50 N Mountain Avenue, Tucson, AZ 85719

$2,950,000
Property Type: Multi-Family Square Footage: 9,598 Lot Size (sq. ft.): 173 Status: Closed
Current Price: $2,950,000 List Date: 4/25/2024 Last Modified: 12/25/2024

Overview

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.

Listing Details 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
Tax Year
2023
Taxes
15795
Assessments
0
Taxes For
Dwelling & Land
Legal Description
DRAKES LOTS 1 2 3 4 & 5 BLK 27
Township
14
Community
None
Range
14
Section
7
Municipality/Zoning
Tucson - R3
Fire Protection
Included in Taxes
FEMA Flood Zone
No
Municipal Flood Zone
No

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

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

Contract Information

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/SqFt
307.36
Lot Sz Sold Prc/SqFt
157.33
How Sold
Cash Owner Carryback

More Information

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
Yes
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
Yes
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
Yes
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
Yes
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
Vacancy Rate %
0

Income

Gross Scheduled Rent
326400
Other Income
7228
Adjusted Gross
333628
Total Expenses
71805
Net Opp Income
261823
Vacancy Loss
0

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
Gas/Electric
0
Resident Manager
0
Water/Sewer
0

Kitchen Features

Pantry
Walk-In
Appliance Color
Black
Countertops
Corian
Microwave
Conventional
Oven
Electric
Breakfast Bar
Yes
Double Sink
Yes
Electric Range
Yes
Dishwasher
Yes
Disposal
Yes
Refrigerator
Yes

Bathroom Features

Countertops/Primary
Cultured Marble
Countertops/Hall
Cultured Marble
Shower Only/Hall
Yes

Interior Features

Interior Steps
No
Ceiling Fan(s)
Yes
Fire Sprinkler System
Yes
Furnished
Yes
Smoke Detector
Yes
Vaulted Ceiling(s)
Yes

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
Proof of Funds
Yes
Written Lender Approval
Yes

Home Protection

Offered
No

Gas

None
Yes

Construction

Concrete Block
Yes
Masonry Stucco
Yes
Metal
Yes

Style

Modern
Yes

Sewer

Connected
Yes

Roof

Metal
Yes

Water

Public
Yes

Living Areas

Great Room
Yes

Dining Areas

Dining in LR/GR
Yes

Fence

Block
Yes
Wrought Iron
Yes

Dining Room

Area
Yes

View

Mountain(s)
Yes

Breakfast

Bar
Yes

Road Type

Paved
Yes

Road Maintenance

City
Yes

Lot Features

Adjacent to Alley
Yes
Corner Lot
Yes
North/South Exposure
Yes

Main Cooling

Zoned
Yes

Laundry

Laundry Room
Yes
Dryer Included
Yes
Washer Included
Yes

Neighborhood Features

Sidewalks
Yes
Street Lights
Yes

Main Heating

Zoned
Yes

Extra Room

None
Yes

Water Heater

Electric
Yes

Association & Fees

HOA
No

Terms

Cash
Yes
Conventional
Yes

Floor Covering

Ceramic Tile
Yes

Window Covering

Stay
Yes

Accessibility Option

Door Levers
Yes
Roll-In Shower
Yes
Wide Doorways
Yes

Window Features

Double Pane Windows
Yes

Technology

Cable TV
Yes
High Speed Internet
Yes

Security

Security Lights
Yes
Window Bars
Yes

Sold Info

Seller Concessions
0

Landscape - Front

Low Care
Yes

Landscape - Rear

Low Care
Yes

Patio/Deck

Balcony
Yes
Covered
Yes

Pool

None
Yes

Property Disclosures

Military Airport Vct
Yes
Seller Prop Disclosure
Yes

Spa

None
Yes

Special Conditions

None
Yes

Exterior Feature

Barbecue
Yes
Courtyard
Yes
Listing Office: Pinnacle Realty and Investment Advisors LLC
IDX
Last Updated: December - 25 - 2024
The data relating to real estate listings on this website comes in part from the Internet Data Exchange (IDX) program of Multiple Listing Service of Southern Arizona. 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. Listings provided by brokerages other than the listing brokerage here are identified with the MLSSAZ IDX Logo. All Information Is Deemed Reliable But Is Not Guaranteed Accurate. Listing information Copyright 2020 MLS of Southern Arizona. All Rights Reserved.
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