Listed by REAL BROKER AZ, LLC
$500,000
120 E 34th Street
Details
Property Type Multifamily
Sub Type Studio Apartments
Units 6
Cap Rate 8.60%
NOI $43,012
Occupancy 100%
Tenancy Multi
Rent Bumps Yes
Pro-Forma Cap Rate 12.00%
Pro-Forma NOI $89,836
Class C
Year Built 1948
Buildings 1
Acreage 0.150
Zoning South Tucson SR-2 (up to 24 units)
Parking Spaces 6 per unit
Investment Type Value Add
Sale Condition N/A
Multifamily | 6 Units | $83,333/unit
Marketing description
120 E 34th Street is offered at $500,000 — a rare, fully-occupied 6-unit studio asset in Tucson's infill South Tucson submarket, priced at an 8.60% going-in cap rate on current NOI, above the 5.1%–7.5% range at which comparable small multifamily assets have recently traded. In-place rents already sit below the ZIP 85713 studio average. The included vacant lot and SR-2 zoning to 24 units add a long-term expansion lever beyond the core 6-unit rent roll. A light, sub-$55,000 cosmetic improvement program supports the rent-growth trajectory modeled in this package, and current Tucson small-multifamily cap rates suggest meaningful built-in discount today plus further resale upside if that trajectory is achieved over a 5-year hold.
Investment highlights
- Individually metered utilities — each of the 6 studio units has separate electric and water metering, minimizing owner utility expense exposure.
- Bonus vacant lot included in sale — an adjacent fenced parcel is included with the property and has separately generated $500/month in lot rental income.
- Zoned SR-2 for up to 24 units — the site and adjacent parcel together support significant future density; current improvements represent only 6 of a possible 24 units, a compelling long-term expansion story.
- Infill South Tucson location — minutes from I-19, the University of Arizona, downtown Tucson, and the VA Medical Center, in a submarket with consistent studio rental demand.
- 100% economic occupancy at current in-place rents across all 6 units.
- Rent upside to submarket — in-place studio rents average $705/unit vs. a South Tucson (ZIP 85713) submarket studio average of roughly $780/month, indicating room to grow rents to market even before improvements.
Listing Contacts
Listed by REAL BROKER AZ, LLC
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$43,012.00
$3,584.33/mo
Valuation Metrics
0
DSCR
8.6%
Cap Rate
8.6%
ROI
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