241-243 W Roger Rd
Tucson, AZ 85705
Multifamily Property For Sale · 5 Units

On Roger between Oracle and Stone Oracle is major artery in Tucson, goes from south side to oro valley and Catalina. City has built beautiful new roads that almost seem as they are put there to make it easy for people in this area to get around. New roads go to la cholla, which goes to Northwest hospital and medical complex. Tucson mall is ¼ mile away. Mall is gateway to river biking trail system. Every store you could possibly want. Every desirable store and restaurant is close. Trader Joes, In and Out burger, all the yuppie favorites, and dozens of restaurants of all kinds within walking distance All of this land has been recently gentrified; no old places left. Super Target across the street. Lowes and Home Depot both less than a block away. No need to drive anywhere. (There are six major bus routes within a block and a major transit center 3 blocks away). Stone is major street to downtown. Very easy access either by transit, car or bike. Because of its great location, this would be excellent to convert to a bed and breakfast, botique hotel, or airbnb rental. With airbnb, you could more than double the revenue per unit and probably bump up the cap rate to around 10%. All single story units. Everything I have done recently has been made ADA compliant; the entire property could be used as a elder care facility. The entire property is fenced, block walls in the front (toward Roger) and chain link in the back. This is priced at a 6.1% pro forma cap rate, very good for a property of this high quality. However, the pro forma backs out the excess land (enough to build 10 units), adjusts rents to market conditions, and includes the rent on the shop and storage container which are currently not rented out. Actual cap rate with current (below market) rents, no adjustment for excess land value (values excess land at $0), and leaving shop and storage facility for use by owner, you still get 5.3%, a very respectable cap rate. You won’t find a property of this quality with such a great location anywhere for with this return.