This Multifamily Property is Off-Market.

2840 N. Park Avenue
Tucson, AZ 85719 ·

26 Units · Multifamily For Sale

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Odyssey Apartments

Price N/A Property Use Type Investment
No. Units 26 Cap Rate 6.65%
Building Size 14,197 SF Gross Rent Multiplier 9.83
Property Type Multifamily Year Built 1976
Property Sub-type Garden/Low-Rise Lot Size 1.84 AC
Listing ID: 15374949 Date Created: 10/05/2007 Last Updated: 02/06/2008

Description

Built in 1976 and 1983, the Odyssey Apartments consist of 26 spacious one-bedroom units in 7 single-story buildings totaling approximately 14,197 rentable square feet on 1.84 acres, more or less. The propertys location provides convenient access to Tucson bus lines, employment, schools, parks and recreation. The property enjoys superb curb appeal and features attractive, low maintenance frame/stucco construction and desert landscaping. Each unit is approximately 540s.f. and equipped with screened evaporative cooling, built-in dressers, refrigerator, cable hookup, kitchen pantry and rare secluded private courtyard patio. Some of the propertys former tenants have left the area to pursue other opportunities and returned to the Odyssey apartments as repeat residents. Nearly one-half of the current tenants have resided at the property for more than five years. Historically, the Odyssey Apartments has been home to quiet singles and couples, nurses, social workers, cooks, chefs, retirees & graduate students.

A variety of retail outlets are within walking distance to the east of the property near the intersection of Glenn Street and Campbell Avenue. An Albertsons grocery store is located within walking distance of the property. Nearby retailers and employers include Ace Hardware, Casa Molina, Sauce, Beyond Bread, Pastiche, Chicago Pizza, Rubios and an array of other popular businesses.The subject property is located within biking distance of the University of Arizona that serves as a focal point of the community, offering a full calendar of performances and events, from collegiate sports to world-class performing arts. The University of Arizona is the largest employer in the greater Tucson area, with approximately 14,000 jobs and a payroll in the range of $560 million.

Highlights

  • High Occupancy Midtown Income Property
  • Excellent Location
  • Low Unit Density (14 Units Per Acre)
  • Easy Access to Shopping & Employment
  • Strong Rental History

Research

2840 N. Park Avenue, Tucson, AZ 85719 (Pima County)

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