Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    851 West Ajo Way Tucson, AZ 85713

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Apartment complex with upgrade potential near Downtown Tucson.

    Type:Multifamily
    Property size:
    28,584 SF
    Added:
    Mar 25, 2026
    Days on Market:
    8
    Last Refresh:
    Mar 18 at 9:08 am

    Property Features for 851 West Ajo Way

    General Information

    Standard status
    Active
    Size
    28,584 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Jeff Casper

    Listing agent Jeff Casper

    Listing office

    Listing date Mar 25, 2026

    Source Cbre

    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 Jeff Casper

    Overview

    Santa Cruz River Apartments

    Santa Cruz River Apartments, constructed in 1983, features a mix of studio, one-bedroom, and two-bedroom units with functional floorplans. The current ownership has initiated a unit interior upgrade program that is generating significant premiums. With over 80% of the units in their original condition, a new investor has the opportunity to create substantial upside by continuing a market-level renovation program. The property's strategic location along I-19 provides convenient access to Downtown Tucson, the region's largest employers, and a variety of retail and entertainment options. The property size is 28584 square feet.
    Location Intelligence

    Current Use by Public Records

    Santa Cruz River ... Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tucson
    County
    Pima
    State
    Arizona
    Longitude
    -110.95814
    Latitude
    32.177942

    Nearby Similar for Sale

    • $635,000

      Renovated Commercial Building Near I-10

      Fully renovated commercial building with flexible zoning near I-10.
      3452 E Milton Road, Tucson, AZ 85706
      View Details
    • $945,000
      3,200 SF

      Renovated Building in Historic Area

      Meticulously renovated commercial building in Tucson's historic 'Miracle Mile'.
      210 W Drachman Street, Tucson, AZ 85705
      View Details
    • $479,000
      2,513 SF

      Multifamily Investment Opportunity in Tucson

      Three properties ideal for investment or multi-family living.
      4138 E Desert Place, Tucson, AZ 85712
      View Details
    • $1,499,000
      6,702 SF

      Versatile Retail/Industrial Property in Tucson

      Retail/industrial property with flexible spaces and warehouse, near amenities.
      261 W Fort Lowell Road, Tucson, AZ 85705
      View Details
    • $630,000
      3,257 SF

      Tucson Quadruplex Investment Opportunity

      Quadruplex on a large lot near entertainment and sports venues.
      1555 E Bernard Drive, Tucson, AZ 85714
      View Details
    • $3,000,000
      9,126 SF

      Versatile Commercial Building in Tucson

      Freestanding 9,000 SF commercial building in central Tucson, Arizona.
      2549 N Oracle Road, Tucson, AZ 85705
      View Details
    • $675,000
      5,000 SF

      Event Venue on Large Lot

      Commercial building on over 2 acres, previously an event venue.
      5766 S Fontana Avenue, Tucson, AZ 85706
      View Details
    • $430,000
      2,158 SF

      New Construction Duplex in Tucson

      New construction duplex with income potential, convenient location.
      360 E Aircraft Road, Tucson, AZ 85706
      View Details
    • $449,000
      2,558 SF

      Central Tucson Duplex on R-3 Lot

      Duplex with updated plumbing and electric in central Tucson.
      3281 N Flanwill Boulevard, Tucson, AZ 85716
      View Details
    • $4,500,000
      10,000 SF

      Tucson Manufacturing Facility with Equipment

      Turn-key manufacturing facility with equipment in Tucson, Arizona.
      3122 E Columbia Street, Tucson, AZ 85714
      View Details
    • $335,000
      1,609 SF

      Turnkey Triplex in Tucson

      Updated triplex with reliable income and convenient location.
      6838 S Nogales Highway, Tucson, AZ 85756
      View Details
    • $550,000
      2,080 SF

      Remodeled Triplex in Central Tucson

      Turn-key triplex with ample parking and bonus studio/shed.
      2535 N Dodge Boulevard, Tucson, AZ 85716
      View Details

    FAQs

    What type of property is this?
    Apartment building - Apartment complex with upgrade potential near Downtown Tucson.
    Where is this apartment building located?
    The property is located at 851 West Ajo Way Tucson, AZ.
    What are key features of this property?
    This property features: Strategic location along I‑19 providing excellent access to Downtown Tucson.; Opportunity to create substantial upside by continuing unit renovation program.; Current ownership garnering substantial premiums from unit interior upgrades.
    We can help!
    Listing Contact
    Jeff Casper
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!