720 S 5th Ave
Tucson, AZ 85701
Olde Town Apartments · Multifamily Property For Sale · 32 Units

Olde Town apartments is located in the up-and-coming neighborhood of Armory Park in Tucson, Arizona. The asset is a prime, value-add opportunity that boasts several amenities to the growing rental population, many of whom are exceeding the median household income of $41,700 a year due to the robust inflow of new corporate jobs added to the downtown area. The asset has secured access, a pool, lush, garden landscaping, a laundry room, a gazebo, an office, and plenty of on-site parking to the east and west of the building. Less than a mile north of the property is downtown Tucson that offers residents easy access to the Tucson Museum of Art, Museum of Contemporary Art, Rialto Theatre, Fox Tucson, Theatre, Hotel Congress, and several award winning restaurants including Downtown Kitchen + Cocktails, Elvira’s, Cafe Poca Cosa, El Charro, HUB, Diablo Burger, and Pueblo Vida. The opportunity exists for the new owner to convert the laundry room into a new unit. Upon completion of a complete interior and exterior renovation, a new owner can achieve rental premiums of $150/unit for studios and $275/unit for one bedrooms.