1218 E Blacklidge Dr
Tucson, AZ 85719
Blacklidge Apartments · Multifamily Property For Sale · 39 Units

New Construction nearly completed and geared for Student Housing though not exclusively. This is 13 x 3-bed/2.5-bath two story condo units in Central Tucson whereby there are 2 north south oriented parallel rows of shared wall individual brand new rental homes facing in towards each other. These homes have great mountain views from many of the upper floor windows and two garage parking spaces per home. The total property is one parcel and includes one row (to the west) with 7 of the homes adjoined together plus another row (the east) with six homes but that has extra off street parking in between two of these units. Each unit is 1,408 SF (541 SF 1st Floor & 867 SF 2nd Floor) with a 96 SF Patio, 20 SF Entry and a 387 SF 2-Car Garage - Totaling 1,911 SF. 1st story is 13'4" to ceiling height and the 2nd story tops out at 19'1". The configuration is three bedrooms and two full bath's upstairs while there is a guest bathroom with the other living areas downstairs. These new homes have very luxurious high end finishes including beautiful granite kitchen counters along with all the other amenities that the rental market demands including private yards, garage parking, technology with hi speed wifi readiness features. New stainless washer/dryer/refrigerators are included by the seller with purchase. Offered at $3.2M, the property will according to more than one professional property manager here be able to receive rents of at least $750/month per room average, such that each 3/2.5 home will receive $2,250/month total. These homes can also rent individually to families or others separately for about $2000+/each presently. Though no advertising has even been done yet the owner has been approached with a recent request to rent out three of the homes immediately when finished for $2,000 each to three separate families. The rents for the three individual rooms with groups of students are projected as being $700 for the bedroom with no garage space included, $750 for one with garage space included and $800 for the master bath suite with a garage space included, unit. These rents are considered well below market rate. The rental comp's which can be provided you upon request, include that for five similar campus area student housing properties which are also individually rented out per bedroom, though that are already furnished and that don't include individual unit enclosed garage parking which these rental homes have, that are currently all at least $1100-$1400/month.+. This property is targeted to serving a highly in demand, under served if at all local sub market of $800/month or less, unfurnished U of A student off campus rental housing, although it doesn't have to be used exclusively that way. The homes are all on one parcel but could after a process become individually owned or separated legally while with a current market value of approximately $270,000 each according to local Realtors. Expenses are expected to be very low for the first 10 years of the property's life. Turnover maintenance is estimated at 2.5% of gross income, a full service property management firm is waiting in place at an estimated at 7.5% of gross income, taxes are estimated at $20,000 and insurance is estimated $8,775. Each unit is individually metered so the owner pays none of the utilities which is why no utilities are included in the projected expenses.