2053 North Alvernon Road 2053 N Alvernon Rd 24 Unit Apartment Building $1,900,000 ($79,167/Unit) 7.01% Cap Rate Tucson, AZ 85712

Alvernon Apartments presents a 24-unit value-add investment opportunity, offering both operational upside and significant long-term potential. The property is well-positioned to capitalize on strong tenant demand while providing multiple avenues for increasing cash flow. Its masonry construction, lush desert landscaping, and central location features create a solid foundation for strategic enhancements and rent growth.
The unit mix consists of (24) 1BD/1BA units. All units have received upgrades with vinyl flooring, painted white cabinets, and redone finishes, allowing for the potential for further enhancement. All units feature mini-split ACs, ensuring year-round comfort for tenants. Upon further renovations Alvernon Apartments has more potential to be at market rents.
Alvernon Apartments provides key community amenities designed for both tenant convenience and operational efficiency. The on-site laundry facility offers a valuable service and additional income, while the RUBS program for water, sewer, and trash helps optimize expenses. Each unit is individually metered for electricity and gas, allowing tenants to manage their own utility costs while reducing ownership expenses. With rents currently below market, investors have a clear opportunity to increase revenue through rental rate adjustments and targeted renovations. The combination of operational efficiencies, untapped rental upside, and a strong location makes Alvernon Apartments an attractive investment for those looking to maximize returns.
Strategically located in central Tucson, Alvernon Apartments benefits from strong surrounding demand drivers. The property is minutes from the University of Arizona, Banner University Medical Center, and key retail corridors along Speedway and Alvernon. With convenient access to public transit and major thoroughfares, residents enjoy an easy commute to Tucson’s employment hubs, shopping, and outdoor recreation. This well-located offers an opportunity to acquire a property with strong fundamentals and ample room for growth. With strategic improvements, Alvernon Apartments is set to deliver exceptional returns and long-term appreciation in an increasingly competitive market.