Renovated
For Sale
$400,000
238 W 33rd St, Tucson, AZ 85713
Four-unit property with a varied unit mix and recent updates to major building systems and interiors.
Property Size2,183 SF
Price / SF$183.23
Days on Market94
Property Features for 238 W 33rd St
General Information
Standard status
Active
Size
2,183 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x studio, 2 x 1BR
Multifamily Units
4
Additional Details
Asking Price
$425,000
Building Details
Buildings
1
Listing Agency:
OMNI Homes International
(520) 406-0000
Listed By:
Calvin Case · License #BR526589000
(520) 406-0000
Source:
Exprealty
Added: May 11
Changed: Aug 8
Last Checked: Aug 11 at 9:51AM
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 OMNI Homes International
Investment Insights
Based on property information with market context.
This four-unit residential property offers a diverse configuration with one three-bedroom, two-bath unit, one studio, and two one-bedroom units. The 2,183-square-foot building was renovated within the past 5 years and includes updated electrical and plumbing, dual-pane windows, doors, hardware, fixtures, cabinets, countertops, and flooring. HVAC equipment is less than 5 years old.
The property is fully leased and located at 238 W 33rd St in Tucson, Arizona. Its combination of multiple unit types and recent improvements provides a clearly defined multifamily layout for an owner or operator evaluating a residential income property.
The property is fully leased and located at 238 W 33rd St in Tucson, Arizona. Its combination of multiple unit types and recent improvements provides a clearly defined multifamily layout for an owner or operator evaluating a residential income property.
Key Highlights
- Four‑unit property with one 3‑bedroom/2‑bath unit, one studio, and two 1‑bedroom units
- 2,183 SF building renovated within the past 5 years
- Updated electrical and plumbing systems
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
$21,594
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
5.40%
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%
$431,880
$431.9K
Cap Rate 7%
$308,486
$308.5K
Cap Rate 9%
$239,933
$239.9K
Market Conditions
NOI Build-Up for 2,183 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
$33.5K $15.36/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$30.8K $14.13/SF
− OpEx
−$9.3K −$4.24/SF
NOI
$21.6K $9.89/SF
Area
ZIP 85713
Vacancy
8.00%
Lease Rate
$15.36 /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%
$431,880
Cap Rate 7%
$308,486
Cap Rate 9%
$239,933
Alternative Uses
Best Use
Multifamily LT 5
$308.5K
$269.9K – $359.9K
NOI $21,594 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$284.6K
$249.1K – $332.1K
NOI $19,924 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$534.4K
$467.6K – $623.5K
NOI $37,408 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 85713, AZ
46,810
Population
19,056
Households
2.5
Avg Household Size
38
Median Age
21%
College-Educated
79%
High-School Grad
23.8 sq mi
ZIP Area
1,967
Density / Sq Mi
$50,264
Median Household Income
$32,302
Median Earnings
$1,017
Median Rent
$171,700
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?
Quadplex - Four-unit property with a varied unit mix and recent updates to major building systems and interiors.
Where is this quadplex located?
The property is located at 238 W 33rd St Tucson, AZ.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Four‑unit property with one 3‑bedroom/2‑bath unit, one studio, and two 1‑bedroom units; 2,183 SF building renovated within the past 5 years; Updated electrical and plumbing systems
