Stone Casitas 2632 N Stone 8 Unit Apartment Building $925,000 ($115,625/Unit) 7.19% Cap Rate Tucson, AZ 85705

Stone Casitas is an attractive value-add collection of 9 casita rentals with excess land allowing investors to open opportunity on the property. The casitas consist of 7 1BD/1BAs and 2 large 2BD/2BA units.
Featuring a mix of upgraded and classic units, providing immediate income with additional upside through continued interior improvements. Select residences have been upgraded with newer finishes and light improvements. All units have received Air Conditioning upgrades aside from Unit 1, which is currently down and in need of improvements. The property has maintained historically high occupancy, reflecting strong tenant demand and resident satisfaction. Utilities are individually metered for electric and gas, while ownership is responsible for water, sewer, and trash services, creating opportunities for future operational efficiencies. The one unit that remains in need of renovation, offers investors the ability to further enhance the unit to increase cash flow and asset value.
Beyond the interiors, Stone Casita offers a unique collection of standalone casita-style units that provide residents with added privacy and a single-family home feel. Each unit features a private backyard, enhancing tenant appeal and creating a desirable living environment. The property is supported by well-maintained grounds, and ample on-site parking for residents and guests. Additionally, the site includes excess land that may provide an opportunity for future unit expansion, offering investors a rare avenue for both operational and physical value creation.
Positioned just off Stone, Stone Casitas presents an attractive option for affordable housing, given its proximity to the University of Arizona & Downtown Tucson. Residents will enjoy easy access to entertainment options, with nearby attractions including Tumamoc Hill, the Kino Sports Complex, the Tucson Botanical Gardens, and downtown, offering a plethora of recreational and cultural activities. Effortless commuting is ensured with convenient access to I-10. The unparalleled potential of Stone Casitas—a distinctive investment opportunity where charm meets modernity, creating a haven for both residents and savvy investors alike.