23rd St. Apartments 5757 E 23rd St 12 Unit Apartment Building $1,125,000 ($93,750/Unit) 6.33% Cap Rate Tucson, AZ 85711

23rd St. Apartments is a 12-unit multifamily investment centrally located in Tucson, offering a compelling value-add opportunity enhanced by attractive assumable financing. The property features a 4.0% assumable loan at approximately 75% loan-to-value, providing a new investor with immediate leverage and long-term stability in today’s higher interest rate environment.
Featuring a total of 12 units, in a well-balanced mix of (1) Studio, (2) 1BD/1BA unrenovated units, (3) partially renovated (1BD/1), (5) renovated 1BD/1BA units, and (1) renovated 2BD/1BA units. Recent renovations include new mini-split HVAC systems, modern wood-vinyl flooring, upgraded kitchens and bathrooms, and modern interior finishes, all of which have allowed for immediate rent premiums. The remaining classic units provide a clear runway for further enhancements and incremental rent increases upon renovation. Additionally, the property offers a well-maintained exterior with clean walkways and minimal landscaping, allowing for efficient ongoing operations
23rd St. Apartments also benefits from a RUBS structure. This setup helps offset operating costs and reduces the owner’s exposure to rising utility expenses. By passing these costs through to tenants, the property maintains more stable expenses and improved cash flow, while also encouraging responsible utility usage. For a new owner, the RUBS system provides an easy way to protect net income and improve overall operating efficiency without requiring additional capital improvements.
Conveniently positioned in Central Tucson near major retailers, employers, and educational institutions, 23rd St. Apartments serves a diverse tenant base, including young professionals and students. Residents benefit from easy access to shopping, dining, entertainment, and nearby employment centers, further supporting strong occupancy and rental growth.