1501 S Woodland St
Tucson, AZ 85711
Aspen Grove · Multifamily Property For Sale · 28 Units

Aspen Grove Apartments is located near S. Craycroft Rd. and E. 22nd St., offering an exceptional value-add opportunity with strong potential for long-term rent growth. The property consists of 28 units - (8) Studios, (12) 1BD/1BAs, and (8) 2BD/1BA units. Situated in East Central Tucson, the property is surrounded by major employment and retail drivers, including Davis-Monthan Air Force Base, and is within close proximity to multiple shopping centers.
The asset presents clear value-add potential through strategic interior and exterior renovations, along with rental increases. The complex features 28 open-layout units. Several units have undergone upgrades, including modern finishes in the kitchens and bathrooms, fresh interior paint, and updated flooring. Non-renovated units maintain a more classic style with a mix of carpet, tile, and older vinyl flooring. Currently, tenants pay electric and gas directly, while ownership covers water, sewer, and trash expenses. New ownership has the opportunity to implement a RUBS program, allowing utility costs to be shifted back to tenants based on usage.
Aspen Grove’s gated and secure community offers several shared amenities, including a well-maintained swimming pool, BBQ area, on-site laundry facilities, ample parking, and a spacious sunlit courtyard with mature shade trees. Some units also include private backyards, enhancing resident appeal.
Located in East Central Tucson, Aspen Grove Apartments benefits from a highly desirable position near key retail and employment centers, including Davis-Monthan Air Force Base, Park Place Mall, and Costco. The property attracts a strong working-class demographic seeking convenient access to shopping, dining, entertainment, and employment opportunities. This vibrant retail and military presence enhances residents’ quality of life while supporting consistent rental demand in the area.