32nd St Apartments 419-423 E 32nd St 12 Unit Apartment Building $1,050,000 ($87,500/Unit) 7% Cap Rate Tucson, AZ 85713

32nd St. Apartments is a value-add investment opportunity consisting of 12 apartment units with strong historical financials and in-place management. The property has recently undergone capital improvements and is ideally located in a growing area within a one-mile radius of the VA Hospital, with convenient access to Tucson Airport and Tucson Marketplace.
The unit mix includes (1) studio, (10) 1BD/1BA units, and (1) 2BD/1BA unit, offering a diverse layout appealing to a broad tenant base. In its current condition, 32nd St. Apartments provides a solid foundation with several recent upgrades already completed. Interior improvements include energy-efficient mini-split A/C systems in select units, consistent tile and vinyl flooring throughout, modern paint finishes, and security doors, creating comfortable and inviting living spaces. Exterior enhancements include updated stucco and paint, along with dual-pane windows in select units.
 
The property presents an ideal value-add opportunity for investors seeking long-term growth through continued renovations and strategic market rent adjustments. Each unit is individually metered for electric and gas, allowing for efficient utility cost management and enhanced profitability. Ownership currently covers water, sewer, and trash expenses. While a RUBS program is not currently in place, implementing a utility bill-back system would allow for cost recovery and improved net operating income with minimal investment.
An on-site laundry facility provides added convenience for tenants, while the large lot offers ample parking and additional outdoor space. The property features attractive, low-maintenance landscaping with mature shade trees, gravel, and desert plants. Well-maintained walkways and shrubbery enhance the overall curb appeal and create an enjoyable environment for residents.
Ideally located just off 6th Avenue, 32nd St. Apartments offers easy access to nearby entertainment, dining, and recreational options, many within walking distance. Local attractions include Tumamoc Hill, Kino Sports Complex, and Tucson Marketplace, providing residents with a variety of cultural and recreational experiences. With quick access to I-10 and I-19, commuting throughout the Tucson metro area is convenient and efficient.