042 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
17
Amenities
in-unit washers and dryers
Cherry Park is a highly differentiated, 17-unit boutique multifamily community that was comprehensively redeveloped in 2013 into a collection of distinctive industrial-style units.
Proximity to the University of Arizona and Downtown Tucson attracts university-affiliated renters, young professionals, roommates, and market-rate renters, offering flexibility in positioning.
Flexibility to operate as market-rate property, maintain its student-oriented strategy, or pursue individual bedroom leasing, offering versatility to respond to market condition and enhance revenue.
Building Details
Building Size
16,042 SF
Year Renovated
2013
Units
17
Listing Agency:
Tucson Office
Listed By:
Hamid Panahi · License #License(s): AZ: SA550601000
(520) 719-6511
Source:
Marcusmillichap
Added: Sep 26
Last Checked: Sep 26 at 2:53PM
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 Tucson Office
Investment Insights
Based on property information with market context.
This 17-unit apartment community at 222 South Cherry Avenue in Tucson was redeveloped in 2013. Its studio, two-bedroom, and three-bedroom homes feature exposed rafters, visible conduit and ductwork, polished concrete floors, and skylights. Interior finishes include granite counters, designer cabinetry, upgraded fixtures, and appliances; each unit also has a washer and dryer. The property contains 42 bedrooms and 38 bathrooms and was originally built as a Red Cross facility.
Residents are currently students, and the University of Arizona is less than one-half mile to the north. The property also has access to Downtown Tucson, the 4th Avenue entertainment district, Banner-University Medical Center, the Mercado District, and employment and entertainment corridors around Tucson.
Residents are currently students, and the University of Arizona is less than one-half mile to the north. The property also has access to Downtown Tucson, the 4th Avenue entertainment district, Banner-University Medical Center, the Mercado District, and employment and entertainment corridors around Tucson.
Key Highlights
- 17‑unit apartment community redeveloped in 2013
- 42 bedrooms and 38 bathrooms across studio, two‑bedroom, and three‑bedroom units
- Less than one‑half mile south of the University of Arizona
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
$164,836
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
4.71%
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%
$3,296,720
$3.3M
Cap Rate 7%
$2,354,800
$2.4M
Cap Rate 9%
$1,831,511
$1.8M
Market Conditions
NOI Build-Up for 16,042 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
$327.3K $20.40/SF
− Vacancy
−$27.6K −$1.72/SF
EGI
$299.7K $18.68/SF
− OpEx
−$134.9K −$8.41/SF
NOI
$164.8K $10.28/SF
Area
Tucson, AZ
Vacancy
8.42%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$3,296,720
Cap Rate 7%
$2,354,800
Cap Rate 9%
$1,831,511
Alternative Uses
Best Use
Apartment 5plus
$2.35M
$2.06M – $2.75M
NOI $164,836 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.17M
$3.65M – $4.86M
NOI $291,713 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
17
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,280
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - The fully occupied property offers varied floor plans and in-unit laundry.
Where is this apartment building located?
The property is located at 222 South Cherry Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 17‑unit apartment community redeveloped in 2013; 42 bedrooms and 38 bathrooms across studio, two‑bedroom, and three‑bedroom units; Less than one‑half mile south of the University of Arizona
