Vacant Apartment
New
For Sale
$1,395,000
2432 N Balboa Avenue, Tucson, AZ 85705
Commercial Sale, Tucson, AZ
Property Size6,077 SF
Lot Size0.61 Acres
Price / SF$229.55
Days on Market2
Property Features for 2432 N Balboa Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Tucson - R2
Subdivision
Central
Standard status
Active
APN
107142290
Size
6,077 SF
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CORONADO HEIGHTS LOT 6 EXC S2 OF W2 BLK 58
Tax Annual Amount
4899
Legal Description
CORONADO HEIGHTS LOT 6 EXC S2 OF W2 BLK 58
Building Details
Year built
1948
Listing Agency:
United Real Estate Specialists
(520) 612-7422
Listed By:
Victor J Cabibo · License #SA669203000
(973) 934-2100
Added: Sep 1
Last Checked: Sep 2 at 4:06AM
MLS# 22621303
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 offering includes two vacant apartment properties in Tucson. The Balboa Avenue property contains 15 one-bedroom units and was built in 1948. Delano Court includes 14 units with a mix of studios, one-bedroom units, and two-bedroom units; that property was built in 1947.
Both properties are zoned Tucson - R2 and are permitted for the renovations required to begin leasing operations. The portfolio presents two distinct unit configurations, including a single-bedroom layout at Balboa Avenue and a broader mix of unit types at Delano Court. The properties are located in central Tucson, as identified in the property information.
Both properties are zoned Tucson - R2 and are permitted for the renovations required to begin leasing operations. The portfolio presents two distinct unit configurations, including a single-bedroom layout at Balboa Avenue and a broader mix of unit types at Delano Court. The properties are located in central Tucson, as identified in the property information.
Key Highlights
- 15‑unit Balboa Avenue property with all one‑bedroom units
- 14‑unit Delano Court property with studio, one‑bedroom, and two‑bedroom units
- Two properties are currently vacant
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
$53,260
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
3.82%
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%
$1,065,200
$1.1M
Cap Rate 7%
$760,857
$760.9K
Cap Rate 9%
$591,778
$591.8K
Market Conditions
NOI Build-Up for 6,077 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
$105.7K $17.40/SF
− Vacancy
−$8.9K −$1.47/SF
EGI
$96.8K $15.93/SF
− OpEx
−$43.6K −$7.17/SF
NOI
$53.3K $8.76/SF
Area
ZIP 85705
Vacancy
8.42%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,065,200
Cap Rate 7%
$760,857
Cap Rate 9%
$591,778
Alternative Uses
Best Use
Apartment 5plus
$760.9K
$665.8K – $887.7K
NOI $53,260 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,887 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Location Intelligence
Trade Area within ½ mile
1,086
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?
Apartment building - Two vacant apartment properties offer varied unit configurations with renovation work permitted before leasing operations begin.
Where is this apartment building located?
The property is located at 2432 N Balboa Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 15‑unit Balboa Avenue property with all one‑bedroom units; 14‑unit Delano Court property with studio, one‑bedroom, and two‑bedroom units; Two properties are currently vacant
