Central Tucson Apartment Fetches $47,500 Per Unit

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Tom and Carmen Long of San Pedro, CA purchased the Treat Apartments at 2120 N Treat Avenue in Central Tucson for[mepr-show rules=”58038″] $760,000 ($47,500) from Ryszard Kupinski of Tucson. The 16-unit apartment is located on Treat Avenue just south of Grant Road in Central Tucson. The unit mix consists of two studio units, one one-bedroom / one bath of approximately 600 SF, and 13 two-bedroom / one bath units of approximately 740 SF each. The property is a total of 11,200 sq. ft. in seven buildings on 1.22 acres.

The Treat Apartments offer its residents covered parking and laundry hookups. The garden style complex was built in 1960 and is individually metered. Occupancy was reported to be near 100% over the past few years with many long-term residents.

Allen Mendelsberg of Cushman & Wakefield / Picor in Tucson represented the seller and Roger Breckenridge and Tony Reed with Long Realty of Tucson represented the investor.

Mendelsberg should be contacted at (520) 546-2721. Breckenridge is at (520) 918-5813 and Reed can be reached at (520) 918-5189.[/mepr-show]

[ismember]Sale date: 7/30/2013. Property was marketed at an 8.5% cap rate with asking price undisclosed. Zoned R-2, with seven single story brick buildings. Buyer purchased with $190,000 down and financed the balance with US Bank, NA. [/ismember]