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Coronado Heights 3035-3053 N Los Altos Ave 10 Unit Apartment Building $1,175,000 ($117,500/Unit) 7.50% Cap Rate Tucson, AZ 85705
INVESTMENT HIGHLIGHTS
- Turn-key Opportunity w/ slightly below market rents
- Private-backyards
- Storage room & structure, could be converted to additional unit
- Recently renovated units
- Mini-splits AC units
- Historically high occupancy
EXECUTIVE SUMMARY
Coronado Heights offers an opportunity for investors seeking a well-located multifamily asset with value-add potential. Located in North central Tucson, this 10-unit property offers a strategic mix of classic & fully renovated units, providing immediate income and significant value-add opportunities.
Featuring a well-balanced unit mix of (9) 2BD/1BA units and (1 )spacious 3BD/1.5BA, Coronado Heights has already seen recent renovations for some units, including new mini-split AC units, modern vinyl flooring, interior upgrades and modern finishes throughout. These improvements allow for immediate rent premiums and present an exciting opportunity for further enhancements by increasing rents.
Beyond its modern interiors, Coronado Heights has a well-maintained community landscape with maintained walkways and large shade trees. Each unit features private backyards, enhancing the overall living environment for residents and guests over. Some units have washer/dryer hookups in their backyards.
New ownership can unlock Coronado Heights' full potential by completing renovations on all units. This approach not only elevates the living experience but also justifies rent increases. Additionally, converting on-site storage into a studio unit offers an opportunity for additional rental income and increased NOI. Increasing the RUBS program further streamlines management and reduces utility costs for investors.
Strategically located near Downtown Tucson, the University of Arizona, and Pima Community College, Coronado Heights caters to a diverse tenant base. Residents enjoy easy access to a vibrant retail scene, offering a variety of shopping, dining, and entertainment options. The proximity to growing businesses also provides convenient employment opportunities, enhancing the community's appeal. Making Coronado heights is the perfect location for tenants who are entering the work-force or continuing education.
Featuring a well-balanced unit mix of (9) 2BD/1BA units and (1 )spacious 3BD/1.5BA, Coronado Heights has already seen recent renovations for some units, including new mini-split AC units, modern vinyl flooring, interior upgrades and modern finishes throughout. These improvements allow for immediate rent premiums and present an exciting opportunity for further enhancements by increasing rents.
Beyond its modern interiors, Coronado Heights has a well-maintained community landscape with maintained walkways and large shade trees. Each unit features private backyards, enhancing the overall living environment for residents and guests over. Some units have washer/dryer hookups in their backyards.
New ownership can unlock Coronado Heights' full potential by completing renovations on all units. This approach not only elevates the living experience but also justifies rent increases. Additionally, converting on-site storage into a studio unit offers an opportunity for additional rental income and increased NOI. Increasing the RUBS program further streamlines management and reduces utility costs for investors.
Strategically located near Downtown Tucson, the University of Arizona, and Pima Community College, Coronado Heights caters to a diverse tenant base. Residents enjoy easy access to a vibrant retail scene, offering a variety of shopping, dining, and entertainment options. The proximity to growing businesses also provides convenient employment opportunities, enhancing the community's appeal. Making Coronado heights is the perfect location for tenants who are entering the work-force or continuing education.
PROPERTY FACTS
| Price | $1,175,000 | Building Class | C |
| Price Per Unit | $117,500 | Lot Size | 0.83 AC |
| Sale Type | Investment | Building Size | 6,270 SF |
| Cap Rate | 7.50% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1948/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.55/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-2 | ||
| Price | $1,175,000 |
| Price Per Unit | $117,500 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.83 AC |
| Building Size | 6,270 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1948/2024 |
| Parking Ratio | 2.55/1,000 SF |
| Zoning | R-2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Washer/Dryer Hookup
- Stainless Steel Appliances
- Large Bedrooms
SITE AMENITIES
- Laundry Facilities
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 9 | - | 620 |
| 3+1.5 | 1 | - | 720 |
1 1
Walk Score®
Very Walkable (77)
Bike Score®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 107-11-2760 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $44,605 |
PROPERTY TAXES
Parcel Number
107-11-2760
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$44,605
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Coronado Heights | 3035-3053 N Los Altos Ave
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