Historic Triplex with Detached
For Sale
$649,900
Tucson, AZ 85701, Tucson, AZ 85701
Residential Income, Territorial, Tucson, AZ
Property Size3,125 SF
Lot Size0.12 Acres
Price / SF$207.97
Days on Market168
Property Features
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Tucson - C3
Parking
3
Window features
Bay Window(s)
Patio and Porch features
Patio
Appliances
Gas Range, Refrigerator
Subdivision
C.O.T. Resub
Lot features
Corner Lot
Elementary school
Safford K-8 Magnet
Middle school
Safford K-8 Magnet
High school
Tucson
Elementary school district
TUSD
Middle school district
TUSD
High school district
TUSD
Directions
4th Ave/Broadway - S to 12th - E to address
Standard status
Active
APN
117-06-219F
Size
3,125 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
From Parcel:11706219B /Tucson W48.4' Lot 9 & 12 Blk 94
Legal Description
From Parcel:11706219B /Tucson W48.4' Lot 9 & 12 Blk 94
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1905
Number of units
3
Flooring type
Wood, Concrete
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
Realty Executives Arizona Territory · Realty Executives International
(520) 314-3255
Listed By:
Christopher L Craven
(520) 904-2961
Added: Mar 6
Changed: Aug 19
Last Checked: Aug 21 at 1:06PM
MLS# 22606212
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 historic triplex includes three rental units configured to support multiple living arrangements. Unit 1 is a spacious two-story layout with 2 bedrooms and 2 bathrooms, featuring tall ceilings and large rooms. Unit 2 offers a 2-bedroom, 1-bath layout. Unit 3 is a detached studio. The property also features historic interior details such as wood trim accents and high ceilings.
The property is zoned Tucson C3 and is located in Tucson, AZ 85701.
Utility infrastructure is reported to have been upgraded approximately 15 years ago, including electric and plumbing.
The property is zoned Tucson C3 and is located in Tucson, AZ 85701.
Utility infrastructure is reported to have been upgraded approximately 15 years ago, including electric and plumbing.
Key Highlights
- Historic triplex built in 1905 with 3 rental units: Unit 1 (2 bd/2 ba), Unit 2 (2 bd/1 ba), and Unit 3 (detached studio)
- Zoned C3, offering residential income with potential for commercial or mixed‑use/live‑work concepts
- Upgrades reported: electric and plumbing upgraded about 15 years ago
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
$35,017
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
5.39%
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%
$700,340
$700.3K
Cap Rate 7%
$500,243
$500.2K
Cap Rate 9%
$389,078
$389.1K
Market Conditions
NOI Build-Up for 3,125 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
$54.4K $17.40/SF
− Vacancy
−$4.3K −$1.39/SF
EGI
$50.0K $16.01/SF
− OpEx
−$15.0K −$4.80/SF
NOI
$35.0K $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%
$700,340
Cap Rate 7%
$500,243
Cap Rate 9%
$389,078
Alternative Uses
Best Use
Multifamily LT 5
$500.2K
$437.7K – $583.6K
NOI $35,017 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$458.7K
$401.4K – $535.2K
NOI $32,110 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$811.8K
$710.3K – $947.1K
NOI $56,826 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,888
Businesses Nearby
Explore this area
Business Placement
Demographics for 85701, AZ
5,132
Population
3,631
Households
1.4
Avg Household Size
37
Median Age
57%
College-Educated
91%
High-School Grad
1.5 sq mi
ZIP Area
3,421
Density / Sq Mi
$52,672
Median Household Income
$43,762
Median Earnings
$1,183
Median Rent
$451,500
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 - Historic triplex offering two-story and studio units, with electric and plumbing upgrades completed about 15 years ago.
Where is this triplex located?
The property is located at Tucson, AZ.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Historic triplex built in 1905 with 3 rental units: Unit 1 (2 bd/2 ba), Unit 2 (2 bd/1 ba), and Unit 3 (detached studio); Zoned C3, offering residential income with potential for commercial or mixed‑use/live‑work concepts; Upgrades reported: electric and plumbing upgraded about 15 years ago
