TUCSON, ARIZONA – Downtown Tucson still has a place for smaller multifamily investors, if you’re willing to do historic renovation and lucky enough to find a buyer willing to sell.
25 McCormick, LLC of Tucson (Morgan Abraham, manager) purchased two multifamily buildings for rehab at 268 South Scott Avenue in Downtown Tucson for $865,000 ($157 PSF). This historic property is located south of Broadway and east of Stone.
Built in 1900, the two adobe buildings have seven units combined, five one-bedrooms and two -2-bedrooms. The property was off-market and sold with long term tenants and under market rents. Buyer plans to modernize the property with a complete rehab once finished at another historic 1912 adobe rehab property at 331 South Convent Avenue in Downtown Tucson.
The property on Convent is 10,000-square-feet with 12 units being rehabbed and modernized. It was purchased in October 2019 for $1.2 million or $100,000 per unit.
The seller of the Scott Ave property, the Fimbres Family, LLC of Pasadena, California was represented by Mary Lou Sampson of Tierra Antigua. The buyer, Morgan Abraham, is also a licensed Arizona real estate broker with AAG Realty and represented himself in the transaction.
For more information, contact Abraham at 480.586.7632.
To learn more, see RED Comp #7994 and 7277 for earlier transaction.