Romero Apartments 3502 - 3542 Romero Rd 16 Unit Apartment Building $1,300,000 ($81,250/Unit) 7.08% Cap Rate Tucson, AZ 85705

Romero Apartments is a 16-unit multifamily community located in Tucson’s North Central submarket, offering a compelling value-add opportunity enhanced by attractive seller financing for investors seeking long-term rent growth and operational upside. The asset spans four separate parcels, with each fourplex individually parceled—providing flexibility for future exit strategies.
The property features a well-balanced unit mix of (8) 1BD/1BAs and (8) 2BD/1BAs, catering to a broad tenant base and rental approach. Interior finishes vary, with select units receiving modest upgrades such as vinyl flooring and fresh paint, while the remaining units maintain classic finishes including older tile, cabinetry, and bathroom vanities. All units are equipped with security doors and ceiling fans. Currently rents are significantly below market, presenting a clear opportunity for investors to implement a strategic renovation program and achieve meaningful rental increases. Additional unit-level amenities include private backyards& in-unit washer and dryer hookups for each unit.
The property is individually metered for electricity and gas, with ownership currently responsible for water, sewer, and trash. This structure provides an opportunity to implement a Ratio Utility Billing System (RUBS), allowing future ownership to recapture utility expenses and improve overall operating efficiency and net cash flow. The functional layout supports both interior and exterior upgrades, enabling investors to enhance curb appeal, elevate the tenant experience, and further increase revenue potential.
A key highlight of this opportunity is the availability of seller financing, which offers increased flexibility, reduced upfront capital requirements, and the ability to execute renovations and stabilize the asset without the constraints of traditional lending.
Strategically located near I10, major transportation corridors, and key employment centers, Romero Apartments benefits from consistent tenant demand and strong rental fundamentals. Through targeted capital improvements and active asset management, investors can significantly increase rental income and grow the properties NOI.