Tucson Multifamily sales of $2.5 Million in February
February Tucson multifamily sales broken out by submarkets show an aggregate price of $2.5 million.
NORTHEAST SUBMARKET
Family Lease, LLC of Tucson purchased a fourplex at 4051-4057 E Bellevue Street in Tucson for $235,000 ($58,750 per unit). The property was constructed in 1945 on a .16 acre lot. The seller was Oakridge Investments of Tucson.
A triplex at 5657 E Pima Street in Tucson sold to Diane Ong of Tucson for $158,000 ($52,666 per unit). The property consists of one 3 bedroom / 3 bath and two 1 bedroom units, built in 1951, on a .22 acre lot. Kathleen Anderson of Russ Lyon Sotheby’s International Realty represented the investor and Michael Bishop and Gus Maughan of Cardinal Real Properties represented Posco PSP, LLC of Tucson, the seller. [mepr-show rules=”58038″]All electric, no gas on property, owner pays water/trash. GSI was $24,756. Cap rate was reported to be about 14%[/mepr-show]
SOUTH SUBMARKET
Four duplexes, or 8-units at 2410-2528 E Cameron Vista in Tucson sold for $291,060 ($36,383 per unit). Each duplex was 1,485-square-feet, built in 1952. Dynamic Growth Properties of Gilbert, AZ was the seller and Sanjay and Sonia Suri and Javier and Juana Galindo the buyers.
2550 Parkside, LLC of Tucson purchased a triplex at 2126 S 8th Avenue in Tucson for $90,000 ($30,000 per unit). The property consists of a main house with 3 bedrooms with a duplex in back. Brian D Wick of Keller Williams represented the seller, AZ Square #3 and Paul McComb of Paul McComb Realty represented the investor. [mepr-show rules=”58038″]All units are individually metered. GSI was $19,020 and cap rate was reported to be 20% [/mepr-show]
CENTRAL SUBMARKET
A triplex at 2446 E 2nd Street in Tucson sold for $400,000 ($133,333 per unit). The 3,291-square-foot building was built in 1975. The buyer was David and Katherine Hiller of Tucson and the seller, John and Kelly Abbott also of Tucson.
12-Units at 1548 E Hedrick Drive sold for $300,000 ($25,000 per unit).Blue Jay Real Estate of Tucson purchased the 6,559- square-foot complex in six buildings built from 1929 -1941 on .85 acres. The seller was William Gewirtz Trust of Tucson.
A triplex at 3101 N Palo Verde Avenue in Tucson sold for $175,000 ($58,333 per unit). The property was well maintained with three 2 bedroom / 1 bath units, built in 1970 on a .21 acre lot. The investor, The Theodore T Sackett Trust of San Miguel, CA was represented by Matthew Bollinger of Long Realty and the seller, The Carabetta Revocable Living Trust of Tucson was represented by David Walsh of Realty Executives Tucson Elite.
Peter and Kristi Coy purchased a fourplex at 329-335 East Alturas Street in Tucson for $172,000 ($43,000 per unit). The 2,774-square-foot building was built in 1987 on a .33 acre lot. Paul Shellenbarger of La Quinta, CA was the seller.
A duplex at 3125 N Cherry Avenue in Tucson sold for $140,000 ($70,000 per unit). The main house was built in 1948 originally as an SFR. It was converted to a 2 bedroom house with a 1 bedroom guest house. Alex Mastrangelo of Habitation Realty represented the seller, The Bachman / Peeters Trust of Tucson. Cindi Kaliszewski of Realpros represented the investor.
Loren Markley was the seller of the property at 809 E Adams in Tucson, a triplex, for $108,557 ($36,186 per unit). The three buildings were build circa 1920 on a .17 acre lot. 42nd Street Enterprises of Tucson was the buyer.
A fourplex at 3463-3469 E Pima in Tucson sold for $297,750 ($74,438 per unit). The 4,025-square-foot building was built in 1980 on a .28 acre lot. The buyer was William Clark of Vail, AZ and the seller Mark Johnson Properties of Tucson.