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Las Palmas Extended Stay Suites 5251 S Julian Dr 175 Unit Apartment Building $12,075,000 ($69,000/Unit) 6.21% Cap Rate Tucson, AZ 85706
Executive Summary
PORTFOLIO TOURS THIS WEEK:
Phoenix, Thursday July 23
10:00 - 1501 Grand Avenue | 60 units
12:00 - 1780 W Missouri Avenue | 173 units
2:00 - 1711 W Bell Road | 150 units
Tucson, Friday July 24
10:00 - 4098-4141 E 29th Street | 200 units
11:30 - 314 E Benson Highway | 50 units
1:00 - 1025 E Benson Highway | 136 units
2:30 - 5251 S Julian Drive | 175 units
*5251 S Palo Verde Rd, aka 5251 S Julian Rd
Las Palmas Extended Stay Suites features a hybrid operating model, generating revenue from both extended-stay accommodations and traditional apartment rentals.
Las Palmas is an expansive, Value-add property, formerly a nationally branded hotel, and still has many of the bonus areas of a large hotel including multiple pools and jacuzzis, large lobby, multiple offices, and a non-operational restaurant area with significant food service appliances still in place. Also included is a large banquet hall / ballroom which is regularly leased for various celebrations and events. The property is currently in lease-up, at approximately 85% occupancy.
Las Palmas is ideally positioned in Tucson's Southside submarket with convenient access to Interstate 10 and Tucson International Airport. Surrounded by major employment centers, transportation infrastructure, and everyday retail amenities, the property is minutes from Downtown Tucson, the University of Arizona, Davis-Monthan Air Force Base, and the Kino Sports Complex, supporting diverse and durable rental demand.
Phoenix, Thursday July 23
10:00 - 1501 Grand Avenue | 60 units
12:00 - 1780 W Missouri Avenue | 173 units
2:00 - 1711 W Bell Road | 150 units
Tucson, Friday July 24
10:00 - 4098-4141 E 29th Street | 200 units
11:30 - 314 E Benson Highway | 50 units
1:00 - 1025 E Benson Highway | 136 units
2:30 - 5251 S Julian Drive | 175 units
*5251 S Palo Verde Rd, aka 5251 S Julian Rd
Las Palmas Extended Stay Suites features a hybrid operating model, generating revenue from both extended-stay accommodations and traditional apartment rentals.
Las Palmas is an expansive, Value-add property, formerly a nationally branded hotel, and still has many of the bonus areas of a large hotel including multiple pools and jacuzzis, large lobby, multiple offices, and a non-operational restaurant area with significant food service appliances still in place. Also included is a large banquet hall / ballroom which is regularly leased for various celebrations and events. The property is currently in lease-up, at approximately 85% occupancy.
Las Palmas is ideally positioned in Tucson's Southside submarket with convenient access to Interstate 10 and Tucson International Airport. Surrounded by major employment centers, transportation infrastructure, and everyday retail amenities, the property is minutes from Downtown Tucson, the University of Arizona, Davis-Monthan Air Force Base, and the Kino Sports Complex, supporting diverse and durable rental demand.
Property Facts
| Price | $12,075,000 | Apartment Style | Garden |
| Price Per Unit | $69,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 5.82 AC |
| Cap Rate | 6.21% | Construction Status | Proposed |
| Gross Rent Multiplier | 7.47 | Building Size | 86,110 SF |
| No. Units | 175 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1984 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | CI-1 - CI-1 | ||
| Price | $12,075,000 |
| Price Per Unit | $69,000 |
| Sale Type | Investment |
| Cap Rate | 6.21% |
| Gross Rent Multiplier | 7.47 |
| No. Units | 175 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 5.82 AC |
| Construction Status | Proposed |
| Building Size | 86,110 SF |
| No. Stories | 2 |
| Year Built | 1984 |
| Opportunity Zone |
Yes |
| Zoning | CI-1 - CI-1 |
Amenities
Site Amenities
- Clubhouse
- Laundry Facilities
- Pool
- Property Manager on Site
- Spa
- Conference Rooms
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 138 | - | - |
| 1+1 | 18 | - | - |
| 2+1 | 19 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 140-08-0080 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $264,751 |
Property Taxes
Parcel Number
140-08-0080
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$264,751
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Las Palmas Extended Stay Suites | 5251 S Julian Dr