Updated Duplex with Private
For Sale
$410,000
2940 N Park Avenue, Tucson, AZ 85719
Two maintained residences offer tile flooring, vaulted ceilings, cooling, and in-unit laundry with separate fenced outdoor areas.
Property Size1,912 SF
Days on Market206
Property Features for 2940 N Park Avenue
General Information
Standard status
Active
Size
1,912 SF
Property subtype
Duplex
Amenities
Central Air
Forced Air
Electric
Heat Pump
Electric Range
Refrigerator
Sewer Connected, Built-Up - Reflect, Rolled
Building Details
Building Size
1,912 SF
Year Built
1986
Listing Agency:
Keller Williams Southern Arizona
(520) 440-9294
Listed By:
Marybeth Zellon · License #BR541991000
(520) 440-9294
Source:
Kw
Added: Feb 6
Changed: Aug 29
Last Checked: Aug 31 at 1:40AM
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 Keller Williams Southern Arizona
Investment Insights
Based on property information with market context.
This 1986 duplex contains two matching residences, each arranged with 2 bedrooms and 1 bath. Both units feature tile flooring, vaulted ceilings, air conditioning, heat pumps, electric ranges, refrigerators, and washer/dryer setups. Private fenced backyards provide separate outdoor space for each residence.
Recent property work includes roof cleaning, sealing, and recoating completed in March 2024. The front residence received interior repainting and repairs in 2025, along with a new range, refrigerator, and heat pump. The rear residence received a new washer and dryer in March 2024, with a new heat pump scheduled for February 2026. The property is located in mid-town Tucson at 2940 N Park Avenue.
Recent property work includes roof cleaning, sealing, and recoating completed in March 2024. The front residence received interior repainting and repairs in 2025, along with a new range, refrigerator, and heat pump. The rear residence received a new washer and dryer in March 2024, with a new heat pump scheduled for February 2026. The property is located in mid-town Tucson at 2940 N Park Avenue.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath in each residence
- Tile flooring and vaulted ceilings throughout both units
- Private fenced backyard serving each unit
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
$21,425
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
5.23%
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%
$428,500
$428.5K
Cap Rate 7%
$306,071
$306.1K
Cap Rate 9%
$238,056
$238.1K
Market Conditions
NOI Build-Up for 1,912 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
$33.3K $17.40/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$30.6K $16.01/SF
− OpEx
−$9.2K −$4.80/SF
NOI
$21.4K $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%
$428,500
Cap Rate 7%
$306,071
Cap Rate 9%
$238,056
Alternative Uses
Best Use
Multifamily LT 5
$306.1K
$267.8K – $357.1K
NOI $21,425 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$280.7K
$245.6K – $327.4K
NOI $19,646 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$496.7K
$434.6K – $579.5K
NOI $34,768 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
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 - Two maintained residences offer tile flooring, vaulted ceilings, cooling, and in-unit laundry with separate fenced outdoor areas.
Where is this duplex located?
The property is located at 2940 N Park Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath in each residence; Tile flooring and vaulted ceilings throughout both units; Private fenced backyard serving each unit
