Newly Built
For Sale
$470,000
2320 W Diamond Street, Tucson, AZ 85705
Tucson, AZ
Property Size2,158 SF
Price / SF$217.79
Days on Market90
Property Features for 2320 W Diamond Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Elementary school
Laguna
Middle school
Flowing Wells
High school
Flowing Wells
Standard status
Active
Size
2,158 SF
Building Details
Year built
2026
Listing Agency:
Engel & Volkers Tucson · Engel & Völkers
(520) 201-0000
Listed By:
Brenden Urias Buono · License #SA704378000
(520) 954-5800
Added: Jun 11
Changed: Aug 19
Last Checked: Sep 8 at 6:06AM
MLS# 22614774
Copyright © 2026 Engel & Völkers. 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 2,158-square-foot duplex contains two matching three-bedroom, two-bathroom units with open-concept floor plans. Each residence includes stainless steel appliances, tile flooring throughout, white cabinetry, granite countertops, and a laundry closet. Spray-foam insulation supports energy efficiency and year-round comfort. The property was built in 2026 and is situated on a large lot with room identified for future possibilities, including a potential single-family residence and possible triplex configuration. Four duplexes are available at this location.
Key Highlights
- Two matching 3‑bedroom, 2‑bathroom units
- 2,158 square feet across the duplex
- Built in 2026
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
$20,846
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
4.44%
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%
$416,920
$416.9K
Cap Rate 7%
$297,800
$297.8K
Cap Rate 9%
$231,622
$231.6K
Market Conditions
NOI Build-Up for 2,158 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
$32.4K $15.00/SF
− Vacancy
−$2.6K −$1.20/SF
EGI
$29.8K $13.80/SF
− OpEx
−$8.9K −$4.14/SF
NOI
$20.8K $9.66/SF
Area
ZIP 85705
Vacancy
8.00%
Lease Rate
$15.00 /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%
$416,920
Cap Rate 7%
$297,800
Cap Rate 9%
$231,622
Alternative Uses
Best Use
Multifamily LT 5
$297.8K
$260.6K – $347.4K
NOI $20,846 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$270.2K
$236.4K – $315.2K
NOI $18,913 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$496.6K
$434.5K – $579.4K
NOI $34,761 @ 7.0% cap · market cap 7.40%
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
526
Businesses Nearby
Explore this area
Business Placement
Demographics for 85705, AZ
56,711
Population
29,145
Households
1.9
Avg Household Size
36
Median Age
20%
College-Educated
80%
High-School Grad
13.6 sq mi
ZIP Area
4,170
Density / Sq Mi
$36,606
Median Household Income
$27,220
Median Earnings
$924
Median Rent
$113,700
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 matching residences offer open-concept living, modern finishes, and dedicated laundry closets in each unit.
Where is this duplex located?
The property is located at 2320 W Diamond Street Tucson, AZ.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Two matching 3‑bedroom, 2‑bathroom units; 2,158 square feet across the duplex; Built in 2026
