Newly Built Duplex with Two
For Sale
Contact for pricing
2340 W Diamond Street, Tucson, AZ 85705
Two matching three-bedroom units provide flexibility to live in one and rent the other with energy-efficient construction.
Property Size2,158 SF
Price / SF$217.79
Days on Market67
Property Features for 2340 W Diamond Street
General Information
Standard status
Active
Size
2,158 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
MU
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$3,500
Additional Details
Multifamily Units
2
Building Details
Year Built
2026
Units
2
Tenancy
Multi
Listing Agency:
Engel & Volkers Tucson
(520) 954-5800
Listed By:
Curt Stinson · License #AZ
Source:
Crexi
Added: Jun 16
Changed: Aug 15
Last Checked: Aug 19 at 8:44PM
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 the flexibility to occupy one unit while renting the other, or to operate both for rental income. The property features two matching 3-bedroom, 2-bathroom units with open-concept layouts. Each unit includes stainless steel appliances, tile flooring throughout, laundry closets, white cabinetry, and granite countertops. The duplex is built with spray-foam insulation aimed at added energy efficiency and year-round comfort.
The duplex is situated on a huge lot, providing room for future possibilities. The seller notes an option to add a single-family residence and potentially create a triplex setup. Four duplexes are available at this location, offering additional options for buyers looking to compare similar properties.
For tenants or owner-operators, the layout supports straightforward day-to-day living with in-unit laundry closets, durable tile flooring, and modern finishes such as granite countertops. Buyers considering an owner-occupant scenario may value the separate unit configuration, while investors can evaluate the same unit plan duplicated across both sides for consistent marketing and leasing. If expansion is a priority, the large lot and stated possibility to add another residence may be worth reviewing.
The duplex is situated on a huge lot, providing room for future possibilities. The seller notes an option to add a single-family residence and potentially create a triplex setup. Four duplexes are available at this location, offering additional options for buyers looking to compare similar properties.
For tenants or owner-operators, the layout supports straightforward day-to-day living with in-unit laundry closets, durable tile flooring, and modern finishes such as granite countertops. Buyers considering an owner-occupant scenario may value the separate unit configuration, while investors can evaluate the same unit plan duplicated across both sides for consistent marketing and leasing. If expansion is a priority, the large lot and stated possibility to add another residence may be worth reviewing.
Key Highlights
- Newly built duplex (YearBuilt 2026) with two matching 3‑bedroom, 2‑bath units
- Each unit features an open‑concept layout with stainless steel appliances
- Interior includes tile flooring throughout, laundry closets, white cabinetry, and granite countertops
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 three-bedroom units provide flexibility to live in one and rent the other with energy-efficient construction.
Where is this duplex located?
The property is located at 2340 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: Newly built duplex (YearBuilt 2026) with two matching 3‑bedroom, 2‑bath units; Each unit features an open‑concept layout with stainless steel appliances; Interior includes tile flooring throughout, laundry closets, white cabinetry, and granite countertops
