Remodeled Duplex with
For Sale
$450,000
623 W Thurber Rd, Tucson, AZ 85705
Two single-family homes offer a renovated primary residence and a month-to-month occupied second unit.
Property Size2,019 SF
Price / SF$222.88
Days on Market17
Property Features for 623 W Thurber Rd
General Information
Standard status
Active
Size
2,019 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1939
Buildings
2
Listing Agency:
Long Realty
(520) 409-5301
Listed By:
Sandra M Northcutt
Source:
Wowrealestate
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 30 at 8:39PM
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 Long Realty
Investment Insights
Based on property information with market context.
This duplex property at 623 W Thurber Rd includes two single-family homes, providing separate residential spaces within one ownership. The main residence has been remodeled, while the second home is occupied under a month-to-month rental arrangement. The property was built in 1939 and has a reported property size of 2,019 square feet.
On-site improvements include a carport and garage access, along with room for additional driveway parking. The Tucson location offers central access to retail and shopping, adding practical convenience for residents and owners.
On-site improvements include a carport and garage access, along with room for additional driveway parking. The Tucson location offers central access to retail and shopping, adding practical convenience for residents and owners.
Key Highlights
- Two single‑family homes on one property
- Main residence has been remodeled
- Second unit is occupied on a month‑to‑month rental
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
$19,504
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
4.33%
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%
$390,080
$390.1K
Cap Rate 7%
$278,629
$278.6K
Cap Rate 9%
$216,711
$216.7K
Market Conditions
NOI Build-Up for 2,019 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
$30.3K $15.00/SF
− Vacancy
−$2.4K −$1.20/SF
EGI
$27.9K $13.80/SF
− OpEx
−$8.4K −$4.14/SF
NOI
$19.5K $9.66/SF
Area
ZIP 85705
Vacancy
8.00%
Lease Rate
$15.00 /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%
$390,080
Cap Rate 7%
$278,629
Cap Rate 9%
$216,711
Alternative Uses
Best Use
Multifamily LT 5
$278.6K
$243.8K – $325.1K
NOI $19,504 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$252.8K
$221.2K – $294.9K
NOI $17,695 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$464.6K
$406.5K – $542.0K
NOI $32,522 @ 7.0% cap · market cap 7.23%
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
1,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 85705, AZ
56,711
Population
29,145
Households
1.9
Avg Household Size
36
Median Age
20%
College-Educated
80%
High-School Grad
13.6 sq mi
ZIP Area
4,170
Density / Sq Mi
$36,606
Median Household Income
$27,220
Median Earnings
$924
Median Rent
$113,700
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 single-family homes offer a renovated primary residence and a month-to-month occupied second unit.
Where is this duplex located?
The property is located at 623 W Thurber Rd Tucson, AZ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two single‑family homes on one property; Main residence has been remodeled; Second unit is occupied on a month‑to‑month rental
