Two-Unit Residential Income
For Sale
$450,000
2320 N Camilla Boulevard, Tucson, AZ 85716
Residential Income, Contemporary, Tucson, AZ
Property Size1,759 SF
Lot Size0.18 Acres
Price / SF$255.83
Days on Market76
Property Features for 2320 N Camilla Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Patio and Porch features
Patio
Interior features
Walk-In Closet(s)
Appliances
Gas Range, Lazy Susan
Subdivision
Palo Verde Amended
Lot features
Decorative Gravel, North/ South Exposure
View
City
Elementary school
Blenman
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Country Club and Grant, east to Camilla, south to property
Standard status
Active
APN
122-15-189A
Size
1,759 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:001010010 /Palo Verde Amended E130' S73' N198' Of Lot 3 Blk 1
Legal Description
From Parcel:001010010 /Palo Verde Amended E130' S73' N198' Of Lot 3 Blk 1
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
private fenced yards
laundry hook ups
central AC/heating
off street parking
Building Details
Year built
1959
Number of units
2
Flooring type
Vinyl, Tile, Tile - Ceramic
Building materials
Burnt Adobe, Frame - Stucco, Masonry Stucco
Roof type
Built-Up
Architectural style
Contemporary
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 877-4940
Listed By:
David J Walsh
(520) 591-1736
Added: Jun 8
Changed: Aug 19
Last Checked: Aug 22 at 7:06AM
MLS# 22614477
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 property offers two residential units on one lot, operated as a well-maintained owner-managed setup. The front unit is a 2-bedroom, 1-bath layout, and the back unit is a 1-bedroom, 1-bath configuration. Both units feature private fenced yards, laundry hookups, and central A/C and heating. Off-street parking supports day-to-day convenience, and the units have been left vacant for a buyer’s intended use.
Located in the R2 zoning designation for Tucson, this is described as well located and configured as two houses on one lot. The asset sits on a 0.18-acre parcel with a total stated property size of 1,759 square feet.
For an owner-occupant, the layout supports living in one unit while using the other as rental income, with both homes available for immediate buyer use. The seller indicates rents shown are historical amounts collected, and owner financing may be available with 20% down, a 6% fixed interest rate, amortized over 30 years, and a 5–10 year stop. For any underwriting details, potential buyers should call the listing agent for information.
Located in the R2 zoning designation for Tucson, this is described as well located and configured as two houses on one lot. The asset sits on a 0.18-acre parcel with a total stated property size of 1,759 square feet.
For an owner-occupant, the layout supports living in one unit while using the other as rental income, with both homes available for immediate buyer use. The seller indicates rents shown are historical amounts collected, and owner financing may be available with 20% down, a 6% fixed interest rate, amortized over 30 years, and a 5–10 year stop. For any underwriting details, potential buyers should call the listing agent for information.
Key Highlights
- Two houses on one lot with owner‑managed layout: front 2/1 (1,172 sqft) and back 1/1 (587 sqft)
- Central air conditioning and forced‑air natural gas heat in both units
- Private fenced yards plus patios and off‑street parking
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
$19,711
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
4.38%
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%
$394,220
$394.2K
Cap Rate 7%
$281,586
$281.6K
Cap Rate 9%
$219,011
$219.0K
Market Conditions
NOI Build-Up for 1,759 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
$30.6K $17.40/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$28.2K $16.01/SF
− OpEx
−$8.4K −$4.80/SF
NOI
$19.7K $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%
$394,220
Cap Rate 7%
$281,586
Cap Rate 9%
$219,011
Alternative Uses
Best Use
Multifamily LT 5
$281.6K
$246.4K – $328.5K
NOI $19,711 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$258.2K
$225.9K – $301.2K
NOI $18,074 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$456.9K
$399.8K – $533.1K
NOI $31,986 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
761
Businesses Nearby
Explore this area
Business Placement
Demographics for 85716, AZ
31,521
Population
19,025
Households
1.7
Avg Household Size
39
Median Age
42%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
4,378
Density / Sq Mi
$47,009
Median Household Income
$33,367
Median Earnings
$1,021
Median Rent
$300,900
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 well-maintained units on one lot with private fenced yards, central HVAC, laundry hookups, and off-street parking.
Where is this duplex located?
The property is located at 2320 N Camilla Boulevard Tucson, AZ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two houses on one lot with owner‑managed layout: front 2/1 (1,172 sqft) and back 1/1 (587 sqft); Central air conditioning and forced‑air natural gas heat in both units; Private fenced yards plus patios and off‑street parking
