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Popeyes Louisiana Kitchen Restaurant Sold in Investment Sale

TUCSON, ARIZONA, December 1, 2022 – Popeyes Louisiana Kitchen at 1110 N Stone Ave in Tucson sold as investment for $3.86 million ($1553 PSF) in a sale leaseback transaction.

The 2,488 square-foot building was built in 2019 at the northeast corner of Speedway and Stone Avenue on a .61 acre site.

Property sold full leased to Popeyes on a 20 year triple net lease, with 7.5% rental increased w=very five years and four 5-year option periods.

The buyer was Vista Property Holdings 2, LLC of Lakewood, CO c/o William Meyers and the seller with Amin Dhanani of Sugarland, TX.

Joseph Compagno and Benjamin Farthing with CBRE in Phoenix handled the transaction.

For more information, Compagno should be contacted at 602.403.3783.

To learn more, see RED Compo #10323.




Q3 Brings Net Negative Absorption for Multifamily

As homes become even more unaffordable with rising mortgage rates and resulting crushed application volumes, you might think that demand for apartments would be screamingly hot. And it is—or was until the third quarter. The story coming out a Newmark report is surprising, because it suggests a possible sea change in how multifamily has been performing.




Tucson Rent Report: December 2022 Median Rent Falls 0.6% from last month

TUCSON, ARIZONA, December 1, 2022 —  Currently, the overall median rent in the city of Tucson stands at $1,246, after falling 0.6% last month. Prices remain up 6.8% year-over-year.

Tucson Rental Stats

 


Tucson rents are down 0.6% month-over-month and up 6.8% year-over-year

The median rent in Tucson fell by 0.6% over the course of November, and has now increased by a total of 6.8% over the past 12 months. Tucson’s rent growth over the past year has has outpaced both state (-0.3%) and national (4.6%) averages.

Tucson rent growth in 2022 pacing below last year

Eleven months into the year, rents in Tucson have risen 6.0%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2021 rents had increased 20.2%.

 

November rent growth in Tucson ranked #27 among large U.S. cities

Tucson rents went down 0.6% in the past month, compared to the national rate of -1.0%. Among the nation’s 100 largest cities, this ranks #27. Similar monthly rent growth took place in Anaheim, CA (-0.5%) and Miami, FL (-0.6%).

Month-over-Month Rent Growth Among 100 Largest Cities In the U.S.

Tucson is the #68 most expensive large city in the U.S., with a median rent of $1,246

Citywide, the median rent currently stands at $985 for a 1-bedroom apartment and $1,296 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,246. That ranks #68 in the nation, among the country’s 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,163 for a 1-bedroom, $1,333 for a 2-bedroom, and $1,356 overall. The median rent in Tucson is 8.1% lower than the national, and is similar to the prices you would find in Reno, NV ($1,248) and Philadelphia, PA ($1,237).

Median Overall Rent Among 100 Largest Cities In the U.S.

 

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.