Two-Unit Duplex Investment
For Sale
$410,000
328 E 24th Street, Tucson, AZ 85713
MULTI_FAMILY - Other - Tucson, AZ
Property Size1,879 SF
Lot Size0.17 Acres
Price / SF$218.20
Days on Market37
Property Features for 328 E 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
Tucson - R2
Parking
6
Window features
Double Pane Windows
Fencing
Chain Link
Appliances
Electric Range, Dishwasher, Disposal
Subdivision
South Park Addition
Lot features
East/ West Exposure
Elementary school
Borton
Middle school
Drachman
High school
Tucson
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
South on 4th, East on 24th, property on the right.
Standard status
Active
APN
118-12-2120
Size
1,879 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
South Park Lot 4 Blk 15
Legal Description
South Park Lot 4 Blk 15
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Frame - Stucco
Roof type
Tile
Architectural style
Other
Listing Agency:
Tierra Antigua Realty
(520) 544-2335
Listed By:
Jose Campillo
(520) 544-2335
Added: Jul 16
Changed: Aug 18
Last Checked: Aug 21 at 10:06PM
MLS# 22617570
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 duplex includes two residential units configured with 3 bedrooms and 2 bathrooms in one unit and 2 bedrooms and 1 bathroom in the other. Each unit is separately metered for electric and water.
The property is located in Tucson, within R2 zoning, with stated proximity to the University of Arizona, Downtown Tucson, and quick access to I-10.
With two independently metered units, the property is set up as a straightforward income-producing duplex for either an investor or an owner-occupant arrangement.
The property is located in Tucson, within R2 zoning, with stated proximity to the University of Arizona, Downtown Tucson, and quick access to I-10.
With two independently metered units, the property is set up as a straightforward income-producing duplex for either an investor or an owner-occupant arrangement.
Key Highlights
- Duplex under construction (2025) with two separately designed units: 3 bed/2 bath and 2 bed/1 bath
- Separate electric and water meters for each unit
- Central air and heat pump heating
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
$18,587
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
4.53%
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%
$371,740
$371.7K
Cap Rate 7%
$265,529
$265.5K
Cap Rate 9%
$206,522
$206.5K
Market Conditions
NOI Build-Up for 1,879 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
$28.9K $15.36/SF
− Vacancy
−$2.3K −$1.23/SF
EGI
$26.6K $14.13/SF
− OpEx
−$8.0K −$4.24/SF
NOI
$18.6K $9.89/SF
Area
ZIP 85713
Vacancy
8.00%
Lease Rate
$15.36 /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%
$371,740
Cap Rate 7%
$265,529
Cap Rate 9%
$206,522
Alternative Uses
Best Use
Multifamily LT 5
$265.5K
$232.3K – $309.8K
NOI $18,587 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$245.0K
$214.4K – $285.8K
NOI $17,149 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$460.0K
$402.5K – $536.7K
NOI $32,199 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,020
Businesses Nearby
Explore this area
Business Placement
Demographics for 85713, AZ
46,810
Population
19,056
Households
2.5
Avg Household Size
38
Median Age
21%
College-Educated
79%
High-School Grad
23.8 sq mi
ZIP Area
1,967
Density / Sq Mi
$50,264
Median Household Income
$32,302
Median Earnings
$1,017
Median Rent
$171,700
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 - Duplex with two separately metered units featuring 3 bedrooms/2 baths and 2 bedrooms/1 bath.
Where is this duplex located?
The property is located at 328 E 24th Street 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: Duplex under construction (2025) with two separately designed units: 3 bed/2 bath and 2 bed/1 bath; Separate electric and water meters for each unit; Central air and heat pump heating
