Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Old Spanish Trl And Tucson, AZ 85748

    Sponsored
    For Sale
    Contact for pricing

    1.93 Acres, Prime Apartment Development Site

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional 1.93-acre commercial land parcel presents a remarkable investment opportunity in Tucson, Arizona. Ideally situated at the intersection of East Old Spanish Trail and South Harrison, this property boasts a prime location within Pima County, zip code 85748. The land is comprised of two parcels, identified by APN numbers 134-05-118K (35,000 square feet) and 134-05-118V (49,223 square feet). Zoned R-3, this property offers significant development potential. The R-3 zoning allows for a high-density residential development, with the potential for up to 36 units per acre, making it an attractive prospect for multi-family housing projects. This translates to a substantial number of potential units given the total acreage. The seller is also open to selling the parcels individually, providing flexibility for potential buyers. This prime location and zoning regulations create a unique opportunity for investors seeking a high-return development project in a thriving Tucson neighborhood. Detailed site plans and zoning information are readily available upon request. Don't miss this chance to acquire a highly desirable piece of land in a rapidly growing area.

    Property Features for 0 Old Spanish Trl And

    General Information

    Property type
    Land
    Lot Size
    84,071 SF

    We can help!

    Listing Contact
    Ben Craney
    Ben Craney

    Learn more

    HighLights

    • R‑3 Zoned multifamily development land for sale.
    • 1.93‑acre site comprised of two parcels.
    • Parcel 1: APN 134‑05‑118K, 35,000 square feet.
    • Parcel 2: APN 134‑05‑118V, 49,223 square feet.
    • R‑3 zoning allows up to 36 units per acre.
    • Individual parcel sales considered.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis Jewelry Store Party City Candy Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store 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
    -110.7896555
    Latitude
    32.2076086

    Nearby Similar for Sale

    • $1,749,000
      5,039 SF

      Historic Tucson Mixed-Use Investment

      Modern live/work studios in historic Armory Park, downtown Tucson.
      443 S Stone Ave, Tucson, AZ 85701
      View Details
    • $1,749,000
      5,039 SF

      Historic Tucson Commercial Corner Lot

      Commercial property in Historic Armory Park with modern updates.
      443 S Stone Ave, Tucson, AZ 85701
      View Details
    • $9,000,000
      11.13 Acres

      Historic Tucson Guest Ranch Resort

      11.1-acre guest ranch with villas, casitas, and Conestoga wagons.
      10700 E Tanque Verde Rd, Tucson, AZ 85749
      View Details
    • $399,900
      1,690 SF

      Renovated Duplex Near University

      Charming, renovated duplex near U of A with modern upgrades.
      3030 N 2Nd Ave, Tucson, AZ 85705
      View Details
    • $1,800,000
      7,528 SF

      New Construction Tucson Multifamily Investment

      Eight-unit multifamily property near the University of Arizona.
      4061 E Monte Vista Dr, Tucson, AZ 85712
      View Details
    • $1,400,000
      16,395 SF

      Former Training Center on Two Acres

      Centrally located Tucson property with redevelopment potential.
      3767 E Grant Rd, Tucson, AZ 85716
      View Details
    • $384,900
      2,438 SF

      Versatile Duplex in South Tucson

      Duplex with residential/commercial zoning, ideal for investment or business.
      320 E 29Th St, Tucson, AZ 85713
      View Details
    • $1,200,000
      3,690 SF

      Tucson Warehouse and Office Space

      Versatile commercial property with warehouse and office space on large lot.
      2200 W La Osa St, Tucson, AZ 85705
      View Details
    • $525,000
      Pending

      Remodeled Day Care Opportunity

      Licensed day care facility in Tucson, fully remodeled and equipped.
      321 E Yavapai Rd, Tucson, AZ 85705
      View Details
    • $590,000
      2,112 SF

      West University Historic District Property

      Charming 6 bed/3 bath property near University of Arizona.
      420 E Speedway Blvd, Tucson, AZ 85705
      View Details
    • $335,000
      1,565 SF

      Versatile Duplex on Large Lot

      One-story duplex with rental potential in convenient Tucson location.
      2001 S 3Rd Ave, Tucson, AZ 85713
      View Details
    • $439,000
      1,882 SF

      New Construction Duplex Near U of A

      New construction duplex near the University of Arizona. Great investment opportunity.
      2975 N Walnut Ave, Tucson, AZ 85712
      View Details

    FAQs

    What type of property is this?
    Land - 1.93 Acres, Prime Apartment Development Site
    Where is this land located?
    The property is located at Old Spanish Trl And Tucson, AZ.
    What are key features of this property?
    This property features: R-3 Zoned multifamily development land for sale.; 1.93-acre site comprised of two parcels.; Parcel 1: APN 134-05-118K, 35,000 square feet.
    (520) 398-4885
    Request Owner's contact information
    Old Spanish Trl And Tucson, AZ 85748
    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.
    Old Spanish Trl And
    Tucson, AZ 85748
    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
    Old Spanish Trl And Tucson, AZ 85748
    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

    We can help!
    Listing Contact
    Ben Craney
    Ben Craney
    Real Estate License ID: AZ BR525933000
    (520) 398-4885
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.