Eagle Ridge Apartments 2602 N Balboa Ave 8 Unit Apartment Building $725,000 ($90,625/Unit) 7.03% Cap Rate Tucson, AZ 85705

Eagle Ridge Apartments offers a prime value-add multifamily investment opportunity in Central Tucson. This 8-unit property features an appealing unit mix of (1) Studio, (6) 1BD/1BAs, and (1) spacious 3BD/2BA each with floorplans ideal for future renovations. The asset presents both physical and operational upside, making it an excellent fit for investors seeking to enhance cash flow and long-term returns.
Select units have received partial upgrades such as updated cabinets, flooring, paint, AC units, and fixtures. There is still significant potential to modernize kitchens, bathrooms, and finishes across all units to meet current market standards. The property’s strong foundation supports a partial renovation strategy that can drive rental growth and increase asset value. Community amenities include private backyards, ample on-site parking, and laundry facilities, all of which contribute to tenant satisfaction and retention. Enhancing curb appeal and upgrading common areas may offer additional opportunities to boost demand and overall property performance.
Operationally, Eagle Ridge Apartments provides further upside. Built in 1945/1948 with recent improvements, the property features individually metered electricity and gas, while water, sewer, and trash are master-metered. While currently, there is no RUBS program in place, and ownership covers all utilities except electric. Implementing a RUBS bill-back system would allow cost recovery and improve net operating income with minimal investment.
Strategically located near major employment hubs, educational institutions, and healthcare facilities, the property is just three miles from the University of Arizona and Banner University Medical Center. Its proximity to retail corridors along Oracle and Grant Roads, as well as public transportation and major arterial routes, ensures strong rental demand and long-term tenant stability.