638-642 E Lester 6 Unit Apartment Building $1,500,000 ($250,000/Unit) 7% Cap Rate Tucson, AZ 85719

Perfectly located near the University of Arizona and Downtown Tucson, Lester Student Housing presents an attractive, turnkey student housing opportunity with in-place property management and strong positioning within a high demand student housing market.
Lester Student Housing consists of 6 well-maintained and fully modernized units, featuring a desirable mix of (2) 3BD/2BA units and (4) 4BD/2BA units, totaling 22 beds. The property offers up-to-date finishes throughout, making it highly appealing for off-campus living. Unit interiors feature tile flooring, stainless steel appliances, granite countertops, quality cabinetry, dishwashers, ceiling fans, and in-unit washers and dryers. Select units also include jacuzzi tubs, further enhancing the resident experience.
Complementing the well-maintained interiors, the exterior amenities provide residents with comfortable outdoor living spaces and meticulously maintained landscaping. Lower-level units feature private backyards (some with artificial turf), while upper-level units offer spacious decks. The property also provides ample on-site parking for residents and guests.
All utilities are individually metered, with ownership currently paying utility expenses and recovering tenant usage through established in-place RUBS programs. This structure provides operational efficiency while preserving the benefits of individually metered service. Additional resident conveniences include air conditioning throughout the property and professionally landscaped common areas.
Ideally positioned near the University of Arizona and Banner University Medical Center, Lester Student Housing benefits from a strong and reliable tenant base driven by students and young professionals. With convenient access to Downtown Tucson's dining, entertainment, and cultural amenities, the property is situated within one of Tucson's most sought-after rental corridors. Early pre-leasing activity, including several units already secured for the 2026–2027 school year, further underscores the asset's appeal and long-term investment potential.