1307-1311 E 9th St 5 Unit Apartment Building $669,000 ($133,800/Unit) Tucson, AZ 85719

University Studios is comprised of two buildings surrounding a private courtyard with five studio apartments. Unique midcentury architecture with wall to wall windows in each unit. Amenities include off street parking, individual heating and cooling, large studio floor plans, ceramic tile flooring, gas appliances and a private outdoor common area at the rear of the property with bike racks. Recent capital improvements have been completed to include, complete re-piping of all water lines with PEX pipe, large capacity gas hot water heaters, mini-split heating & cooling units in all apartments, exterior paint, Interior window treatments, ceramic tile flooring (three units) and various electric and plumbing upgrades. The property is currently under performing with below market rents with all tenants on a month to month lease. Rent increases can be easily obtained without any addition upgrades to the units. Addition rent increases can be obtain with upgrades to the interior of the units. Market rental rates in the immediate area for upgraded studio apartments is in the $900 to $950 range. This offering represents a tremendous opportunity to acquire a small apartment complex with many recent capital improvements in the stable and appreciating real estate market surrounding the University of Arizona.