This off market investment opportunity is a big time value add project. This is one 2142/ft. total brick building that is a row of six former rental units (plus management 3 room suite) in a middle class SFR home subdivision that is close to a very highly in demand area of central Tucson nearby to the upscale commercial property intersection of Wilmot and Speedway.
The owner advises this used to be a motel then became single regular rentals. It's not been renting for 2 years now, and is currently boarded up.
If the building is torn down it can have 3-4 new homes put on it per the city. New build homes in the central area of Tucson are selling for approximately $190/ft. avg. in the last six months. The value as a vacant lot if torn down to make way for new build is substantially greater than the average for central Tucson area property due to the high desirability of the location to renters while with it's close proximity to higher end commercial.
This is a .7 acre lot which is called "non conforming" by the city. Given it is R1 zoned, there can only be 2 new separate SFR's put back up on this lot, which are not joined, if the old building was to be torn down in favor of new build. As many as 4 new homes can be put on this lot if subdivided into smaller lots and if they meet green energy standards + are set up the right way with enough parking. This would mean including a 30 foot strip or section of no building down the middle of the front 1/2 of the property, between what may be two new homes built facing north along 2nd St., while with two more new homes possibly to then be put into the back of the lot/s. This is per the Tucson City Planning and Zoning Department.
