Two-Unit Residential Income
For Sale
$460,000
3025 N Olsen Avenue, Tucson, AZ 85719
MULTI_FAMILY - Santa Fe - Tucson, AZ
Property Size2,013 SF
Lot Size0.20 Acres
Price / SF$228.51
Days on Market365
Property Features for 3025 N Olsen Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Window features
Double Pane Windows
Interior features
Beamed Ceilings
Appliances
Electric Range, Dishwasher, Disposal, Refrigerator
Subdivision
Campbell Ave. Acres
Lot features
Decorative Gravel, Shrubs, East/ West Exposure, Subdivided
Elementary school
Cragin
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
East Fort Lowell from Campbell, South Olsen Avenue to address.
Standard status
Active
APN
112-05-0720
Size
2,013 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
From Parcel:001010010 /Campbell Ave Acres S58.5' E150' Lot 7 Blk 5
Legal Description
From Parcel:001010010 /Campbell Ave Acres S58.5' E150' Lot 7 Blk 5
Utilities
Heating system
Natural Gas, Radiant, Forced Air
Cooling system
Ceiling Fan(s), Central Air, Wall Unit(s)
Water source
Public
Building Details
Year built
1948
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Adobe, Stucco
Roof type
Rolled Hot Mop
Architectural style
Santa Fe
Listing Agency:
Tierra Antigua Realty
(520) 318-5290
Listed By:
Jason K Foster
(520) 429-2660
Added: Aug 22, 2025
Changed: Aug 18
Last Checked: Aug 21 at 6:06PM
MLS# 22522045
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 two-unit residential income property includes a three-bedroom, two-bath front unit and an attached one-bedroom, one-bath rear unit. Front Unit A is approximately 1,413 square feet with tongue-and-groove wood ceilings, tile floors, and an updated kitchen, along with a laundry closet. Rear Unit B is approximately 600 square feet and includes its own kitchen and laundry facilities.
The property sits on a large lot zoned R-2 (approximately 0.2 acres). The seller notes potential to add additional unit(s) or an ADU, and buyers are asked to investigate specifics.
For tenants or owner-occupants, the existing layout supports separate living arrangements with laundry facilities in both units. For buyers planning to stay and operate the property, the combination of an updated front home and a second attached unit can support flexible occupancy, while the R-2 designation offers a path to explore expansion opportunities through additional units or an ADU.
The property sits on a large lot zoned R-2 (approximately 0.2 acres). The seller notes potential to add additional unit(s) or an ADU, and buyers are asked to investigate specifics.
For tenants or owner-occupants, the existing layout supports separate living arrangements with laundry facilities in both units. For buyers planning to stay and operate the property, the combination of an updated front home and a second attached unit can support flexible occupancy, while the R-2 designation offers a path to explore expansion opportunities through additional units or an ADU.
Key Highlights
- Seller to consider offers between $460,000–$480,000
- Approx. 1,413 SF front unit A: 3 bedrooms, 2 bathrooms, updated kitchen and laundry closet, tongue‑and‑groove wood ceilings, tile floors
- Attached rear unit B: 1 bedroom, 1 bathroom, approx. 600 SF, with kitchen and its own laundry facilities
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
$22,557
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
4.90%
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%
$451,140
$451.1K
Cap Rate 7%
$322,243
$322.2K
Cap Rate 9%
$250,633
$250.6K
Market Conditions
NOI Build-Up for 2,013 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
$35.0K $17.40/SF
− Vacancy
−$2.8K −$1.39/SF
EGI
$32.2K $16.01/SF
− OpEx
−$9.7K −$4.80/SF
NOI
$22.6K $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%
$451,140
Cap Rate 7%
$322,243
Cap Rate 9%
$250,633
Alternative Uses
Best Use
Multifamily LT 5
$322.2K
$282.0K – $376.0K
NOI $22,557 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$295.5K
$258.6K – $344.7K
NOI $20,684 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$522.9K
$457.6K – $610.1K
NOI $36,605 @ 7.0% cap · market cap 7.96%
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
1,188
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-unit income property on an R-2 lot with an attached one-bedroom rear unit and updated front home.
Where is this duplex located?
The property is located at 3025 N Olsen Avenue Tucson, AZ.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Seller to consider offers between $460,000–$480,000; Approx. 1,413 SF front unit A: 3 bedrooms, 2 bathrooms, updated kitchen and laundry closet, tongue‑and‑groove wood ceilings, tile floors; Attached rear unit B: 1 bedroom, 1 bathroom, approx. 600 SF, with kitchen and its own laundry facilities
