3839 Glenn St Tucson, AZ 85716

Property Details for 3839 Glenn St

Year built

1980

Property type

Commercial real estate

APN

111-06-203A

Description

This exceptional 28-unit apartment complex presents a compelling value-add opportunity in Tucson, Arizona. Located at 3839 E Glenn St, in the desirable East Central neighborhood, this property boasts a prime location near the Tucson Botanical Gardens, Brandi Fenton Memorial Park, the River Path, and within five miles of the University of Arizona. Built in 1980, the property comprises six two-story buildings on a 54,014 sq ft lot, totaling 20,720 net rentable square feet. All 28 units are two-bedroom, one-bathroom apartments, each approximately 740 square feet with tile flooring and new kitchen cabinetry. Individual electric meters and hot water heaters are in place. Community amenities include an on-site laundry room and a small management office. The property is zoned R-2. Current rents are below market, with many tenants on month-to-month leases, offering immediate potential for rental increases. Further value can be added by upgrading the existing evaporative cooling system to air conditioning, allowing for even higher rental rates. The asking price is $3,100,000, representing a price per unit of $110,714.29. This property is offered to cash buyers or those with new financing in place. The property's APN is 111-06-203A.