Contemporary Duplex on Flag
For Sale
Under Contract
$339,500
4224 E Lee Street, Tucson, AZ 85712
MULTI_FAMILY - Contemporary - Tucson, AZ
Property Size1,848 SF
Lot Size0.25 Acres
Price / SF$183.71
Days on Market94
Property Features for 4224 E Lee Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Fencing
Barbed Wire
Appliances
Refrigerator
Subdivision
Speedway Addition NO. 1
Lot features
East/ West Exposure
Elementary school
Wright
Middle school
Doolen
High school
Catalina
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
PIMA / COLUMBUS S TO LEE, WEST TO PROPERTY; behind the yellow house
Standard status
Active Under Contract
APN
122-13-151B
Size
1,848 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:122131510 /Speedway No 1 W60' Lot 8 Exc N116.67' Blk 9
Legal Description
From Parcel:122131510 /Speedway No 1 W60' Lot 8 Exc N116.67' Blk 9
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
2003
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Tierra Antigua Realty
(520) 544-2335
Listed By:
Xing Shen
(520) 668-0114
Added: May 30
Changed: Aug 18
Last Checked: Aug 31 at 6:06AM
MLS# 22613720
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 contemporary duplex features two separate units totaling 1,848 square feet, built in 2003, on a flag lot. Unit 1 offers 3 bedrooms and 2 bathrooms, and it is vacant. Unit 2 offers 2 bedrooms and 1 bathroom, and it is also vacant. The property includes multiple recent mechanical and exterior updates, including HVAC replacement for Unit 1 in 2019 and HVAC replacement for Unit 2 in 2023. A water heater replacement was completed in 2023 for Unit 2, and the whole roof was replaced in 2023.
The property is located at 4224 E Lee Street in Tucson, AZ 85712, in Pima County, under Tucson R2 zoning. With two units and on-site parking configuration not specified in the provided information, the layout supports straightforward duplex operations for an owner-occupant or investor seeking a manageable residential income structure.
As a for-sale duplex, the current vacancy of both units can allow new ownership to position the property for the next occupancy cycle. With documented replacements to key systems such as HVAC, water heating, and the roof, the asset offers practical appeal for buyers focused on reducing near-term capex tied to those components.
The property is located at 4224 E Lee Street in Tucson, AZ 85712, in Pima County, under Tucson R2 zoning. With two units and on-site parking configuration not specified in the provided information, the layout supports straightforward duplex operations for an owner-occupant or investor seeking a manageable residential income structure.
As a for-sale duplex, the current vacancy of both units can allow new ownership to position the property for the next occupancy cycle. With documented replacements to key systems such as HVAC, water heating, and the roof, the asset offers practical appeal for buyers focused on reducing near-term capex tied to those components.
Key Highlights
- Duplex built in 2003 with 2 units and 1,848 sq ft total
- Unit 1: 3 bed/2 bath; Unit 2: 2 bed/1 bath
- Unit 1 rent $1,290/month; Unit 2 rent $1,090/month (both currently vacant)
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
$20,708
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
6.10%
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%
$414,160
$414.2K
Cap Rate 7%
$295,829
$295.8K
Cap Rate 9%
$230,089
$230.1K
Market Conditions
NOI Build-Up for 1,848 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
$32.2K $17.40/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$29.6K $16.01/SF
− OpEx
−$8.9K −$4.80/SF
NOI
$20.7K $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%
$414,160
Cap Rate 7%
$295,829
Cap Rate 9%
$230,089
Alternative Uses
Best Use
Multifamily LT 5
$295.8K
$258.9K – $345.1K
NOI $20,708 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$271.3K
$237.4K – $316.5K
NOI $18,989 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$480.1K
$420.1K – $560.1K
NOI $33,605 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,615
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 - Contemporary two-unit duplex with recent HVAC and roof replacements, offered as a residential income property.
Where is this duplex located?
The property is located at 4224 E Lee Street Tucson, AZ.
What is the asking price?
The asking price for this property is $339,500.
What are key features of this property?
This property features: Duplex built in 2003 with 2 units and 1,848 sq ft total; Unit 1: 3 bed/2 bath; Unit 2: 2 bed/1 bath; Unit 1 rent $1,290/month; Unit 2 rent $1,090/month (both currently vacant)
