New Construction Duplex in
For Sale
$425,000
378 W Elvira Road, Tucson, AZ 85756
MULTI_FAMILY - Other - Tucson, AZ
Property Size1,882 SF
Lot Size0.22 Acres
Price / SF$225.82
Days on Market333
Property Features for 378 W Elvira Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
Tucson - R1
Parking
4
Appliances
Electric Range
Lot features
Decorative Gravel, North/ South Exposure
Elementary school
Elvira
Middle school
Challenger
High school
Desert View
Elementary school district
Sunnyside
Middle school district
Sunnyside
High school district
Sunnyside
Directions
Valencia West from 6th Ave., San Fernando - South, Elvira - west to property.
Subdivision
South
Standard status
Active
APN
138-19-2410
Size
1,882 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:138191920 /Elvira Lot 5
Legal Description
From Parcel:138191920 /Elvira Lot 5
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Amenities
granite counters
stainless steel appliances
tile flooring
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:
OMNI Homes International
(520) 474-1777
Listed By:
Evangelina R Valdez
(520) 270-6127
Added: Sep 23, 2025
Changed: Aug 14
Last Checked: Aug 21 at 10:06PM
MLS# 22524789
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 income-generating property features a new construction duplex. One unit offers 3 bedrooms and 2 bathrooms within 1079 square feet, accompanied by 2 parking spaces. The second unit includes 2 bedrooms and 1 bathroom in 803 square feet, also with 2 parking spaces. Situated in Tucson, Arizona, this property presents an investment opportunity, allowing for the option to reside in one unit while renting out the other. The interiors are enhanced with granite counters, new stainless steel appliances, and tile flooring throughout. The property is located close to I-19, facilitating easy commuting, and is near shopping amenities. The lot size is 0.22 acres. The property is zoned Tucson - R1.
Key Highlights
- New Construction Duplex (Built in 2025)
- Income‑Generating Property / Investment Opportunity
- Two Units: One 3‑Bedroom/2‑Bath (1079 sq ft), One 2‑Bedroom/1‑Bath (803 sq ft)
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
$21,089
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
4.96%
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%
$421,780
$421.8K
Cap Rate 7%
$301,271
$301.3K
Cap Rate 9%
$234,322
$234.3K
Market Conditions
NOI Build-Up for 1,882 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
$32.7K $17.40/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$30.1K $16.01/SF
− OpEx
−$9.0K −$4.80/SF
NOI
$21.1K $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%
$421,780
Cap Rate 7%
$301,271
Cap Rate 9%
$234,322
Alternative Uses
Best Use
Multifamily LT 5
$301.3K
$263.6K – $351.5K
NOI $21,089 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$276.3K
$241.7K – $322.3K
NOI $19,338 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$488.9K
$427.8K – $570.4K
NOI $34,223 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 85756, AZ
35,345
Population
12,772
Households
2.8
Avg Household Size
36
Median Age
19%
College-Educated
83%
High-School Grad
93.7 sq mi
ZIP Area
377
Density / Sq Mi
$67,617
Median Household Income
$38,648
Median Earnings
$1,256
Median Rent
$210,800
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 - Income-generating new construction duplex with modern amenities and convenient location.
Where is this duplex located?
The property is located at 378 W Elvira Road Tucson, AZ.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: New Construction Duplex (Built in 2025); Income‑Generating Property / Investment Opportunity; Two Units: One **3‑Bedroom/2‑Bath (1079 sq ft)**, One 2‑Bedroom/1‑Bath (803 sq ft)
