255 W Flores Street

    Tucson, AZ 85705
    • $560,000
    • STATUS: Active
    • ID#: 21829563
    Price Reduced
    UPDATED: 49 min ago
    $560,000
    • 0
      BEDS
    • 0.72
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 9,049
      SQFT
    • $62
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1960
    County:
    Area:

    School Ratings & Info

    Courtesy of Aag Realty.

    Description

    Very high cap rate investment property with huge opportunity to increase NOI. 20 unit property listed at $28,000 a unit. This property historically has operated at 90% occupancy but are currently at 80% because of a recent management change. Proforma numbers are very similar to actual number. Rent currently includes utilities. Call agent for current rent roll and 2018 actuals. The 14-unit(244 Flores) and 20-unit (255 Flores) properties can be purchased individually, or together for a total of 34 units. Grant Road is undergoing significant improvement in this area, most of which is completeOnly 2 miles from downtown Tucson and U of ALocated in Opportunity Zone, which offers significant potential tax benefits (https://www.azcommerce.com/arizona-opportunity-zones/)

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    © 2018 MLS of Southern Arizona. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Realty Executives Tucson Elite. Data last updated: 2018-12-15T10:06:35.9.
    www.gatewayagent.com/homes/89153197

    255 W Flores Street Tucson, AZ 85705

    • Price: $560,000
    • Status: Active
    • Updated: 49 min ago
    • ID#: 21829563
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.72
    Acres
    9,049
    SQFT
    $62
    $/SQFT
    1960
    Built
    Neighborhood:
    Central
    County:
    Pima
    Area:
    Central
    Property Description
    Very high cap rate investment property with huge opportunity to increase NOI. 20 unit property listed at $28,000 a unit. This property historically has operated at 90% occupancy but are currently at 80% because of a recent management change. Proforma numbers are very similar to actual number. Rent currently includes utilities. Call agent for current rent roll and 2018 actuals. The 14-unit(244 Flores) and 20-unit (255 Flores) properties can be purchased individually, or together for a total of 34 units. Grant Road is undergoing significant improvement in this area, most of which is completeOnly 2 miles from downtown Tucson and U of ALocated in Opportunity Zone, which offers significant potential tax benefits (https://www.azcommerce.com/arizona-opportunity-zones/)
    Property Features

    Analysis Cap Rate Percent 11.00 Analysis Exp Percent Of Gross 52.34 Analysis Exp Sqft 7.48 Analysis Gross Rent Multi 4.33 Analysis Vacancy Rate Percent 8.52 Assessments 29478.00 Country Usa Expenses Admin Expenses 0.00 Expenses Captial Expenses 0.00 Expenses Contract Services 0.00 Expenses Figures Presented Proforma Expenses Gas Electric 18000.00 Expenses Insurance 5076.00 Expenses Maintenance Supplies 12846.00 Expenses Management 8992.62 Expenses Other Expenses 0.00 Expenses Resident Manager 0.00 Expenses Taxes Assessments 4744.80 Expenses Water Sewer 18000.00 Fire Protection Included in Taxes Income Adjusted Gross 129266.00 Income Gross Scheduled Rent 140000.00 Income Net Opp Income 61606.57 Income Other Income 1200.00 Income Total Expenses 67659.42 Income Vacancy Loss 11934.00 Lot Dimensions Irregular Lot Sqft 31363.20 Municipality Zoning Tucson - C2 Property Sub Type Apartment Short Sale No Source Of Sqft Assessor Tax Year 2018 Taxes 3918.15

    Listing provided courtesy of Aag Realty. Listing information © 2018 MLS of Southern Arizona.




    © 2018 MLS of Southern Arizona. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Realty Executives Tucson Elite. Data last updated: 2018-12-15T10:06:35.9.
     
    Realty Executives Tucson Elite
    6760 N Oracle Road #130
    Tucson AZ, 85704
    Courtesy of Aag Realty.