Flowing Wells Apartments Trades for $1.2 Million in Central Tucson

TUCSON, ARIZONA (Aug. 7, 2026) — Flowing Wells Apartments, a 14-unit multifamily property at 3521 N. Flowing Wells Road in Tucson, sold for $1.2 million, or approximately $85,714 per unit.

Flowing Wells Apartments LLC, an entity associated with the Norwood Revocable Trust, acquired the property from Steven Floyd Francisco et al., trustees. The sale closed July 29, 2026, with a down payment of $430,000.

Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both the seller and buyer in the investment transaction.

Built in 1964, the apartment community contains approximately 9,246 square feet across three masonry buildings on 0.84 acres. The purchase price equates to approximately $129.79 per square foot of building area and $32.95 per square foot of land.

The complex consists of 14 one-bedroom, one-bathroom apartments. Property features include private backyards for each unit, off-street parking, a common laundry area, and air conditioning throughout the community. The three buildings contain approximately 3,810 square feet, 3,868 square feet and 1,568 square feet, with the smallest building configured as a duplex.

The property was marketed as a value-add investment opportunity because of below-market rents. According to the transaction information, the asset operated at an approximately 7 percent capitalization rate in 2025 and sold at a projected capitalization rate of 7.29 percent.

Located in Tucson’s Flowing Wells area, the property is north of West Prince Road and east of Interstate 10. The site is zoned O-3.

For more information, Mendelsberg is at 520.546.2721, and Martinez can be reached at 520.546.2730.

Source: RED Comp #12640