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Multifamily

Cherry Park Studios

222 S Cherry Ave, Tucson, AZ 85719

Listing Price: $2,920,000

Cap Rate
6.90%
Number of Units
17
GRM
9.15
Price/Unit
$171,765
Price/Gross SF
$182.02
Gross SF
16,042

Investment Overview

Positioned less than one-mile south of The University of Arizona (UArizona), Cherry Park Studios (the “Property”), a 17-unit multifamily asset, offers investors a fully redeveloped asset with operational upside. Formerly a Red Cross building in the Historic San Antonio Neighborhood, 222 South Cherry Avenue was redesigned and meticulously built out in 2013. The finished product was a transformation into two- and three-bedroom industrial flats (one studio), consisting of 42 bedrooms and 38 bathrooms, with luxury finishes throughout, including washers and dryers in every unit. Proximity to UArizona inherently positions the Property for student operations; however, the property is not currently furnished and leases are by-the-unit and not by-the-bed. Below-market rents and no implementation of a RUBS program, further enhance the potential value of Cherry Park Studios. The Property’s proximity to 4th Avenue, Downtown, The Mercado District, and multiple transportation corridors provide additional appeal to renters and investors alike.

Investment Highlights

  • Cherry Park Studios, a 17-unit (42-Bed) boutique community located less than one-mile from UArizona
  • Proximity to UArizona, 4th Avenue, Downtown, The Mercado District, and multiple transportation corridors provide additional appeal to renters and investors alike.
  • ±129,000 employees and ±5,100 businesses surround Cherry Park Studios within a 5-mile radius.

Exclusively Listed By

Multifamily

Cherry Park Studios

Listing Price: $2,920,000

Cap Rate
6.90%
Number of Units
17
GRM
9.15
Price/Unit
$171,765
Price/Gross SF
$182.02
Gross SF
16,042

Investment Highlights

  • Cherry Park Studios, a 17-unit (42-Bed) boutique community located less than one-mile from UArizona
  • Proximity to UArizona, 4th Avenue, Downtown, The Mercado District, and multiple transportation corridors provide additional appeal to renters and investors alike.
  • ±129,000 employees and ±5,100 businesses surround Cherry Park Studios within a 5-mile radius.

Investment Overview

Positioned less than one-mile south of The University of Arizona (UArizona), Cherry Park Studios (the “Property”), a 17-unit multifamily asset, offers investors a fully redeveloped asset with operational upside. Formerly a Red Cross building in the Historic San Antonio Neighborhood, 222 South Cherry Avenue was redesigned and meticulously built out in 2013. The finished product was a transformation into two- and three-bedroom industrial flats (one studio), consisting of 42 bedrooms and 38 bathrooms, with luxury finishes throughout, including washers and dryers in every unit. Proximity to UArizona inherently positions the Property for student operations; however, the property is not currently furnished and leases are by-the-unit and not by-the-bed. Below-market rents and no implementation of a RUBS program, further enhance the potential value of Cherry Park Studios. The Property’s proximity to 4th Avenue, Downtown, The Mercado District, and multiple transportation corridors provide additional appeal to renters and investors alike.

Exclusively Listed By

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