TUCSON, Arizona — The Animal Inn and Pet Clinic at 6745 N La Canada Dr in Tucson sold for $891,000 ($76 PSF).  Property consists of a dog & cat boarding Kennel, zoned CR-1, with a permitted non-conforming use, and a Veterinary Clinic on 8.74 acres.

The seller was Lila Wadsworth, a well-known Afghan Hound breeder in town who operated the kennel while leasing the veterinary clinic. Casas Adobes Pet Clinic with Dr. Richard Morehouse , DVM, was at this location for many years and when he retired sold his practice to Northwest Pet Clinic along with the building lease.

The buyer, Jackpot Real Estate, (Dr. Lindsey Smogor, DMV) is a large animal vet doing business as Jackpot Equine Mobile Vet Services with associate veterinary doctors who will occupy the Vet Clinic and continue to operate the kennel at this location.

Tom Campbell with Long Realty represented the seller in the transaction and Zdravko Manov of Arizona Healthcare Realty in Phoenix represented the buyer.

For more information, Campbell can be reached at 520.419.8200 and Manov is at 602.525.9562.

To learn more, login and see RED Comp #4781.

[mepr-show rules=”58038″] Closing date 4/25/2017. APN: 102-10-019C. The tenant at time of sale, Northwest Pet Clinic did not exercise its first right of refusal on the property. [/mepr-show]

Multifamily property sales ended 2014 on a strong note and continued into the new year without skipping a beat. With a current 8.87% vacancy rate in metro Tucson and interest rates remaining low, there’s a healthy appetite for multifamily properties of all sizes in urban areas.

These following multifamily sales closed within the past two weeks.

EASTERN SUBMARKET

Equilibrium Croftwood LLC of Tucson (Sofonias Astatke, managing member) purchased a 52-unit apartment at 1005 S Craycroft in Tucson from Seattle-based Croftwood Apartments LLC for $1.18 million ($22,700 per unit). The property was an off-market transaction when it sold. Built in 1978, the 30,521-square-foot apartment complex sits on 1.5 acres at the northeast corner of Craycroft Road and Beverly Street. The property consists of 85% one-bedroom and 15% two-bedroom units. The buyer reported they plan to update property interiors and some exterior work that has been deferred.

Allan Medelsberg, Investment Specialist with Cushman & Wakefield | Picor in Tucson, represented the seller and Sofonias Astake with Equilibrium Realty of Tucson represented the investor.

To learn more Mendelsberg can be reached at 520.546.2721. Astatke should be contacted 520.250.8977, or for more information see RED Comp #2508.

CENTRAL SUBMARKET

Five 3-bedrooms/ 2 bath units at 1114 E Adams Street in Tucson was purchased by Todd Baily of Tucson for $415,000 ($83,000) in a probate sale involving multiple parties. The 5,733-square-foot property is masonry construction, built in 1966, with central evaporative cooling and forced air gas heating.

Tom Campbell with Long Realty Company in Tucson handled the transaction for both parties. To learn more, Tom should be reached at 5202.419.8200, or for more information see RED Comp #2495.

Armen Babalov and Nikolay Matirosvan of Tucson purchased a triplex at 1631 E 13th Street from the Carabetta Living Trust of Tucson for $240,000 (80,000 per unit). The 2,785-square-feet building has all two-bedroom / two-bath units, built in 1977 near the University. All units are 928-square-feet with washer/dryer hook ups, and lots of off street parking. The seller owner managed the property for 23 years.

David Walsh of Realty Executives Tucson Elite represented the seller and Lesya Mykytic with Real Estate Marketing Professionals of Tucson represented the investor. To learn more Walsh can be contacted at 520.877.4940. Mykytic can be reached at 520.721.1478, or for more information see RED Comp #2496.

Login for additional information on these sales.

[mepr-show rules=”58038″]Sale date: 2/3/2015. Croftwood Apartments was stabilized at 75% occupancy and sold with an estimated $30,000 in deferred maintenance. Broker reported property sold on a price per unit in this all cash deal. APNs: 128-06-064 & 065

Sale date: 1/30/2015. 1114 E Adams sold at a 7.37% cap rate in this all cash transaction. Average rent on units was $850 at time of sale. APN: 123-15-164A.

Sale date: 1/30/2015. 1631 E 13^th Street sold at a 7.89% cap rate in this all cash transaction. Average rent was $692 per unit at time of sale. APN: 124-11-085.[/mepr-show]