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Rillito Village
3700 N. 1st Ave, Tucson, AZ 85719
$9,500,000
272
141,392 SF
$34,926.47
Multifamily
Garden/Low-Rise
Investment
7.14%
5.75
2
1985
7.79 AC
113-03-0760 & 077A
-
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Last Verified 11/9/2009
Listing ID 15056863
Highlights
Priced at Less than $37,000 per Unit- Good Infill Location in North Central Tucson
- Great Frontage on Heavily Traveled Arterial
- Value-Add Opportunity
- Well Maintained Property Built in 1985
- Potential Tax Credit Opportunity
Description
FULL MARKETING BROCHURE AVAILABLE. PLEASE CONTACT THE LISTING AGENT.
Potential tax credit opportunity since the current owner has owned this property since 1998.
Neil Sherman of Sperry Van Ness has been retained as the exclusive listing agent in the sale of Rillito Village Apartments, 272 multi-family units located in the city of Tucson, Arizona. Rillito Village was built in 1985 and consists of thirty-four (34) two-story, garden-style apartment buildings along with a stand-alone rental office and clubhouse. The property offers prospective residents three separate floor plans, 64 studio units, 136 one-bedroom, one-bathroom units, and 72 two-bedroom, one-bathroom units, totaling approximately 141,392 net rentable square feet. Rillito Village was built using frame and stucco construction with a combination of flat and pitched, tile roofs. The property is individually metered for electricity, with tenants responsible for their own service.
**Please note: During a recent property inspection, it was discovered that the property has problem with the polybutylene plumbing. Please contact the listing agent with specific questions or for copies of replumbing estimate
Rillito Village is located in the city of Tucson, Arizona near the cross streets of First Avenue and Prince Road. The property lies approximately three miles east of the I-10 Freeway, and is only a few miles north of both Downtown Tucson and the University of Arizona. Rillito Village is situated in a working-class, high-demand rental neighborhood near the high growth foothills area of Northwest Tucson. Tucson Mall, Southern Arizona's largest shopping center and leading retail destination, is just northwest the property, offering more than 200 specialty shops and five department stores totaling over 1.3 million square feet of shopping. (http://www.tucsonmall.com).
Proforma
$1,637,292
$824,686
$812,606
| Description | No. Units | Avg. Mo. Rent | Sq. Ft. |
|---|
| Studio | 64 | $415 | 324 |
| 1BR/1BA | 136 | $495 | 506 |
| 2BR/1BA | 72 | $610 | 720 |
Map of 3700 N. 1st Ave, Tucson, AZ 85719 (Pima County)
Created 3/22/2007
Additional Information for 3700 N 1st Avenue, Tucson, AZ 85719
- Active For Sale - 1 Listing
- Active For Lease - 0 Listing
- Previously Listed - 0 Historic Listing
- Sales Comparables Available - 0 RecentSales Record
View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.