Monaco Condos 1620 N Wilmot Rd 10 Unit Apartment Building $850,000 ($85,000/Unit) 6.93% Cap Rate Tucson, AZ 85712

Monaco Condos presents a unit value-add opportunity with strong long-term rent growth potential. Located in Northeast Tucson, just minutes from major shopping centers and within five miles of Tucson Medical Center, the property is well-positioned to capture consistent tenant demand.
The property consists of a desirable unit mix of 10 units: (4) 1BD/1BAs, (2) 2BD/1.5BAs, (2) 2BD/2BAs, and (2) townhomes. The interiors are spacious and well-maintained, featuring tile and wood vinyl flooring throughout. Tenants enjoy dishwashers and modern finishes in the kitchens, while bathrooms offer shower/tub combos and a continuation of upgraded finishes. However, significant upside exists through renovations such as new countertops, modern flooring, and fresh paint. These improvements would not only align the property with current market trends but also enhance tenant satisfaction and retention.
From an operational perspective, a new investor has the flexibility to purchase Monaco Condos as a portfolio with the option to sell off units individually—an appealing strategy for many investors. Each unit is individually metered, allowing utility costs to be passed through to residents and improving expense control for ownership, while water, sewer, and trash are covered by the HOA fees. Additionally, the community offers strong tenant-facing amenities that support resident satisfaction and enhance overall property value.
With below-market rents, consistently strong occupancy, and clear value-add potential through interior upgrades and proactive leasing strategies, Monaco Condos represents an exceptional investment opportunity in one of Tucson’s most stable rental markets. Its prime location—just minutes from major shopping centers and within five miles of TMC Medical Center—positions it to capture steady tenant demand from both students and working professionals, while also benefiting from strong long-term rent growth.