Triplex With Separate
For Sale
$365,000
231 W 32nd Street, Tucson, AZ 85713
Residential Income, Territorial, Tucson, AZ
Property Size2,152 SF
Lot Size0.14 Acres
Price / SF$169.61
Days on Market9
Property Features for 231 W 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
South Tucson - SR1
Parking
2
Fencing
Chain Link
Appliances
Refrigerator
Subdivision
Home Addition
Lot features
North/ South Exposure
Elementary school
Ochoa
Middle school
Safford K-8 Magnet
High school
Tucson
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
SOUTH ON 10TH AVE, EAST ON 32ND STREET, PROPERTY TO THE SOUTH
Standard status
Active
APN
118240390
Size
2,152 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 00005 BLOCK 021 HOME MAP 4 PLAT 93
Legal Description
LOT 00005 BLOCK 021 HOME MAP 4 PLAT 93
Utilities
Heating system
Wall Furnace
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1940
Number of units
3
Flooring type
Tile - Ceramic, Vinyl
Building materials
Brick, Stucco
Roof type
Rolled Hot Mop
Architectural style
Other
Listing Agency:
Real Broker
(602) 755-3415
Listed By:
Jose Esquivel · License #BR644495000
(602) 774-6464
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 16 at 11:06PM
MLS# 22621942
Copyright © 2026 Multiple Listing Service of Southern Arizona. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1940, this triplex contains approximately 2,152 square feet of living area across three separate residences. The unit mix includes two 2-bedroom, 1-bath homes and one 1-bedroom, 1-bath home, offering varied residential configurations within one property. Construction includes brick and stucco, with vinyl and ceramic tile flooring, wall-furnace heating, window-unit cooling, and ceiling fans. The property also includes a chain-link fence, rolled hot-mop roofing, and public water service.
The 6,534-square-foot lot is located at 231 W 32nd Street in Tucson, within the South Tucson - SR1 zoning designation. The property is described as being near Downtown Tucson, major roads, shopping, dining, schools, and other Tucson amenities. A refrigerator is included among the listed appliances.
The 6,534-square-foot lot is located at 231 W 32nd Street in Tucson, within the South Tucson - SR1 zoning designation. The property is described as being near Downtown Tucson, major roads, shopping, dining, schools, and other Tucson amenities. A refrigerator is included among the listed appliances.
Key Highlights
- Three‑unit configuration with two 2‑bedroom/1‑bath residences and one 1‑bedroom/1‑bath residence
- Approximately 2,152 square feet of total living space
- 6,534‑square‑foot lot at 231 W 32nd Street, Tucson
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
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?
Triplex - Three individually configured residences create a multi-unit residential income property with varied bedroom layouts.
Where is this triplex located?
The property is located at 231 W 32nd Street 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‑unit configuration with two 2‑bedroom/1‑bath residences and one 1‑bedroom/1‑bath residence; Approximately 2,152 square feet of total living space; 6,534‑square‑foot lot at 231 W 32nd Street, Tucson
