Bungalow
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 Market12
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
Changed: Aug 11
Last Checked: Aug 21 at 11:06PM
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 bungalow duplex contains two occupied residences: a one-bedroom, one-bath unit and a two-bedroom, one-bath unit. The property is being sold as-is and includes ceramic tile flooring, central air conditioning, heat-pump heating, gas ranges, disposals, and washer and dryer hookups. Masonry stucco construction, a shingle roof, and chain-link fencing complete the improvements.
Located in Tucson, the property sits on a 0.17-acre lot with public water service and R2 zoning. The 1946-built asset also carries a 6.98% CAP rate and a 10.4 GRM. Separate unit configurations support its current duplex layout, while the existing occupancy provides an established rental setup.
Located in Tucson, the property sits on a 0.17-acre lot with public water service and R2 zoning. The 1946-built asset also carries a 6.98% CAP rate and a 10.4 GRM. Separate unit configurations support its current duplex layout, while the existing occupancy provides an established rental setup.
Key Highlights
- Two occupied units with one‑bedroom and two‑bedroom layouts
- 1,293 square feet on a 0.17‑acre lot
- 6.98% CAP rate and 10.4 GRM
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
Multi-tenant
Tenancy
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
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 - Occupied two-unit property with separate one- and two-bedroom layouts, central air, and washer and dryer hookups.
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: Two occupied units with one‑bedroom and two‑bedroom layouts; 1,293 square feet on a 0.17‑acre lot; 6.98% CAP rate and 10.4 GRM
