Residential Income Property with Bungalow
For Sale
$564,000
5813 E 23rd Street, Tucson, AZ 85711
Bungalow-style residential income property with central air, forced-air heating, and a gas water heater.
Property Size2,906 SF
Price / SF$194.08
Days on Market154
Property Features for 5813 E 23rd Street
General Information
Standard status
Active
Size
2,906 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
Tucson - R2
Amenities
Central Air
Forced Air
Refrigerator, Gas Water Heater
Walk-In Closet(s), High Speed Internet
Wood
Bungalow
Building Details
Building Size
2,906 SF
Year Built
1976
Listing Agency:
Omni Homes International
(520) 282-1671
Listed By:
Anthony Dee
(520) 282-1671
Source:
Evrealestate
Added: Apr 2
Changed: Aug 29
Last Checked: Aug 31 at 1:31PM
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 Omni Homes International
Investment Insights
Based on property information with market context.
This residential income property in Tucson offers 2,906 square feet of space within a bungalow-style structure built in 1976. Interior features include central air, forced-air heating, a refrigerator, gas water heating, walk-in closet space, and high-speed internet capability.
The property is located at 5813 E 23rd Street and carries Tucson - R2 zoning. Access from the Craycroft and 22nd area follows Van Buren to 23rd Street.
The property is located at 5813 E 23rd Street and carries Tucson - R2 zoning. Access from the Craycroft and 22nd area follows Van Buren to 23rd Street.
Key Highlights
- 2,906‑square‑foot residential income property
- Tucson - R2 zoning
- Bungalow‑style exterior design
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
$29,860
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
5.29%
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%
$597,200
$597.2K
Cap Rate 7%
$426,571
$426.6K
Cap Rate 9%
$331,778
$331.8K
Market Conditions
NOI Build-Up for 2,906 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
$59.3K $20.40/SF
− Vacancy
−$5.0K −$1.72/SF
EGI
$54.3K $18.68/SF
− OpEx
−$24.4K −$8.41/SF
NOI
$29.9K $10.28/SF
Area
Tucson, AZ
Vacancy
8.42%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$597,200
Cap Rate 7%
$426,571
Cap Rate 9%
$331,778
Alternative Uses
Best Use
Apartment 5plus
$426.6K
$373.3K – $497.7K
NOI $29,860 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$754.9K
$660.6K – $880.7K
NOI $52,844 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 85711, AZ
41,518
Population
19,774
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
4,828
Density / Sq Mi
$52,358
Median Household Income
$35,130
Median Earnings
$1,001
Median Rent
$248,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Bungalow-style residential income property with central air, forced-air heating, and a gas water heater.
Where is this residential income property located?
The property is located at 5813 E 23rd Street Tucson, AZ.
What is the asking price?
The asking price for this property is $564,000.
What are key features of this property?
This property features: 2,906‑square‑foot residential income property; Tucson - R2 zoning; Bungalow‑style exterior design
