Multifamily

Midtown on 2nd

3601 E 2nd St, Tucson, AZ 85716

Listing Price: $3,050,000

Cap Rate
4.46%
Number of Units
42
Price/Unit
$72,619
Price/Gross SF
$170.60
Gross SF
17,878

Investment Overview

Mid-Century Modern Revival Accented by Midtown Accessibility and Well-Appointed Apartments Centrally located in Midtown Tucson’s historic Miramonte Neighborhood, Midtown on 2nd provides immediate access to three award-winning medical centers, extensive neighborhood & brand name retail, and the numerous recreational opportunities that pervade the area. Midtown on 2nd, completed in 1962, is a 42-unit multifamily community featuring block construction with a mix of studio and one-bedroom apartments. Apartment Interiors include well-equipped kitchens, french-door entry, and walk-in closets. Select units feature dishwashers. Upstairs units are accented by hardwood, vaulted ceilings. Ownership has undergone a programmatic renovation of interiors to include vinyl wood-style flooring, refinished cabinets, and resurfaced laminate countertops. Furthermore, five units were outfitted at a “platinum” level finish to include new stainless-steel appliances, designer hardware and lighting fixtures, and a glass backsplash in the kitchen. At a weighted average cost of $1,850 to bring the remaining 37 units to the platinum level yielding a $100 per month rental premium. Community amenities include a sparkling pool and pool-deck lounge, on-site laundry, water-softening service, dog park, and photovoltaic solar panels. Large capital improvement projects since ownership include new striped parking lot, air conditioner replacement, gas line replacement, and exterior paint effectively minimizing future capital cost exposure for a new owner.

Investment Highlights

  • 87% of Units in Renovated or Classic Condition with Opportunity To Bring to Platinum Scope: Wtd Avg Cost of $1,850 Yielding $100/month Rental Premium Currently
  • Walking Distance to Whole Foods. Biking Distance to University of Arizona and Banner University Medical Center
  • Asset Preservation Items Completed Minimizing Future Capital Cost Exposure of New Owner
  • Photovoltaic Solar Installed

Exclusively Listed By

Financing By

Listing Price: $3,050,000

Cap Rate
4.46%
Number of Units
42
Price/Unit
$72,619
Price/Gross SF
$170.60
Gross SF
17,878

Investment Highlights

  • 87% of Units in Renovated or Classic Condition with Opportunity To Bring to Platinum Scope: Wtd Avg Cost of $1,850 Yielding $100/month Rental Premium Currently
  • Walking Distance to Whole Foods. Biking Distance to University of Arizona and Banner University Medical Center
  • Asset Preservation Items Completed Minimizing Future Capital Cost Exposure of New Owner
  • Photovoltaic Solar Installed

Investment Overview

Mid-Century Modern Revival Accented by Midtown Accessibility and Well-Appointed Apartments Centrally located in Midtown Tucson’s historic Miramonte Neighborhood, Midtown on 2nd provides immediate access to three award-winning medical centers, extensive neighborhood & brand name retail, and the numerous recreational opportunities that pervade the area. Midtown on 2nd, completed in 1962, is a 42-unit multifamily community featuring block construction with a mix of studio and one-bedroom apartments. Apartment Interiors include well-equipped kitchens, french-door entry, and walk-in closets. Select units feature dishwashers. Upstairs units are accented by hardwood, vaulted ceilings. Ownership has undergone a programmatic renovation of interiors to include vinyl wood-style flooring, refinished cabinets, and resurfaced laminate countertops. Furthermore, five units were outfitted at a “platinum” level finish to include new stainless-steel appliances, designer hardware and lighting fixtures, and a glass backsplash in the kitchen. At a weighted average cost of $1,850 to bring the remaining 37 units to the platinum level yielding a $100 per month rental premium. Community amenities include a sparkling pool and pool-deck lounge, on-site laundry, water-softening service, dog park, and photovoltaic solar panels. Large capital improvement projects since ownership include new striped parking lot, air conditioner replacement, gas line replacement, and exterior paint effectively minimizing future capital cost exposure for a new owner.

Exclusively Listed By

Financing By

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