3052 N Alvernon Way, Tucson, AZ 85712

$1,550,000
Property Type: Commercial Square Footage: 8,800 Lot Size (sq. ft.): 25,228 Status: Closed
Current Price: $1,550,000 List Date: 6/26/2023 Last Modified: 12/21/2024

Overview

Description

20 interior unit inspections occurred on 7.1.2023 Confirmed by contractor that 18 studios can be converted to 1 bedrooms and 2 units can be converted to 2 bedrooms. Approval needed by City of Tucson Section 8. Projected NOI is based on one bedroom renting for 950/month and 2 bedroom renting for 1100/month

Listing Details MLS# 22305621

Address Information

Street #
3052
Direction
N
Street Name
Alvernon
Suffix
Way
State/Province
AZ
Zip Code
85712
County
Pima
Country
USA

Location, Tax & Legal

Tax Code
110-06-027A
Area
Central

General Property Information

Property Sub-Type
Apartment
Construction Status
Existing
# Units
20
Total Parking
20
Multi-Tenant
Yes
Year Built
1979
Lot Dimensions
106 x 238
Lot Acres
0.2
Lot Sqft
25228
Lot Size Source
Assessor
Combined SqFt
8800
Source of SqFt
Assessor
List Price/SqFt
221.59
Lot Size Price/SqFt
77.3

Property Features

Property Features: Smoke Detector Construction: Frame - Stucco Roof: Built-Up; Tile Fenced Storage: No Main Cooling: Ceiling Fan(s); Window Unit(s) Main Heating: Baseboard; Wall Furnace Water Heater: Electric Gas: None Sewer: Connected Water: Public Fence: Chain Link; Shared Fence; Stucco Finish Landscape - Front: Desert Plantings; Grass; Low Care; Shrubs Landscape - Rear: Low Care Road Type: Paved Parking: Paved Parking Lot Features: North/South Exposure Business Location: Free Standing Bldg Traffic Count: Unknown Terms: Cash; Conventional; Submit Possession: Recording Submit With Offer: Lender Pre-Approval; Loan Status; Proof of Funds Property Disclosures: Lead Based Paint; Seller Prop Disclosure Special Conditions: None

Contract Information

Short Sale
No

Status Change Info

Off Market Date
2023-07-14
Pending Date
2023-10-20
Sold Date
2023-10-20
Sold Price/SqFt
176.14
Lot Sz Sold Prc/SqFt
61.44
Financing
Cash Owner Carryback

More Information

Showing Information

Directions
Alvernon & Grant N to 3052

Income

Gross Scheduled Rent
231600
Adjusted Gross
216700

Analysis

Cap Rate %
6.87
Gross Rent Multi
8.08

Expenses

Captial Expenses
1500
Figures Presented
Proforma
Gas/Electric
5930.61
Maintenance Supplies
17465
Management
9994.89
Taxes/Assessments
8257
Water/Sewer
10584

Unit Information

Apartment
Low Rise

Apartment Unit Information

# of Units/1 BR
18
Avg Mo Rent/1 BR
950
# of Units/2 BR
2
Avg Mo Rent/2 BR
1100

Space Information

Ceiling Height
8ft
Door Width
3ft

Electric

Electric Company
TEP
IDX
Listing Office: Pinnacle Realty and Investment Advisors LLC
Last Updated: December - 21 - 2024
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