Quadplex With Onsite
For Sale
$405,000
908 N Belvedere Ave, Tucson, AZ 85711
Four two-bedroom residences offer a centrally located multifamily property with varied unit features and renovation needs.
Property Size2,736 SF
Price / SF$148.03
Days on Market42
Property Features for 908 N Belvedere Ave
General Information
Standard status
Active
Size
2,736 SF
Property subtype
Residential Income
Listing Agency:
Paul John Charette
(520) 465-7708
Listed By:
Paul J Charette
(520) 465-7708
Source:
Exprealty
Added: Jul 11
Changed: Aug 16
Last Checked: Aug 19 at 1:07PM
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 Paul John Charette
Investment Insights
Based on property information with market context.
This 2,736-square-foot quadplex contains four units, each configured with two bedrooms and one bathroom. The property includes four onsite parking spaces, while individual unit features include sliding patio doors opening to the yard, a storage shed, and fireplaces in the two upstairs units. One residence remains unfinished from a remodel, and the property requires additional work.
The building is positioned along the Tucson bike path route and near the University of Arizona, Davis Monthan, and hospitals. Its four-unit configuration and existing residential improvements provide a defined multifamily layout in a central Tucson setting.
The building is positioned along the Tucson bike path route and near the University of Arizona, Davis Monthan, and hospitals. Its four-unit configuration and existing residential improvements provide a defined multifamily layout in a central Tucson setting.
Key Highlights
- Four‑unit quadplex with 2,736 SF of building area
- All 4 units feature 2 beds and 1 bath
- Four onsite parking spaces
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
$30,659
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
7.57%
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%
$613,180
$613.2K
Cap Rate 7%
$437,986
$438.0K
Cap Rate 9%
$340,656
$340.7K
Market Conditions
NOI Build-Up for 2,736 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
$47.6K $17.40/SF
− Vacancy
−$3.8K −$1.39/SF
EGI
$43.8K $16.01/SF
− OpEx
−$13.1K −$4.80/SF
NOI
$30.7K $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%
$613,180
Cap Rate 7%
$437,986
Cap Rate 9%
$340,656
Alternative Uses
Best Use
Multifamily LT 5
$438.0K
$383.2K – $511.0K
NOI $30,659 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$401.6K
$351.4K – $468.6K
NOI $28,113 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$710.7K
$621.9K – $829.2K
NOI $49,752 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
997
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences offer a centrally located multifamily property with varied unit features and renovation needs.
Where is this quadplex located?
The property is located at 908 N Belvedere Ave Tucson, AZ.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,736 SF of building area; All 4 units feature 2 beds and 1 bath; Four onsite parking spaces
