9-Unit Apartment
New
For Sale
$1,100,000
3830 E 2nd Street, Tucson, AZ 85716
Commercial Sale, Tucson, AZ
Property Size5,500 SF
Lot Size0.87 Acres
Price / SF$200
Days on Market4
Property Features for 3830 E 2nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Tucson - R3
Parking
20
Lot features
Decorative Gravel
Directions
Speedway/Alvernon South to 2nd St then West to address
Subdivision
Central
Standard status
Active
APN
125111500
Size
5,500 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPEEDWAY VIEW LOT 6 BLK 5
Tax Annual Amount
5166
Legal Description
SPEEDWAY VIEW LOT 6 BLK 5
Utilities
Heating system
Heat Pump (Heating)
Water source
Public
Building Details
Year built
1952
Building materials
Block
Roof type
Shingle
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 314-3255
Listed By:
Matthew 'Matt' E Bollinger
(520) 955-3164
Added: Sep 23
Last Checked: Sep 26 at 4:06AM
MLS# 22623175
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 9-unit apartment property in central Tucson includes 5,500 square feet of building area on a 0.87-acre parcel. Built in 1952, the property features block construction, shingle roofing, heat pump heating, and public water service. The R3 zoning designation supports its multifamily classification.
Located at 3830 E 2nd Street, the property is near major transportation routes, shopping, employment centers, downtown Tucson, and the University of Arizona. Its central Tucson setting places the apartment building within an established urban area with access to several important destinations.
Located at 3830 E 2nd Street, the property is near major transportation routes, shopping, employment centers, downtown Tucson, and the University of Arizona. Its central Tucson setting places the apartment building within an established urban area with access to several important destinations.
Key Highlights
- 9‑unit apartment property with 5,500 square feet of building area
- 0.87‑acre parcel in central Tucson
- R3 zoning designation
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
$56,514
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
5.14%
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%
$1,130,280
$1.1M
Cap Rate 7%
$807,343
$807.3K
Cap Rate 9%
$627,933
$627.9K
Market Conditions
NOI Build-Up for 5,500 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
$112.2K $20.40/SF
− Vacancy
−$9.4K −$1.72/SF
EGI
$102.8K $18.68/SF
− OpEx
−$46.2K −$8.41/SF
NOI
$56.5K $10.28/SF
Area
Tucson, AZ
Vacancy
8.42%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,130,280
Cap Rate 7%
$807,343
Cap Rate 9%
$627,933
Alternative Uses
Best Use
Apartment 5plus
$807.3K
$706.4K – $941.9K
NOI $56,514 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,014 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,202
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Block-built multifamily property with public water service and R3 zoning in central Tucson.
Where is this apartment building located?
The property is located at 3830 E 2nd Street Tucson, AZ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 9‑unit apartment property with 5,500 square feet of building area; 0.87‑acre parcel in central Tucson; R3 zoning designation
