New Duplex Investment
For Sale
$470,000
2320 West Diamond Street, Tucson, AZ 85705
Newly built duplex with two matching 3-bedroom, 2-bath units and open-concept layouts.
Property Size2,158 SF
Price / SF$217.79
Days on Market157
Property Features for 2320 West Diamond Street
General Information
Standard status
Active
Size
2,158 SF
Property subtype
Residential Income / Duplex
Zoning
Pima County - MU
Net Operating Income
$3,500
Additional Details
Multifamily Units
2
Amenities
stainless steel appliances
tile flooring
laundry closets
white cabinetry
granite countertops
spray-foam insulation
Central Air
Heat Pump
Ceramic Tile
Electric Range
Yes
Dining in LR/GR
Family Room
Electric
No
Stainless
Laundry Closet
Shower Only/Primary
Ceiling Fan(s), Smoke Detector
Tile
Building Details
Year Built
2026
Tenancy
Multi
Listing Agency:
Engel & Volkers Tucson
(520) 270-2558
Listed By:
Brenden Urias Buono · License #SA704378000
(520) 270-2558
Source:
Compass
Added: Mar 28
Changed: Aug 28
Last Checked: Aug 31 at 12:24AM
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 Engel & Volkers Tucson
Investment Insights
Based on property information with market context.
Newly built duplex offering two matching 3-bedroom, 2-bath units. Each unit features an open-concept layout with stainless steel appliances, tile flooring throughout, white cabinetry, granite countertops, and laundry closets. The property was built with spray-foam insulation for energy efficiency and year-round comfort.
The duplex is situated on a large lot. The seller notes room for future possibilities, including the potential to add a single-family residence and create a possible triplex setup.
Four duplexes are available at this location.
The duplex is situated on a large lot. The seller notes room for future possibilities, including the potential to add a single-family residence and create a possible triplex setup.
Four duplexes are available at this location.
Key Highlights
- Newly built duplex (Year built 2026) with two matching 3‑bedroom, 2‑bath units
- Open‑concept layouts with stainless steel appliances, white cabinetry, and granite countertops
- Tile flooring throughout both units with laundry closets
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
Multi-tenant
Tenancy
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 - Newly built duplex with two matching 3-bedroom, 2-bath units and open-concept layouts.
Where is this duplex located?
The property is located at 2320 West 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: Newly built duplex (Year built 2026) with two matching 3‑bedroom, 2‑bath units; Open‑concept layouts with stainless steel appliances, white cabinetry, and granite countertops; Tile flooring throughout both units with laundry closets
