16-Unit Apartment
New
For Sale
$1,750,000
244 W Flores Street, Tucson, AZ 85705
Commercial Sale, Tucson, AZ
Property Size6,053 SF
Lot Size0.41 Acres
Price / SF$289.11
Days on Market2
Property Features for 244 W Flores Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Tucson - C2
Subdivision
Central
Standard status
Active
APN
115052420
Size
6,053 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BRONX PARK LOTS 15 & 16 & W19.5' LOT 14 BLK 17
Tax Annual Amount
2384
Legal Description
BRONX PARK LOTS 15 & 16 & W19.5' LOT 14 BLK 17
Building Details
Year built
2026
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 3:06AM
MLS# 22621305
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 16-unit apartment property at 244 W Flores Street in Tucson encompasses 6,053 square feet on 0.41 acres. The redevelopment includes new 10-foot ceilings, electrical and plumbing systems, drywall, lighting, counters, fixtures, and flooring. Exterior work covers the surrounding walls, sidewalks, parking lot, and access gates. The property is identified as under construction and carries Tucson C2 zoning, with a 2026 year built designation.
Located near Oracle Road, also identified as Miracle Mile, the property is planned for delivery with certificates of occupancy for all units. The improvements create a newly reworked apartment asset with updated building systems and site components.
Located near Oracle Road, also identified as Miracle Mile, the property is planned for delivery with certificates of occupancy for all units. The improvements create a newly reworked apartment asset with updated building systems and site components.
Key Highlights
- 16‑unit apartment property on 0.41 acres
- 6,053 square feet of property area
- Redevelopment includes new electric, plumbing, lighting, flooring, counters, and fixtures
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
$53,050
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
3.03%
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%
$1,061,000
$1.1M
Cap Rate 7%
$757,857
$757.9K
Cap Rate 9%
$589,444
$589.4K
Market Conditions
NOI Build-Up for 6,053 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
$105.3K $17.40/SF
− Vacancy
−$8.9K −$1.47/SF
EGI
$96.5K $15.93/SF
− OpEx
−$43.4K −$7.17/SF
NOI
$53.0K $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%
$1,061,000
Cap Rate 7%
$757,857
Cap Rate 9%
$589,444
Alternative Uses
Best Use
Apartment 5plus
$757.9K
$663.1K – $884.2K
NOI $53,050 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,501 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
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 - Under-construction apartment property with extensive interior, infrastructure, and site improvements.
Where is this apartment building located?
The property is located at 244 W Flores Street Tucson, AZ.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 16‑unit apartment property on 0.41 acres; 6,053 square feet of property area; Redevelopment includes new electric, plumbing, lighting, flooring, counters, and fixtures
