Four-Unit Quadplex Near Bike
For Sale
$405,000
908 N Belvedere Ave, Tucson, AZ 85711
Residential income property with two-bedroom layouts, on-site parking, and access to a Tucson bike path route.
Property Size2,736 SF
Price / SF$148.03
Days on Market37
Property Features for 908 N Belvedere Ave
General Information
Standard status
Active
Size
2,736 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
fix up property
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
sliding patio door
storage shed
fireplace
Building Details
Year Built
1980
Listing Agency:
Paul John Charette
(520) 465-7708
Listed By:
Paul J Charette
Source:
Azonthemove
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 30 at 7:52PM
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, built in 1980, contains four residential units, each arranged with two bedrooms and one bathroom. The property includes four on-site parking spaces. Two units open to the yard through sliding patio doors, one unit includes a storage shed, and both upstairs units feature fireplaces. One unit requires completion of remodeling work.
The property is located at 908 N Belvedere Ave in Tucson, with access to a Tucson bike path route. The surrounding area places the property near the University of Arizona, Davis Monthan, and hospitals, providing established institutional and medical context. The four-unit configuration and existing unit-level features create a defined residential income property layout.
The property is located at 908 N Belvedere Ave in Tucson, with access to a Tucson bike path route. The surrounding area places the property near the University of Arizona, Davis Monthan, and hospitals, providing established institutional and medical context. The four-unit configuration and existing unit-level features create a defined residential income property layout.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 2,736 SF quadplex built in 1980
- Four on‑site 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
Lease Details
4
Residential units
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 - Residential income property with two-bedroom layouts, on-site parking, and access to a Tucson bike path route.
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 units, each with 2 bedrooms and 1 bathroom; 2,736 SF quadplex built in 1980; Four on‑site parking spaces
