Fourplex with Private Outdoor
For Sale
$562,500
4118 N 1st Avenue Bldg 2, Tucson, AZ 85719
Residential Income, Ranch, Tucson, AZ
Property Size3,628 SF
Lot Size0.29 Acres
Price / SF$155.04
Days on Market35
Property Features for 4118 N 1st Avenue Bldg 2
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Tucson - R2
Parking
8
Interior features
Breakfast Bar
Fencing
Chain Link
Appliances
Double Sink, Electric Range, Dishwasher, Refrigerator
Lot features
Subdivided
Elementary school
Rio Vista
Middle school
Amphitheater
High school
Amphitheater
Elementary school district
Amphitheater
Middle school district
Amphitheater
High school district
Amphitheater
Directions
From 1st Ave and Roger, head North. Go just passed the Fry's Shopping center and turn east on 1st Ave. Follow 1st Ave to the end, just before the gated entrance to an apartment complex. Property is located on north side of the street.
Subdivision
Central
Standard status
Active
APN
108-20-019F
Size
3,628 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N118.72' S889.72' E140' W600' LOT 4 EXC S90' W60' THEREOF .26 AC SEC 19-13-14
Legal Description
N118.72' S889.72' E140' W600' LOT 4 EXC S90' W60' THEREOF .26 AC SEC 19-13-14
Utilities
Heating system
Electric (Heating)
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
kitchen appliances
in-unit laundry hookups
private gated outdoor space
roll-in showers with grab bars
Building Details
Year built
1998
Number of units
4
Flooring type
Tile - Ceramic
Building materials
Frame - Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Tierra Antigua Realty
(520) 544-2335
Listed By:
Adrienne Arino Canez
(520) 631-3943
Added: Aug 11
Changed: Sep 12
Last Checked: Sep 14 at 11:06PM
MLS# 22619551
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 3,628-square-foot ranch-style fourplex on 0.29 acres contains two 3-bedroom, 2-bathroom residences and two 2-bedroom, 2-bathroom residences. The units include kitchen appliances, laundry hookups, ceramic tile flooring, central air, ceiling fans, and electric heating. Two residences feature roll-in showers with grab bars, while each unit has a separately gated outdoor area and two dedicated parking spaces. A new shingle roof adds a recent capital improvement to the 1998-built property.
The property is located in central Tucson near shopping centers and a range of restaurants. Public water serves the site, and the building includes frame-stucco construction, chain-link fencing, and breakfast bars within the residences. Zoning is identified as Tucson - R2.
The property is located in central Tucson near shopping centers and a range of restaurants. Public water serves the site, and the building includes frame-stucco construction, chain-link fencing, and breakfast bars within the residences. Zoning is identified as Tucson - R2.
Key Highlights
- Four‑unit property with two 3‑bedroom, 2‑bathroom units and two 2‑bedroom, 2‑bathroom units
- 3,628 square feet on a 0.29‑acre lot
- Two dedicated parking spaces per 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
$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
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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
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?
Quadplex - R2-zoned residential income property with four residences, gated exterior areas, and dedicated parking for each unit.
Where is this quadplex located?
The property is located at 4118 N 1st Avenue 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 on a 0.29‑acre lot; Two dedicated parking spaces per unit
