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Listed by Real Broker • Marc E Luety II
$ 900,000
Est. payment /mo
New
1435 E Benson Hwy Tucson, AZ 85714
4,651 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 4,651 sqft
Price per Sqft $193
MLS Listing ID 22622120
Year Built 1948
Annual Tax Amount $3,500
Tax Year 2025
Lot Size 1.081 Acres
Acres 1.08
Lot Dimensions irregular
Source MLS of Southern Arizona
Property Description
This Class C value-add multifamily property is located in South Tucson / Ward 5, immediately south of downtown Tucson near the I-10/I-19 interchange. The property consists of approximately 16 units in a 1-story, stucco/block construction built in 1947 on 1.09 acres of C-2 zoned land. The asset represents a well-positioned investment opportunity in an active trade corridor with solid in-place cash flow and clear value-add potential through utility expense reduction. FY2025 operations produced $140,051 in total income against $75,328 in operating expenses, generating $64,723 of net operating income with a 46.2% NOI margin. The property currently operates as an all-bills-paid community with owner-paid utilities totaling $33,846 annually (approximately 24% of gross income), presenting a straightforward opportunity for NOI growth through RUBS conversion or utility bill-back programs.
The subject property sits within a small, active corridor of 1940s-vintage Class C apartment trades along Benson Highway that have produced cap rates of 7.16%-9.10%, confirming investor demand for this product type. The location benefits from proximity to Banner-University Medical Center South and the Tucson VA Medical Center, both consistent generators of workforce rental demand. At an estimated $54,000-$58,000 per unit, the asset trades well below Tucson's average $133,503 per-unit multifamily pricing and far below new-construction replacement cost.
The subject property sits within a small, active corridor of 1940s-vintage Class C apartment trades along Benson Highway that have produced cap rates of 7.16%-9.10%, confirming investor demand for this product type. The location benefits from proximity to Banner-University Medical Center South and the Tucson VA Medical Center, both consistent generators of workforce rental demand. At an estimated $54,000-$58,000 per unit, the asset trades well below Tucson's average $133,503 per-unit multifamily pricing and far below new-construction replacement cost.
Location
State AZ
County Pima
Area South
Zoning Tucson - C2
Direction From Ajo, go southeast on Benson Hwy to property on Left
Exterior
View Y/N No
Others
Tax ID 132-16-0320
