4000 15Th Ave Tucson, AZ 85714

Property Details for 4000 15Th Ave

Year built

1961

Property size

2,100 SF

Property type

Commercial real estate

Description

This stabilized, Class B multifamily investment property, known as Casitas on 15th, presents a compelling opportunity for investors seeking strong returns. Located at 4000 S 15th Ave, Tucson, AZ 85714, this property boasts two buildings, each a single-story structure, built in 1961 and renovated in 2020, situated on an 8,900 square foot lot. The property features two apartment units, a 3-bedroom/2-bathroom unit and a 2-bedroom/1-bathroom unit, totaling 2,300 net rentable square feet. Each unit includes laundry hookups, and the larger unit offers a carport. The property enjoys a 100% occupancy rate, generating a Net Operating Income (NOI) of $32,788, resulting in a 6.90% capitalization rate. The asking price is $471,000, translating to $216 per square foot and $471,000 per unit. Three parking spaces are available for residents. The property is zoned R3 and benefits from its proximity to major roadways (I-19) and a wide array of retail amenities including Sprouts, Home Depot, Michaels, and numerous restaurants, all within a mile radius. The property is not subject to a ground lease and is currently available for sale. The occupancy date is October 10, 2024.