Duplex with Fenced
For Sale
$399,900
3528 N Tucson Blvd, Tucson, AZ 85716
Two-bedroom units offer practical layouts, private outdoor space, and flexibility for rental operation or owner occupancy.
Property Size1,913 SF
Price / SF$209.04
Days on Market22
Property Features for 3528 N Tucson Blvd
General Information
Standard status
Active
Size
1,913 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1972
Tenancy
Multi
Listing Agency:
Realty One Group Integrity
(520) 906-0769
Listed By:
Courtney Seely · License #SA700701000
Source:
Anthony.viewalltucsonhomes
Added: Jul 31
Changed: Aug 14
Last Checked: Aug 20 at 8:37AM
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 Realty One Group Integrity
Investment Insights
Based on property information with market context.
This 1,913-square-foot duplex at 3528 N Tucson Blvd includes two separate 2-bedroom, 1-bath units, each with a full kitchen equipped with a refrigerator, range, and dishwasher. Both units also feature two walk-in closets in every bedroom, laundry closets with washer and dryer hookups, and fenced backyards. One HVAC system was replaced and the roof was recoated in June 2026; the water heater was installed in 2022.
The property is currently fully rented, with one unit scheduled to become available in November 2026 and the other leased through April 2027. Its central Tucson setting places it near the University of Arizona, Winterhaven, shopping, dining, and major commuter routes. The unit timing provides flexibility for continued rental operation or future owner occupancy while retaining a tenant in the second unit.
The property is currently fully rented, with one unit scheduled to become available in November 2026 and the other leased through April 2027. Its central Tucson setting places it near the University of Arizona, Winterhaven, shopping, dining, and major commuter routes. The unit timing provides flexibility for continued rental operation or future owner occupancy while retaining a tenant in the second unit.
Key Highlights
- Two‑unit duplex with 1,913 square feet, built in 1972
- Each unit includes 2 bedrooms and 1 bath
- Two walk‑in closets in every bedroom
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
$21,436
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
5.36%
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%
$428,720
$428.7K
Cap Rate 7%
$306,229
$306.2K
Cap Rate 9%
$238,178
$238.2K
Market Conditions
NOI Build-Up for 1,913 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%
$428,720
Cap Rate 7%
$306,229
Cap Rate 9%
$238,178
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$268.0K – $357.3K
NOI $21,436 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$280.8K
$245.7K – $327.6K
NOI $19,657 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$497.0K
$434.8K – $579.8K
NOI $34,787 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,703
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?
Duplex - Two-bedroom units offer practical layouts, private outdoor space, and flexibility for rental operation or owner occupancy.
Where is this duplex located?
The property is located at 3528 N Tucson Blvd Tucson, AZ.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,913 square feet, built in 1972; Each unit includes 2 bedrooms and 1 bath; Two walk‑in closets in every bedroom
