Updated Triplex with Fenced
For Sale
$465,000
2720 N Fritz Dr, Tucson, AZ 85705
Three residences offer varied bedroom and bathroom configurations, refreshed interiors, and off-street parking near the University of Arizona.
Property Size2,713 SF
Price / SF$171.40
Days on Market10
Property Features for 2720 N Fritz Dr
General Information
Standard status
Active
Size
2,713 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
3
Amenities
off-street parking
fenced yard
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Tierra Antigua Realty
(520) 396-0693
Listed By:
Ernest Anthony Hernandez · License #39877
Source:
Wowrealestate
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 30 at 6:49PM
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 Tierra Antigua Realty
Investment Insights
Based on property information with market context.
Built in 1948, this 2,713-square-foot triplex includes three separate residences with a varied unit mix. Unit 1 has 2 bedrooms and 1 bathroom, while Unit 2 provides 1 bedroom and 1 bathroom. The newly added Unit 3 includes 2 bedrooms and 2 bathrooms, along with tile flooring, modern finishes, and a tankless water heater.
Units 1 and 2 have updated kitchens and bathrooms, durable flooring, fresh paint, and updated windows. The property also includes a newer roof, off-street parking, and a spacious fenced yard with mature desert landscaping. Located at 2720 N Fritz Drive in Tucson, the triplex is just minutes from the University of Arizona.
Units 1 and 2 have updated kitchens and bathrooms, durable flooring, fresh paint, and updated windows. The property also includes a newer roof, off-street parking, and a spacious fenced yard with mature desert landscaping. Located at 2720 N Fritz Drive in Tucson, the triplex is just minutes from the University of Arizona.
Key Highlights
- 2,713‑square‑foot triplex built in 1948
- Unit mix includes two 2‑bedroom residences and one 1‑bedroom residence
- Unit 3 features 2 bedrooms, 2 bathrooms, tile flooring, modern finishes, and a tankless water heater
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
$26,208
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
5.64%
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%
$524,160
$524.2K
Cap Rate 7%
$374,400
$374.4K
Cap Rate 9%
$291,200
$291.2K
Market Conditions
NOI Build-Up for 2,713 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
$40.7K $15.00/SF
− Vacancy
−$3.3K −$1.20/SF
EGI
$37.4K $13.80/SF
− OpEx
−$11.2K −$4.14/SF
NOI
$26.2K $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%
$524,160
Cap Rate 7%
$374,400
Cap Rate 9%
$291,200
Alternative Uses
Best Use
Multifamily LT 5
$374.4K
$327.6K – $436.8K
NOI $26,208 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$339.7K
$297.2K – $396.3K
NOI $23,777 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$624.3K
$546.3K – $728.4K
NOI $43,701 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
980
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?
Triplex - Three residences offer varied bedroom and bathroom configurations, refreshed interiors, and off-street parking near the University of Arizona.
Where is this triplex located?
The property is located at 2720 N Fritz Dr Tucson, AZ.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 2,713‑square‑foot triplex built in 1948; Unit mix includes two 2‑bedroom residences and one 1‑bedroom residence; Unit 3 features 2 bedrooms, 2 bathrooms, tile flooring, modern finishes, and a tankless water heater
