Short-Term Rental Property with Guest
For Sale
$324,900
2841 N Richey Blvd, Tucson, AZ 85716
Separate living areas support rental, guest, or multigenerational arrangements.
Property Size1,436 SF
Price / SF$226.25
Days on Market130
Property Features for 2841 N Richey Blvd
General Information
Standard status
Active
Size
1,436 SF
Property subtype
Residential
Units
Unit Mix
1 x 2BR/2BA, 1 x studio
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,912
Building Details
Buildings
2
Listing Agency:
Realty Executives Arizona Territory
(520) 490-0367
Listed By:
Valerie Lovio
(520) 490-0367
Source:
Exprealty
Added: Apr 14
Changed: Aug 21
Last Checked: Aug 20 at 9:33AM
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 Realty Executives Arizona Territory
Investment Insights
Based on property information with market context.
This 1,436-square-foot Tucson property combines a two-bedroom, two-bathroom main residence with a detached studio-style guest house. The secondary space includes its own full kitchen and bathroom, creating distinct living areas within the property. The configuration supports the short-term rental, long-term rental, multigenerational living, and owner-occupant use cases identified for the property.
The property is located at 2841 N Richey Blvd in Tucson, AZ, in a central area near shopping, dining, and major transportation routes. Separate accommodations provide privacy between the main home and guest house while allowing the spaces to function independently.
The property is located at 2841 N Richey Blvd in Tucson, AZ, in a central area near shopping, dining, and major transportation routes. Separate accommodations provide privacy between the main home and guest house while allowing the spaces to function independently.
Key Highlights
- 1,436‑square‑foot property with a 2‑bedroom, 2‑bathroom main home
- Detached studio‑style guest house with a full kitchen and bathroom
- Separate living spaces support short‑term or long‑term rental use
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
$14,755
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
4.54%
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%
$295,100
$295.1K
Cap Rate 7%
$210,786
$210.8K
Cap Rate 9%
$163,944
$163.9K
Market Conditions
NOI Build-Up for 1,436 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
$29.3K $20.40/SF
− Vacancy
−$2.5K −$1.72/SF
EGI
$26.8K $18.68/SF
− OpEx
−$12.1K −$8.41/SF
NOI
$14.8K $10.28/SF
Area
Tucson, AZ
Vacancy
8.42%
Lease Rate
$20.40 /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%
$295,100
Cap Rate 7%
$210,786
Cap Rate 9%
$163,944
Alternative Uses
Best Use
Apartment 5plus
$210.8K
$184.4K – $245.9K
NOI $14,755 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$373.0K
$326.4K – $435.2K
NOI $26,113 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 85716, AZ
31,521
Population
19,025
Households
1.7
Avg Household Size
39
Median Age
42%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
4,378
Density / Sq Mi
$47,009
Median Household Income
$33,367
Median Earnings
$1,021
Median Rent
$300,900
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?
Short term rental property - Separate living areas support rental, guest, or multigenerational arrangements.
Where is this short term rental property located?
The property is located at 2841 N Richey Blvd Tucson, AZ.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,436‑square‑foot property with a 2‑bedroom, 2‑bathroom main home; Detached studio‑style guest house with a full kitchen and bathroom; Separate living spaces support short‑term or long‑term rental use
