Four-Unit Apartment
For Sale
$562,500
4118 N 1st Ave Bldg 2, Tucson, AZ 85719
Central Tucson property with mixed unit sizes, in-unit laundry hookups, and private gated outdoor areas.
Property Size3,628 SF
Price / SF$155.04
Days on Market42
Property Features for 4118 N 1st Ave Bldg 2
General Information
Standard status
Active
Size
3,628 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA, 2 x 2BR/2BA
Multifamily Units
4
Parking per Unit
2
Amenities
kitchen appliances
in-unit laundry hookups
private gated outdoor space
roll-in showers with grab bars
Building Details
Year Built
1998
Buildings
1
Listing Agency:
Tierra Antigua Realty
Listed By:
Adrienne Arino Canez
(520) 544-2335
Source:
Thetucsonhomefinder
Added: Jul 29
Changed: Sep 7
Last Checked: Sep 7 at 10:09AM
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 Tierra Antigua Realty
Investment Insights
Based on property information with market context.
Located at 4118 N 1st Ave Bldg 2 in Tucson, this 3,628-square-foot fourplex was built in 1998 and contains a balanced mix of two- and three-bedroom residences. The property includes two 3-bedroom, 2-bathroom units and two 2-bedroom, 2-bathroom units, with roll-in showers and grab bars in the latter units.
Each residence has kitchen appliances, in-unit laundry hookups, and a private gated outdoor area. The property provides two dedicated parking spaces per unit, along with a recently installed roof. Shopping centers and a variety of restaurants are located minutes away in central Tucson.
Each residence has kitchen appliances, in-unit laundry hookups, and a private gated outdoor area. The property provides two dedicated parking spaces per unit, along with a recently installed roof. Shopping centers and a variety of restaurants are located minutes away in central Tucson.
Key Highlights
- Four‑unit property with two 3‑bedroom, 2‑bathroom units and two 2‑bedroom, 2‑bathroom units
- 3,628 square feet; built in 1998
- Each unit includes kitchen appliances and in‑unit laundry hookups
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
$40,654
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
7.23%
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%
$813,080
$813.1K
Cap Rate 7%
$580,771
$580.8K
Cap Rate 9%
$451,711
$451.7K
Market Conditions
NOI Build-Up for 3,628 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
$63.1K $17.40/SF
− Vacancy
−$5.1K −$1.39/SF
EGI
$58.1K $16.01/SF
− OpEx
−$17.4K −$4.80/SF
NOI
$40.7K $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%
$813,080
Cap Rate 7%
$580,771
Cap Rate 9%
$451,711
Alternative Uses
Best Use
Multifamily LT 5
$580.8K
$508.2K – $677.6K
NOI $40,654 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$532.6K
$466.0K – $621.3K
NOI $37,279 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$942.5K
$824.7K – $1.10M
NOI $65,973 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
917
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Central Tucson property with mixed unit sizes, in-unit laundry hookups, and private gated outdoor areas.
Where is this quadplex located?
The property is located at 4118 N 1st Ave Bldg 2 Tucson, AZ.
What is the asking price?
The asking price for this property is $562,500.
What are key features of this property?
This property features: Four‑unit property with two 3‑bedroom, 2‑bathroom units and two 2‑bedroom, 2‑bathroom units; 3,628 square feet; built in 1998; Each unit includes kitchen appliances and in‑unit laundry hookups
