Updated Triplex Rental
For Sale
$299,000
6838 S Nogales Highway, Tucson, AZ 85756
MULTI_FAMILY - Ranch - Tucson, AZ
Property Size1,609 SF
Lot Size0.34 Acres
Price / SF$185.83
Days on Market27
Property Features for 6838 S Nogales Highway
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Tucson - C2
Parking
3
Fencing
Chain Link
Appliances
Electric Range
Subdivision
Golden Dawn Farms
Lot features
East/ West Exposure
View
City
Elementary school
Elvira
Middle school
Challenger
High school
Desert View
Elementary school district
Sunnyside
Middle school district
Sunnyside
High school district
Sunnyside
Directions
From E Valencia Rd & S Nogales Hwy.: Head South on S Nogales Hwy. Pass E Aragon Rd. Property will be on the right.
Standard status
Active
APN
138-16-0300
Size
1,609 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Golden Dawn Farms N75' Of Lot 24 Exc W290.4' (10434/1529)
Legal Description
Golden Dawn Farms N75' Of Lot 24 Exc W290.4' (10434/1529)
Utilities
Water source
Public
Amenities
on-site parking
Building Details
Year built
1955
Number of units
3
Flooring type
Tile - Ceramic
Building materials
Block, Frame - Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Tierra Antigua Realty
(520) 428-3338
Listed By:
Erick Quintero
(520) 599-6225
Added: Jul 27
Changed: Aug 18
Last Checked: Aug 22 at 11:06PM
MLS# 22618320
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 turnkey triplex includes three occupied rental units: one 2-bedroom, 1-bath home and two 1-bedroom, 1-bath homes. Updates reported include new windows and doors, new cabinets, mini split systems, tile flooring, stucco, drywall, and roofing, aimed at reducing near-term maintenance. Each unit is separately metered for electric and water, with tenants responsible for their utilities, and the property includes on-site parking.
The property is located in Tucson, AZ 85756 on S Nogales Highway. It is described as providing convenient access to nearby shopping, dining, and major roadways.
Units are currently occupied and generating income. The asset totals 1,609 square feet and sits on a 0.34-acre lot.
The property is located in Tucson, AZ 85756 on S Nogales Highway. It is described as providing convenient access to nearby shopping, dining, and major roadways.
Units are currently occupied and generating income. The asset totals 1,609 square feet and sits on a 0.34-acre lot.
Key Highlights
- Turnkey triplex built in 1955 with one 2‑bedroom/1‑bath unit and two 1‑bedroom/1‑bath units
- All units are currently occupied and generating immediate cash flow; tenants are responsible for electric and water utilities
- Separately metered units for electric and water
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
$18,030
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
6.03%
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%
$360,600
$360.6K
Cap Rate 7%
$257,571
$257.6K
Cap Rate 9%
$200,333
$200.3K
Market Conditions
NOI Build-Up for 1,609 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
$28.0K $17.40/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$25.8K $16.01/SF
− OpEx
−$7.7K −$4.80/SF
NOI
$18.0K $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%
$360,600
Cap Rate 7%
$257,571
Cap Rate 9%
$200,333
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.5K
NOI $18,030 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$236.2K
$206.7K – $275.6K
NOI $16,533 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$418.0K
$365.7K – $487.7K
NOI $29,259 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 85756, AZ
35,345
Population
12,772
Households
2.8
Avg Household Size
36
Median Age
19%
College-Educated
83%
High-School Grad
93.7 sq mi
ZIP Area
377
Density / Sq Mi
$67,617
Median Household Income
$38,648
Median Earnings
$1,256
Median Rent
$210,800
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?
Triplex - Turnkey triplex with one 2-bedroom unit and two 1-bedroom units, all separately metered for utilities.
Where is this triplex located?
The property is located at 6838 S Nogales Highway Tucson, AZ.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Turnkey triplex built in 1955 with one 2‑bedroom/1‑bath unit and two 1‑bedroom/1‑bath units; All units are currently occupied and generating immediate cash flow; tenants are responsible for electric and water utilities; Separately metered units for electric and water
