One-Story Duplex with
For Sale
$325,000
303 & 305 E Palmdale Street, Tucson, AZ 85714
Residential Income, Bungalow, Tucson, AZ
Property Size1,709 SF
Lot Size0.17 Acres
Price / SF$190.17
Days on Market365
Property Features for 303 & 305 E Palmdale Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
2
Window features
Garden Window(s), Bay Window(s)
Patio and Porch features
Patio
Fencing
Chain Link
Appliances
Gas Range, Refrigerator
Subdivision
Government Heights Amend.
Lot features
Corner Lot
Elementary school
Van Buskirk
Middle school
Utterback-Magnet
High school
Pueblo
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Off West Ajo Way - Turn south on S Third Ave then east on E Palmdale. Property on the left.
Standard status
Active
APN
120-06-1540
Size
1,709 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Amended Government Heights No 2 Lot 9 Blk 12
Legal Description
Amended Government Heights No 2 Lot 9 Blk 12
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Evaporative Cooling
Water source
Public
Building Details
Year built
1961
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Block, Masonry Stucco
Roof type
Shingle
Architectural style
Bungalow
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 314-3255
Listed By:
Connie J Jackson-Slye
(520) 990-0310
Added: Sep 8, 2025
Changed: Sep 2
Last Checked: Sep 7 at 11:06PM
MLS# 22523795
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 one-story duplex contains 1,709 square feet on a 0.17-acre lot and was built in 1961. The property features block and masonry stucco construction, a shingle roof, ceramic tile flooring, and a patio. Gas range and refrigerator appliances are installed, with natural gas heating and evaporative cooling plus central air conditioning.
Both units are currently leased, including one tenancy that has continued for more than 30 years. The property is zoned Tucson - R2 and uses public water. Chain-link fencing and shared parking serving the adjoining investment property are also in place.
Both units are currently leased, including one tenancy that has continued for more than 30 years. The property is zoned Tucson - R2 and uses public water. Chain-link fencing and shared parking serving the adjoining investment property are also in place.
Key Highlights
- 1,709‑square‑foot one‑story duplex on a 0.17‑acre lot
- Both units currently leased; one tenant has occupied the property for more than 30 years
- Built in 1961 with block and masonry 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
$19,150
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
5.89%
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%
$383,000
$383.0K
Cap Rate 7%
$273,571
$273.6K
Cap Rate 9%
$212,778
$212.8K
Market Conditions
NOI Build-Up for 1,709 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
$29.7K $17.40/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$27.4K $16.01/SF
− OpEx
−$8.2K −$4.80/SF
NOI
$19.2K $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%
$383,000
Cap Rate 7%
$273,571
Cap Rate 9%
$212,778
Alternative Uses
Best Use
Multifamily LT 5
$273.6K
$239.4K – $319.2K
NOI $19,150 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$250.9K
$219.5K – $292.7K
NOI $17,560 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$444.0K
$388.5K – $518.0K
NOI $31,077 @ 7.0% cap · market cap 9.56%
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
1,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 85714, AZ
14,232
Population
5,589
Households
2.5
Avg Household Size
38
Median Age
10%
College-Educated
69%
High-School Grad
5.6 sq mi
ZIP Area
2,541
Density / Sq Mi
$47,093
Median Household Income
$30,204
Median Earnings
$879
Median Rent
$177,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Leased two-unit bungalow with block construction, gas appliances, and shared parking access.
Where is this duplex located?
The property is located at 303 & 305 E Palmdale Street Tucson, AZ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,709‑square‑foot one‑story duplex on a 0.17‑acre lot; Both units currently leased; one tenant has occupied the property for more than 30 years; Built in 1961 with block and masonry stucco construction
