TUCSON, ARIZONA -- The number of home listings continues to dwindle, according to the latest data from Tucson Association of Realtors and Tucson ranks in the Top 10 multifamily markets, according to National Association of Realtors. This translates to a very busy time for real estate professionals selling multifamily investment properties in Tucson.
Danny Roth and his Team at Keller Williams closed on $4 million in multifamily sales in the past few weeks in 6 transactions, mostly from inventory from a portfolio.
A private California investor purchased 12-units at 1311- 1331 North Gila Street for $1.383 ($115,250 per unit). The three- and two-bedroom complex is in three fourplexes. Roth represented the seller, Copper Country Properties (Michael & Michelle Bratton, et al).
Another private California investor purchased 5-units at 1409-1417 North El Rio Drive for $546,430 ($109,286 per unit). The duplex and the triplex were one- and two-bedroom units. Roth represented the seller, Copper Country Properties.
A Colorado investor acquired 6-units at 1327-1335 North First Ave and 650-654 E Drachman Street for $633,500 ($105,583 per unit). The property was two triplexes built in 1949 with one- and two-bedroom units. Copper Country Properties was the seller represented by Roth.
Another California private investor purchased 4-units at 1360-1366 North Riverview Blvd. for $415,000 ($103,750 per unit). All two-bedrooms, the property was built in 1984. Copper Country Properties was the seller represented by Roth.
Local private investors bought a triplex at 655 E Drachman Street for $550,000 ($183,333 per unit). All three-bedroom units. Copper County Properties was the seller and represented by Roth.
A Phoenix investor purchased 4-units at 1221-1227 N Belvedere Ave. for $399,900 ($99,975 per unit). The property was built in 1948 and consists of three two-bedroom and one three-bedroom units. Roth represented the seller from St. Charles, Missouri.
“Tucson is affordable and able to draw new residents with flexibility to work from home,” said Roth. “Multifamily remains one of the commercial market’s bright spots for investors.”
All investment properties sold above a 6% cap rate. For additional information Roth can be reached at 520.490.4000.
To learn more, see RED Comp #8625, #8624, #8580, #8620, #8621 and #8659.