Masonry Multifamily Apartment
For Sale
Contact for pricing
3850 - 3880 N Park Ave., Tucson, AZ 85719
For-sale multifamily with ample parking, private backyards, and in-unit amenities like dishwashers and washer/dryer hookups.
Property Size8,840 SF
Price / SF$164.03
Days on Market73
Property Features for 3850 - 3880 N Park Ave.
General Information
Standard status
Active
Size
8,840 SF
Property subtype
Multifamily
Zoning
R-2
Building Details
Year Built
1962
Tenancy
Multi
Listed By:
Allan Mendelsberg · License #AZ SA628504000
Source:
Crexi
Added: Jun 1
Changed: Aug 8
Last Checked: Aug 8 at 7:47AM
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 Allan Mendelsberg
Investment Insights
Based on property information with market context.
This for-sale multifamily property consists of apartment buildings with masonry construction, well maintained grounds, and ample parking. Unit features noted include air conditioning for some units, dishwashers, washer and dryer hookups, private backyards, and a storage unit for each apartment.
The property is located at 3850–3880 N. Park Ave., Tucson, AZ 85719, in a north central Tucson setting. Seller-provided remarks indicate below market rents and historically high occupancy.
For tenants, the combination of private outdoor space, on-site storage, and practical in-unit and laundry hookups supports everyday comfort and convenience. For buyers and operators, the described unit amenities and maintained site can help support leasing efforts, while the noted rent position suggests an opportunity to evaluate how rents align with current market levels.
The property is located at 3850–3880 N. Park Ave., Tucson, AZ 85719, in a north central Tucson setting. Seller-provided remarks indicate below market rents and historically high occupancy.
For tenants, the combination of private outdoor space, on-site storage, and practical in-unit and laundry hookups supports everyday comfort and convenience. For buyers and operators, the described unit amenities and maintained site can help support leasing efforts, while the noted rent position suggests an opportunity to evaluate how rents align with current market levels.
Key Highlights
- Multifamily property built in 1962
- Ample on‑site parking
- Each apartment includes a private backyard and a storage unit
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
$90,833
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
6.26%
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%
$1,816,660
$1.8M
Cap Rate 7%
$1,297,614
$1.3M
Cap Rate 9%
$1,009,256
$1.0M
Market Conditions
NOI Build-Up for 8,840 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
$180.3K $20.40/SF
− Vacancy
−$15.2K −$1.72/SF
EGI
$165.2K $18.68/SF
− OpEx
−$74.3K −$8.41/SF
NOI
$90.8K $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%
$1,816,660
Cap Rate 7%
$1,297,614
Cap Rate 9%
$1,009,256
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.51M
NOI $90,833 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,749 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 85719, AZ
46,242
Population
21,707
Households
2.1
Avg Household Size
27
Median Age
46%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
5,780
Density / Sq Mi
$41,086
Median Household Income
$17,430
Median Earnings
$1,051
Median Rent
$266,900
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?
Apartment building - For-sale multifamily with ample parking, private backyards, and in-unit amenities like dishwashers and washer/dryer hookups.
Where is this apartment building located?
The property is located at 3850 - 3880 N Park Ave. Tucson, AZ.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Multifamily property built in 1962; Ample on‑site parking; Each apartment includes a private backyard and a storage unit
