Updated Duplex with Two Rented
For Sale
$530,000
510 N Iroquois Avenue, Tucson, AZ 85745
Residential Income, Contemporary, Tucson, AZ
Property Size2,749 SF
Lot Size0.16 Acres
Price / SF$192.80
Days on Market84
Property Features for 510 N Iroquois Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Tucson - R2
Parking
4
Fencing
Chain Link
Appliances
Electric Range, Disposal
Subdivision
El Rio Park
Lot features
Subdivided
View
City
Elementary school
Manzo
Middle school
Mansfeld
High school
Tucson
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
Silverbell Rd/St Marys Rd, east on St Marys, north on Iroquois to address on right.
Standard status
Active
APN
116126210
Size
2,749 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EL RIO PARK LOT 9 BLK 26
Legal Description
EL RIO PARK LOT 9 BLK 26
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1972
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Masonry Stucco
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Keller Williams Southern Arizona · Keller Williams Realty
(520) 615-8400
Listed By:
Johanna Rhodes · License #BR523234000
(520) 471-2114
Added: Jun 1
Changed: Aug 19
Last Checked: Aug 23 at 3:06PM
MLS# 22613875
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 updated duplex offers two separately configured units. The first unit features 3 bedrooms and 2 bathrooms, and the second unit features 4 bedrooms and 2 bathrooms. Both units are currently rented, with the 3 bedroom unit reported at $1,950 and the 4 bedroom unit reported at $2,750.
Recent renovations include updated interiors, newer HVAC systems and water heaters, along with other major components. The layout emphasizes hard-surface flooring, open-concept living spaces, and modern kitchens.
The property is located at 510 N Iroquois Avenue in Tucson, AZ 85745, in a Tucson R2 zoning designation.
Recent renovations include updated interiors, newer HVAC systems and water heaters, along with other major components. The layout emphasizes hard-surface flooring, open-concept living spaces, and modern kitchens.
The property is located at 510 N Iroquois Avenue in Tucson, AZ 85745, in a Tucson R2 zoning designation.
Key Highlights
- Updated duplex with two separate units: 3BR/2BA and 4BR/2BA
- 4‑bedroom unit is currently rented for $2,750
- Recent upgrades include newer HVAC systems and water heaters, plus other major components
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
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Contemporary duplex with two units, including 3 bed/2 bath and 4 bed/2 bath, both currently rented.
Where is this duplex located?
The property is located at 510 N Iroquois Avenue 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: Updated duplex with two separate units: 3BR/2BA and 4BR/2BA; 4‑bedroom unit is currently rented for $2,750; Recent upgrades include newer HVAC systems and water heaters, plus other major components
