Bungalow Duplex with Occupied
New
For Sale
$235,000
231 W Illinois Street, Tucson, AZ 85714
MULTI_FAMILY - Bungalow - Tucson, AZ
Property Size1,293 SF
Lot Size0.17 Acres
Price / SF$181.75
Days on Market2
Property Features for 231 W Illinois Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
2
Fencing
Chain Link
Appliances
Gas Range, Disposal
Subdivision
National City NO. 4
Lot features
Decorative Gravel, North/ South Exposure
Elementary school
Hollinger
Middle school
Utterback-Magnet
High school
Pueblo
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Head east on W Ajo Way towards S 6th Ave, turn right onto S 6th Ave, turn right onto W Illinois St, turn left onto S 7th St, turn right onto W Illinois St
Standard status
Active
APN
120-08-1980
Size
1,293 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
National City No 4 Lot 6 Exc S7.5' For Alley Blk 65
Legal Description
National City No 4 Lot 6 Exc S7.5' For Alley Blk 65
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
washer and dryer hookups
Building Details
Year built
1946
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Masonry Stucco
Roof type
Shingle
Architectural style
Bungalow
Listing Agency:
Indie Realty, LLC
(520) 777-8973
Listed By:
Eduardo Enrique Rosano
(520) 345-3519
Added: Aug 10
Last Checked: Aug 11 at 3:06PM
MLS# 22619450
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.
This 1,293-square-foot duplex occupies a 0.17-acre site and was built in 1946 in the bungalow style. The unit mix includes one one-bedroom, one-bath residence and one two-bedroom, one-bath residence, with both units currently occupied. Washer and dryer hookups support each residence. Interior and exterior features include ceramic tile flooring, masonry stucco construction, chain-link fencing, shingle roofing, and central air conditioning. Heating is provided by heat pumps, while the property is served by public water. Gas ranges and disposals are included, and the property is zoned Tucson - R2.
Located at 231 W Illinois Street in Tucson, Arizona, the property offers an established duplex configuration with two distinct residential units on a compact parcel.
Located at 231 W Illinois Street in Tucson, Arizona, the property offers an established duplex configuration with two distinct residential units on a compact parcel.
Key Highlights
- Duplex contains one 1‑bedroom, 1‑bath unit and one 2‑bedroom, 1‑bath unit
- Both units currently occupied
- 1,293 square feet on 0.17 acres
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
$14,489
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
6.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
735
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
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 occupied residences include one- and two-bedroom layouts with separate full baths.
Where is this duplex located?
The property is located at 231 W Illinois Street 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: Duplex contains one 1‑bedroom, 1‑bath unit and one 2‑bedroom, 1‑bath unit; Both units currently occupied; 1,293 square feet on 0.17 acres
