50 N Mountain Avenue, Tucson, AZ 85719
$2,950,000
Property Type:
Multi-Family
Square Footage:
9,598
Lot Size (sq. ft.):
18,750
Status:
Closed
Current Price:
$2,950,000
List Date:
4/25/2024
Last Modified:
12/25/2024
Description
Rare opportunity to purchase newer construction within 3 blocks of UofA around a 8.06% Cap rate (proforma)! Seller Financing Available @6% for up to 5 years OAC with 30% downpayment. This newer building integrates metal roofing with block and stucco finishes for a really neat modern look that the students love. 4-plex, with 8bds/3.5bths per unit. Large units with huge common areas, all tile throughout, hardwood cabinets, corian counters, and ample appliances. Floorplan designed by afor students. Huge Picture windows in front frame nice mountain and city views. Large enclosed common area with Turf. Parking lot w 14 parking spots, 4 on street parking spots available, basketball hoops. This property is zoned for group homes and could be ideal for a variety of non-student housing needs.
More Information MLS# 22410347
Address Information
Street #: 50
Direction: N
Street Name: Mountain
Suffix: Avenue
State/Province: AZ
Zip Code: 85719
County: Pima
Country: USA
Location Tax Legal
Tax Code: 124-08-2240
Area: Central
Subdivision: Drakes Addition
Contract Information
Current Price: $2,950,000
Sold Price: $2,950,000
Listing Date: 2024-04-25
Status: Closed
Method of Title: Fee (Simple)
Distressed Info: None
Status Change Info
Off Market Date: 2024-06-22
Pending Date: 2024-07-20
Sold Date: 2024-07-31
Sold Price: $2,950,000
Sold Price/SqFt: 307.36
Lot Sz Sold Prc/SqFt: 157.33
How Sold: Cash Owner Carryback
General Property Information
Dwelling Type: Quadruplex
Attached/Detached: Attached
Construction Status: Existing
Lot Dimensions: 125 X 150 X 125 X 151
Lot Acres: 0.43
Lot Sqft: 18750
Lot Size Source: Assessor
Combined SqFt: 9598
Year Built: 2015
Total Parking: 14
School District: TUSD
Elementary School: Cragin
Middle School: Mansfeld
High School: Tucson
Horse Property: No
Horse Facilities: No
List Price/SqFt: 338.61
Lot Size Price/SqFt: 173.33
Remarks Misc
Geo Lat: 32.222219
Geo Lon: -110.952098
Showing Information
Directions: From Broadway and Campbell. North to 10th Street. West to Mountain Ave. On Southeast corner of 10th street and Mountain.
Unit Info
# of Units/Other: 4
Avg Mo Rent/Other: 6800
Unit 1 Information
Monthly Rent: 6800
# Beds: 8
# Full Baths: 3
# Half Baths: 1
SqFt: 2398
Occupancy: Yes
Stories: Single
Floor: 1st
Furnished: Partially
Parking: On Property
Unit 2 Information
Monthly Rent: 6800
# Beds: 8
# Full Baths: 3
# Half Baths: 1
SqFt: 2398
Occupancy: Yes
Stories: Single
Floor: 1st
Furnished: Partially
Parking: On Property
Unit 3 Information
Monthly Rent: 6800
# Beds: 8
# Full Baths: 3
# Half Baths: 1
SqFt: 2394
Occupancy: Yes
Stories: Two
Floor: 2nd
Furnished: Partially
Parking: On Property
Unit 4 Information
Monthly Rent: 6800
# Beds: 8
# Full Baths: 3
# Half Baths: 1
SqFt: 2394
Occupancy: Yes
Stories: Two
Floor: 2nd
Furnished: Partially
Parking: On Property
Analysis
Cap Rate %: 8.88
Gross Rent Multi: 8.84
Exp/SqFt: 7.48
Exp % of Gross: 21.52
Income
Gross Scheduled Rent: 326400
Other Income: 7228
Adjusted Gross: 333628
Total Expenses: 71805
Net Opp Income: 261823
Expenses
Admin Expenses: 698
Capital Expenses: 8000
Contract Services: 400
Insurance: 5800
Maintenance Supplies: 7500
Management: 33363
Taxes/Assessments: 15794
Other Expenses: 250
Figures Presented: Proforma
Kitchen Features
Pantry: Walk-In
Appliance Color: Black
Countertops: Corian
Microwave: Conventional
Oven: Electric
Bathroom Features
Countertops/Primary: Cultured Marble
Countertops/Hall: Cultured Marble
Interior Features
Interior Steps: No
Electric
Electric Company: TEP
Utilities Paid
Cable TV: Tenant
Electric: Tenant
Gas: Tenant
Insurance: Owner
Landscaping: Owner
Pool/Spa Maintenance: Tenant
Sewer: Tenant
Taxes: Owner
Trash: Tenant
Water: Tenant
Driveway
Paved: Asphalt
RV Parking
Other: None
Subdivision Restrict
Age Restrictions: No
Deed Restrictions: Yes
CC&Rs: Yes
Submit With Offer
Digital Signatures: Yes
Seller Title Company: Fidelity B. Raymond
Home Protection
Offered: No
Property Features
Construction: Concrete Block; Masonry Stucco; Metal
Style: Modern
Roof: Metal
Living Areas: Great Room
Dining Areas: Dining in LR/GR
Dining Room: Area
Breakfast: Bar
Kitchen Features: Breakfast Bar; Double Sink; Electric Range; Dishwasher; Disposal; Refrigerator
Bathroom Features: Shower Only/Hall
Laundry: Laundry Room; Dryer Included; Washer Included
Extra Room: None
Interior Features: Ceiling Fan(s); Fire Sprinkler System; Furnished; Smoke Detector; Vaulted Ceiling(s)
Floor Covering: Ceramic Tile
Window Covering: Stay
Window Features: Double Pane Windows
Technology: Cable TV; High Speed Internet
Main Cooling: Zoned
Main Heating: Zoned
Water Heater: Electric
Gas: None
Sewer: Connected
Water: Public
Accessibility Option: Door Levers; Roll-In Shower; Wide Doorways
Security: Security Lights; Window Bars
Pool: None
Spa: None
Fence: Block; Wrought Iron
Landscape - Front: Low Care
Landscape - Rear: Low Care
View: Mountain(s)
Road Type: Paved
Exterior Feature: Barbecue; Courtyard
Lot Features: Adjacent to Alley; Corner Lot; North/South Exposure
Neighborhood Features: Sidewalks; Street Lights
Terms: Cash; Conventional
Submit With Offer: Proof of Funds; Written Lender Approval
Property Disclosures: Military Airport Vct; Seller Prop Disclosure
Special Conditions: None
Listing Office: Pinnacle Realty and Investment Advisors LLC
Last Updated: December - 25 - 2024
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