Occupied Duplex with Laundry
For Sale
$235,000
231 W Illinois St, Tucson, AZ 85714
Two occupied residences provide a one-bedroom and two-bedroom unit mix with one bathroom in each unit.
Property Size1,293 SF
Price / SF$181.75
Days on Market70
Property Features for 231 W Illinois St
General Information
Standard status
Active
Size
1,293 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Cap Rate
6.98%
Gross Income
$26,400
Gross Rent Multiplier
10.4
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
washer and dryer hookups
Building Details
Year Built
1946
Listing Agency:
Indie Realty
Listed By:
Eduardo Enrique Rosano · License #54583
(520) 345-3519
Source:
Thetucsonhomefinder
Added: Aug 7
Changed: Oct 6
Last Checked: Oct 14 at 11:41PM
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 Indie Realty
Investment Insights
Based on property information with market context.
This duplex contains 1,293 square feet across two occupied units. The configuration includes one one-bedroom, one-bath residence and one two-bedroom, one-bath residence, providing a straightforward unit mix for residential income use. Washer and dryer hookups are included, and the property is being sold as-is.
Constructed in 1946, the property is located at 231 W Illinois Street in Tucson, Arizona 85714. Financial metrics include a 6.98% cap rate and a 10.4 GRM. Both residences are currently occupied, supporting the property’s existing income-producing use.
Constructed in 1946, the property is located at 231 W Illinois Street in Tucson, Arizona 85714. Financial metrics include a 6.98% cap rate and a 10.4 GRM. Both residences are currently occupied, supporting the property’s existing income-producing use.
Key Highlights
- Two‑unit duplex with both residences currently occupied
- 1,293 SF property built in 1946
- Unit mix includes one 1‑bedroom, 1‑bath unit and one 2‑bedroom, 1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,489
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$289,780
$289.8K
Cap Rate 7%
$206,986
$207.0K
Cap Rate 9%
$160,989
$161.0K
Market Conditions
NOI Build-Up for 1,293 SF
Gross rent
$22.5K $17.40/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$20.7K $16.01/SF
− OpEx
−$6.2K −$4.80/SF
NOI
$14.5K $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 Rate 5%
$289,780
Cap Rate 7%
$206,986
Cap Rate 9%
$160,989
Alternative Uses
Best Use
Multifamily LT 5
$207.0K
$181.1K – $241.5K
NOI $14,489 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$189.8K
$166.1K – $221.4K
NOI $13,286 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$335.9K
$293.9K – $391.9K
NOI $23,512 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
725
Businesses Nearby
Explore this area
Business Placement
Demographics for 85714, AZ
14,232
Population
5,589
Households
2.5
Avg Household Size
38
Median Age
10%
College-Educated
69%
High-School Grad
5.6 sq mi
ZIP Area
2,541
Density / Sq Mi
$47,093
Median Household Income
$30,204
Median Earnings
$879
Median Rent
$177,100
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?
Duplex - Two occupied residences provide a one-bedroom and two-bedroom unit mix with one bathroom in each unit.
Where is this duplex located?
The property is located at 231 W Illinois St Tucson, AZ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently occupied; 1,293 SF property built in 1946; Unit mix includes one 1‑bedroom, 1‑bath unit and one 2‑bedroom, 1‑bath unit
