Updated Pair of
For Sale
$600,000
4155 E Bellevue St, Tucson, AZ 85712
Four-unit property with fenced rear yards, in-unit laundry hookups, upgraded appliances, and separate cooling systems.
Property Size2,908 SF
Price / SF$206.33
Days on Market67
Property Features for 4155 E Bellevue St
General Information
Standard status
Active
Size
2,908 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 2 x 2BR
Multifamily Units
4
Amenities
w/d hook ups
fenced rear yards
Building Details
Year Built
1960
Buildings
2
Construction
adobe
Listing Agency:
Realty Executives Arizona Territory
(520) 877-4940
Listed By:
James P Robertson
Source:
Seetucsonhouses
Added: Jun 26
Changed: Aug 28
Last Checked: Aug 30 at 6:15PM
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 Realty Executives Arizona Territory
Investment Insights
Based on property information with market context.
Located at 4155 E Bellevue St in Tucson, this 2,908 SF multifamily property includes two duplex buildings. Each building contains one two-bedroom unit of approximately 875 SF and one one-bedroom unit of approximately 575 SF. Units feature washer and dryer hookups, fenced rear yards, 18-inch ceramic tile, sealed adobe construction, and upgraded appliances.
The property was built in 1960 and has received several system and building improvements. Both buildings have newer roofs and fascia replacements, with elastic roof coating completed every three years, most recently in 2026. The two-bedroom units use AC split systems, while the one-bedroom units have mini-splits. All units have new water heaters, including an on-demand system at 4159, along with updated 100-amp electrical service.
The property was built in 1960 and has received several system and building improvements. Both buildings have newer roofs and fascia replacements, with elastic roof coating completed every three years, most recently in 2026. The two-bedroom units use AC split systems, while the one-bedroom units have mini-splits. All units have new water heaters, including an on-demand system at 4159, along with updated 100-amp electrical service.
Key Highlights
- 2,908 SF property comprising two duplex buildings
- Each duplex includes one approximately 875 SF two‑bedroom unit and one approximately 575 SF one‑bedroom unit
- Fenced rear yards and washer/dryer hookups in all units
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
$32,586
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
5.43%
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%
$651,720
$651.7K
Cap Rate 7%
$465,514
$465.5K
Cap Rate 9%
$362,067
$362.1K
Market Conditions
NOI Build-Up for 2,908 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
$50.6K $17.40/SF
− Vacancy
−$4.0K −$1.39/SF
EGI
$46.6K $16.01/SF
− OpEx
−$14.0K −$4.80/SF
NOI
$32.6K $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%
$651,720
Cap Rate 7%
$465,514
Cap Rate 9%
$362,067
Alternative Uses
Best Use
Multifamily LT 5
$465.5K
$407.3K – $543.1K
NOI $32,586 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$426.9K
$373.5K – $498.0K
NOI $29,881 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$755.4K
$661.0K – $881.3K
NOI $52,880 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 85712, AZ
33,108
Population
18,215
Households
1.8
Avg Household Size
44
Median Age
37%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
4,869
Density / Sq Mi
$48,185
Median Household Income
$39,090
Median Earnings
$947
Median Rent
$250,400
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 - Four-unit property with fenced rear yards, in-unit laundry hookups, upgraded appliances, and separate cooling systems.
Where is this duplex located?
The property is located at 4155 E Bellevue St Tucson, AZ.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2,908 SF property comprising two duplex buildings; Each duplex includes one approximately 875 SF two‑bedroom unit and one approximately 575 SF one‑bedroom unit; Fenced rear yards and washer/dryer hookups in all units
