Southwestern Multifamily
For Sale
$450,000
2956 N Richey Boulevard, Tucson, AZ 85716
Multifamily asset with central air, heat pump, and electric appliances in Tucson’s R2 zoning district.
Property Size2,158 SF
Price / SF$208.53
Days on Market255
Property Features for 2956 N Richey Boulevard
General Information
Standard status
Active
Size
2,158 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Tucson - R2
Net Operating Income
$1,750
Amenities
Central Air
Heat Pump
Electric Range, Electric Water Heater
Southwestern
Building Details
Building Size
2,158 SF
Year Built
2025
Listing Agency:
Engel & Volkers Tucson
(520) 270-2558
Listed By:
Brenden Urias Buono · License #SA704378000
(520) 270-2558
Source:
Evrealestate
Added: Dec 19, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:59PM
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 Engel & Volkers Tucson
Investment Insights
Based on property information with market context.
This multifamily property features a Southwestern exterior design along with central air and a heat pump. The interior includes an electric range and electric water heater, providing a straightforward residential systems package.
The property is located at 2956 N Richey Boulevard in Tucson, within the Tucson - R2 zoning designation. Access is described from Ft. Lowell Road via Richey Boulevard, with the property positioned south of Blacklidge Drive. Constructed in 2025, the asset offers a recently built multifamily configuration in an established Tucson setting.
The property is located at 2956 N Richey Boulevard in Tucson, within the Tucson - R2 zoning designation. Access is described from Ft. Lowell Road via Richey Boulevard, with the property positioned south of Blacklidge Drive. Constructed in 2025, the asset offers a recently built multifamily configuration in an established Tucson setting.
Key Highlights
- Constructed in 2025
- Tucson - R2 zoning designation
- Central air and heat pump
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
$22,174
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
4.93%
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%
$443,480
$443.5K
Cap Rate 7%
$316,771
$316.8K
Cap Rate 9%
$246,378
$246.4K
Market Conditions
NOI Build-Up for 2,158 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
$44.0K $20.40/SF
− Vacancy
−$3.7K −$1.72/SF
EGI
$40.3K $18.68/SF
− OpEx
−$18.1K −$8.41/SF
NOI
$22.2K $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%
$443,480
Cap Rate 7%
$316,771
Cap Rate 9%
$246,378
Alternative Uses
Best Use
Apartment 5plus
$316.8K
$277.2K – $369.6K
NOI $22,174 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$560.6K
$490.5K – $654.0K
NOI $39,242 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
952
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?
Multifamily property - Multifamily asset with central air, heat pump, and electric appliances in Tucson’s R2 zoning district.
Where is this multifamily property located?
The property is located at 2956 N Richey Boulevard Tucson, AZ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Constructed in 2025; Tucson - R2 zoning designation; Central air and heat pump
