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- LoopNet Team
3601 E 2nd St
Tucson, AZ 85716
Midtown on 2nd Apartments · Multifamily Property For Sale
·
42 Units
INVESTMENT HIGHLIGHTS
- 37 units available for upgrade not realizing platinum level scope and corresponding rent premiums.
- Future cost exposure minimized through major capital expenditures conducted by current ownership.
- 12 minutes from University of Arizona, walking distance to Whole Foods.
PROPERTY FACTS
| No. Units | 42 | Building Size | 42,000 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1962 |
| Building Class | C | Parking Ratio | 2.28/1,000 SF |
| Lot Size | 0.85 AC | ||
| Zoning | R-3 | ||
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 42,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 2.28/1,000 SF |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Recycling
- Wi-Fi
- Community-Wide WiFi
- Maintenance on site
- Online Services
ABOUT 3601 E 2ND ST , TUCSON, AZ 85716
Centrally located in Midtown Tucson's historic Miramonte Neighborhood, Midtown on 2nd provides immediate access to three award-winning medical centers, extensive neighborhood & brand name retail and numerous recreational opportunities that pervade the area. Midtown on 2nd, completed in 1962, is a 42 unit multifamily community featuring block construction with a mix of studio and one-bedroom apartments. Apartment interiors include well-equipped kitchens,french-door entry, and walk-in closets. Select units feature dishwashers. Upstairs units are accented by hardwood, vaulted ceilings. Ownership has undergone a programmatic renovation of interiors to include vinyl wood-style flooring refinished cabinets, and resurfaced laminate counter-tops. Furthermore, five units were outfitted at a "platinum" level finish to include new stainless-steel appliances, designer hardware and lighting fixtures and a glass backsplash in the kitchen.At a weighted average cost of $1,850 to bring the remaining 37 units to platinum level yielding a $100 per month rental premium. Community amenities include a sparkling pool and pool-deck lounge, on-site laundry, water-softening service, dog park, and photovoltaic solar panels. Large capital improvement projects since ownership include new striped parking lot, air conditioner replacement, gas line replacement, and exterior paint effectively minimizing future capital cost exposure for a new owner.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 22 | $592.00 | 320 |
| 1+1 | 20 | $712.00 | 640 |
PROPERTY TAXES
| Parcel Number | 125-11-0850 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $133,326 |
PROPERTY TAXES
