3-Unit Tenant-Occupied
For Sale
$469,900
2813-2815 N Castro Ave, Tucson, AZ 85705
Three separate residences include a three-bedroom home and an adjoining duplex with varied layouts.
Property Size2,973 SF
Price / SF$158.06
Days on Market150
Property Features for 2813-2815 N Castro Ave
General Information
Standard status
Active
Size
2,973 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x single-family home (3BR), 1 x single-level duplex unit, 1 x 2-story duplex unit with loft
Multifamily Units
3
Building Details
Year Built
1964
Listing Agency:
Long Realty
Listed By:
Tyler Lopez lopez@mlslisting.net
Source:
Viewtucsonhomesforsale
Added: Apr 4
Changed: Aug 28
Last Checked: Aug 30 at 5:56PM
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 Long Realty
Investment Insights
Based on property information with market context.
This 2,973-square-foot triplex, built in 1964, combines a standalone single-family residence with an attached duplex on one parcel. The house contains three bedrooms, while the duplex provides two additional residences: one arranged on a single level and another featuring two stories plus a loft. All three units are currently occupied by tenants.
The property is positioned near the University of Arizona and downtown Tucson, placing it within reach of two established activity centers. Its mix of unit layouts and existing occupancy creates a clearly defined three-unit configuration for a multifamily owner.
The property is positioned near the University of Arizona and downtown Tucson, placing it within reach of two established activity centers. Its mix of unit layouts and existing occupancy creates a clearly defined three-unit configuration for a multifamily owner.
Key Highlights
- Three‑unit property with a 3‑bedroom single‑family residence and adjacent duplex
- 2,973 square feet on one lot
- Duplex includes one single‑level unit and one 2‑story unit with a loft
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
$28,719
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
6.11%
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%
$574,380
$574.4K
Cap Rate 7%
$410,271
$410.3K
Cap Rate 9%
$319,100
$319.1K
Market Conditions
NOI Build-Up for 2,973 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
$44.6K $15.00/SF
− Vacancy
−$3.6K −$1.20/SF
EGI
$41.0K $13.80/SF
− OpEx
−$12.3K −$4.14/SF
NOI
$28.7K $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%
$574,380
Cap Rate 7%
$410,271
Cap Rate 9%
$319,100
Alternative Uses
Best Use
Multifamily LT 5
$410.3K
$359.0K – $478.7K
NOI $28,719 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$372.2K
$325.7K – $434.3K
NOI $26,056 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$684.1K
$598.6K – $798.2K
NOI $47,889 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,039
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences include a three-bedroom home and an adjoining duplex with varied layouts.
Where is this triplex located?
The property is located at 2813-2815 N Castro Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Three‑unit property with a 3‑bedroom single‑family residence and adjacent duplex; 2,973 square feet on one lot; Duplex includes one single‑level unit and one 2‑story unit with a loft
