Updated Duplex With Modern
For Sale
$530,000
510 N Iroquois Ave, Tucson, AZ 85745
Two separately configured residences offer updated finishes, contemporary kitchens, and current occupancy across the property.
Property Size2,749 SF
Price / SF$192.80
Days on Market108
Property Features for 510 N Iroquois Ave
General Information
Standard status
Active
Size
2,749 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 4BR/2BA
Multifamily Units
2
Building Details
Year Built
1972
Listing Agency:
Keller Williams Southern Arizona
(520) 471-2114
Listed By:
Johanna Rhodes · License #BR523234000
Source:
Anthony.viewalltucsonhomes
Added: May 6
Changed: Aug 17
Last Checked: Aug 20 at 8:37AM
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 Keller Williams Southern Arizona
Investment Insights
Based on property information with market context.
This 2,749-square-foot duplex, built in 1972, combines two distinct residences with a practical bedroom and bathroom layout. One unit includes 3 bedrooms and 2 bathrooms, while the other provides 4 bedrooms and 2 bathrooms. Both units are currently rented, and the property can accommodate an investor or an owner-occupant seeking an additional residential unit.
Recent improvements include newer HVAC systems, water heaters, and other major components. Hard-surface flooring extends throughout the interiors, while open living areas and modern kitchens provide updated functionality. The property is located at 510 N Iroquois Ave in Tucson, Arizona 85745.
Recent improvements include newer HVAC systems, water heaters, and other major components. Hard-surface flooring extends throughout the interiors, while open living areas and modern kitchens provide updated functionality. The property is located at 510 N Iroquois Ave in Tucson, Arizona 85745.
Key Highlights
- Duplex totals 2,749 square feet; built in 1972
- One unit offers 3 bedrooms and 2 bathrooms
- Second unit includes 4 bedrooms and 2 bathrooms
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
$30,804
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
5.81%
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%
$616,080
$616.1K
Cap Rate 7%
$440,057
$440.1K
Cap Rate 9%
$342,267
$342.3K
Market Conditions
NOI Build-Up for 2,749 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
$47.8K $17.40/SF
− Vacancy
−$3.8K −$1.39/SF
EGI
$44.0K $16.01/SF
− OpEx
−$13.2K −$4.80/SF
NOI
$30.8K $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%
$616,080
Cap Rate 7%
$440,057
Cap Rate 9%
$342,267
Alternative Uses
Best Use
Multifamily LT 5
$440.1K
$385.1K – $513.4K
NOI $30,804 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$403.5K
$353.1K – $470.8K
NOI $28,247 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$714.1K
$624.9K – $833.2K
NOI $49,989 @ 7.0% cap · market cap 9.43%
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
1,083
Businesses Nearby
Explore this area
Business Placement
Demographics for 85745, AZ
36,774
Population
17,662
Households
2.1
Avg Household Size
42
Median Age
45%
College-Educated
93%
High-School Grad
47.0 sq mi
ZIP Area
782
Density / Sq Mi
$68,608
Median Household Income
$40,353
Median Earnings
$1,128
Median Rent
$324,100
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 - Two separately configured residences offer updated finishes, contemporary kitchens, and current occupancy across the property.
Where is this duplex located?
The property is located at 510 N Iroquois Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Duplex totals 2,749 square feet; built in 1972; One unit offers 3 bedrooms and 2 bathrooms; Second unit includes 4 bedrooms and 2 bathrooms
