Three-Unit Triplex
For Sale
$365,000
231 W 32nd St, Tucson, AZ 85713
Three independent residences offer a varied configuration for rental income and owner-occupant use.
Property Size2,152 SF
Lot Size0.15 Acres
Price / SF$169.61
Days on Market10
Property Features for 231 W 32nd St
General Information
Standard status
Active
Size
2,152 SF
Lot size
0.15 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1940
Listing Agency:
Real Broker
Listed By:
Jose Esquivel · License #BR644495000
(602) 774-6464
Source:
Anthony.viewalltucsonhomes
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 16 at 10:01PM
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 Real Broker
Investment Insights
Based on property information with market context.
Built in 1940, this triplex contains three separate residences totaling approximately 2,152 square feet on a 6,534-square-foot lot. The unit mix includes two 2-bedroom/1-bath residences and one 1-bedroom/1-bath residence, providing distinct layouts within a single property.
Located at 231 W 32nd St in Tucson, the property is near Downtown Tucson, major roads, shopping, dining, schools, and other local amenities. The three-unit configuration supports rental portfolio ownership as well as an owner-occupant approach, subject to buyer verification of all facts, figures, and information.
Located at 231 W 32nd St in Tucson, the property is near Downtown Tucson, major roads, shopping, dining, schools, and other local amenities. The three-unit configuration supports rental portfolio ownership as well as an owner-occupant approach, subject to buyer verification of all facts, figures, and information.
Key Highlights
- Three separate residential units in one triplex property
- Unit mix includes two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Approximately 2,152 square feet of total living space
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
$21,287
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
5.83%
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%
$425,740
$425.7K
Cap Rate 7%
$304,100
$304.1K
Cap Rate 9%
$236,522
$236.5K
Market Conditions
NOI Build-Up for 2,152 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
$33.1K $15.36/SF
− Vacancy
−$2.6K −$1.23/SF
EGI
$30.4K $14.13/SF
− OpEx
−$9.1K −$4.24/SF
NOI
$21.3K $9.89/SF
Area
ZIP 85713
Vacancy
8.00%
Lease Rate
$15.36 /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%
$425,740
Cap Rate 7%
$304,100
Cap Rate 9%
$236,522
Alternative Uses
Best Use
Multifamily LT 5
$304.1K
$266.1K – $354.8K
NOI $21,287 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$280.6K
$245.5K – $327.4K
NOI $19,641 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$526.8K
$461.0K – $614.6K
NOI $36,877 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
764
Businesses Nearby
Explore this area
Business Placement
Demographics for 85713, AZ
46,810
Population
19,056
Households
2.5
Avg Household Size
38
Median Age
21%
College-Educated
79%
High-School Grad
23.8 sq mi
ZIP Area
1,967
Density / Sq Mi
$50,264
Median Household Income
$32,302
Median Earnings
$1,017
Median Rent
$171,700
Median Home Value
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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?
Triplex - Three independent residences offer a varied configuration for rental income and owner-occupant use.
Where is this triplex located?
The property is located at 231 W 32nd St Tucson, AZ.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Three separate residential units in one triplex property; Unit mix includes two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Approximately 2,152 square feet of total living space
