Tucson Income Property with
For Sale
$324,900
2841 N Richey Boulevard, Tucson, AZ 85716
MULTI_FAMILY - Contemporary - Tucson, AZ
Property Size1,436 SF
Lot Size0.17 Acres
Price / SF$226.25
Days on Market139
Property Features for 2841 N Richey Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Window features
Double Pane Windows
Interior features
Breakfast Bar, Beamed Ceilings, Vaulted Ceiling(s)
Exterior features
Courtyard
Appliances
Double Sink, Gas Range, Dishwasher
Subdivision
Lincoln Park Subd.
Lot features
East/ West Exposure
Elementary school
Davidson
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Exit 256 to W Grant from I-10 West, Turn left onto N Country Club, Turn right onto E Glenn, turn left onto N Richey Blvd, house is on the left.
Standard status
Active
APN
111-06-0970
Size
1,436 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LINCOLN PARK N60' OF S120' OF LOT 1 BLK 5
Legal Description
LINCOLN PARK N60' OF S120' OF LOT 1 BLK 5
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Wall Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1974
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Frame - Stucco
Roof type
Shingle, Built-Up
Architectural style
Contemporary
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 877-4940
Listed By:
Valerie Lovio
(520) 490-0367
Added: Mar 27
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 22608134
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 centrally located income property in Tucson, Arizona, offers investment potential and flexibility. The setup includes a main home with 2 bedrooms and 2 bathrooms, along with a detached studio-style guesthouse that features a full kitchen and bathroom. The property is suitable for short-term rentals, long-term rentals, multi-generational living, or for an owner-occupant seeking to offset their mortgage with additional income. Located in a desirable central Tucson area near shopping, dining, and major transportation routes, this property is zoned Tucson - R2. The property size is 1,436 square feet on a lot of 0.17 acres. The versatile setup offers separate living spaces that provide privacy and flexibility for tenants or guests. This property presents an opportunity to own an income-producing property in a high-demand location.
Key Highlights
- 2‑bedroom, 2‑bath main home plus a detached studio‑style guest house with full kitchen and bathroom
- Courtyard exterior feature with separate living spaces for privacy and flexibility
- Built in 1974 with contemporary architectural style; frame‑stucco construction
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
$16,091
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
4.95%
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%
$321,820
$321.8K
Cap Rate 7%
$229,871
$229.9K
Cap Rate 9%
$178,789
$178.8K
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
$25.0K $17.40/SF
− Vacancy
−$2.0K −$1.39/SF
EGI
$23.0K $16.01/SF
− OpEx
−$6.9K −$4.80/SF
NOI
$16.1K $11.21/SF
Area
Tucson, AZ
Vacancy
8.00%
Lease Rate
$17.40 /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%
$321,820
Cap Rate 7%
$229,871
Cap Rate 9%
$178,789
Alternative Uses
Best Use
Multifamily LT 5
$229.9K
$201.1K – $268.2K
NOI $16,091 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$210.8K
$184.4K – $245.9K
NOI $14,755 @ 7.0% cap · market cap 4.54%
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
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?
Duplex - Centrally located income property with main home and detached guesthouse.
Where is this duplex located?
The property is located at 2841 N Richey Boulevard 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: 2‑bedroom, 2‑bath main home plus a detached studio‑style guest house with full kitchen and bathroom; Courtyard exterior feature with separate living spaces for privacy and flexibility; Built in 1974 with contemporary architectural style; frame‑stucco construction
