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Sonoran Palm Student Housing 1002 E Lester St 5 Unit Apartment Building $1,000,000 ($200,000/Unit) 6.95% Cap Rate Tucson, AZ 85719
Investment Highlights
- Prime location – Near UofA & Downtown
- Gorgeously renovated units
- Stainless steel appliances
- Turn-key student housing
- Courtyard w/ Astro turf & BBQ area
- In-unit laundry units
Executive Summary
Perfectly located near the University of Arizona and Downtown Tucson, Sonoran Palms presents an excellent turnkey opportunity with long-term rent growth potential in a tightening student housing market.
Sonoran Palms consists of five well-designed, fully renovated units, featuring a desirable unit mix of (4) 2BD/1BA units and (1) 3BD/1BA unit. The property has been upgraded with modern finishes throughout, making it highly attractive for off-campus living. Renovations include fully equipped kitchens with stainless steel appliances, new cabinetry, granite countertops, and dishwashers in each unit. Each unit is individually metered for gas and electricity, while water, sewer, and trash are currently paid by ownership, offering new ownership the opportunity to implement a RUBS program to recapture a portion of these expenses.
Additionally, the property features amenities such as stackable in-unit washers and dryers, providing a valuable amenity for residents. Interiors feature ceramic, wood-style flooring throughout, and each unit is equipped with either central air conditioning or individual cooling systems, ensuring comfort and supporting tenant retention. The exterior features a well-maintained masonry building with clean, meticulously maintained landscaping, including a central courtyard with AstroTurf, mature shrubbery, and large palm trees. Also, offers secure bike racks and ample on-site parking for residents
Conveniently situated for students and young professionals, the location offers a strong and durable tenant base. Proximity to the University of Arizona and Banner university—Tucson’s largest employer—combined with easy access to Downtown Tucson provides residents with walkable access to dining, entertainment, and cultural attractions. This high-demand corridor continues to support consistent occupancy and positions the asset as a compelling long-term investment in the Tucson student housing market.
Sonoran Palms consists of five well-designed, fully renovated units, featuring a desirable unit mix of (4) 2BD/1BA units and (1) 3BD/1BA unit. The property has been upgraded with modern finishes throughout, making it highly attractive for off-campus living. Renovations include fully equipped kitchens with stainless steel appliances, new cabinetry, granite countertops, and dishwashers in each unit. Each unit is individually metered for gas and electricity, while water, sewer, and trash are currently paid by ownership, offering new ownership the opportunity to implement a RUBS program to recapture a portion of these expenses.
Additionally, the property features amenities such as stackable in-unit washers and dryers, providing a valuable amenity for residents. Interiors feature ceramic, wood-style flooring throughout, and each unit is equipped with either central air conditioning or individual cooling systems, ensuring comfort and supporting tenant retention. The exterior features a well-maintained masonry building with clean, meticulously maintained landscaping, including a central courtyard with AstroTurf, mature shrubbery, and large palm trees. Also, offers secure bike racks and ample on-site parking for residents
Conveniently situated for students and young professionals, the location offers a strong and durable tenant base. Proximity to the University of Arizona and Banner university—Tucson’s largest employer—combined with easy access to Downtown Tucson provides residents with walkable access to dining, entertainment, and cultural attractions. This high-demand corridor continues to support consistent occupancy and positions the asset as a compelling long-term investment in the Tucson student housing market.
Property Facts
| Price | $1,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Cap Rate | 6.95% | Building Size | 4,800 SF |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Zoning | R-2 | ||
| Price | $1,000,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 6.95% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 4,800 SF |
| No. Stories | 1 |
| Year Built | 1967 |
| Parking Ratio | 1.67/1,000 SF |
| Zoning | R-2 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Ceiling Fans
- Tile Floors
- Oven
- Wi-Fi
- Pantry
Site Amenities
- Courtyard
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 900 |
| 3+1 | 1 | - | 1,200 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 123-11-021A | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $35,917 |
Property Taxes
Parcel Number
123-11-021A
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$35,917
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Sonoran Palm Student Housing | 1002 E Lester St
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