819 N 1st Avenue, Tucson, AZ 85719

$5,250,000
Property Type: Commercial Square Footage: 21,722 Lot Size (sq. ft.): 18,295 Status: Closed
Current Price: $5,250,000 List Date: 1/04/2019 Last Modified: 12/10/2024

Overview

Description

This is a rare once in a lifetime opportunity to own prime property directly next to a major university, which is turnkey and does not need renovation. Superb existing financing must be assumed by Buyer. FNMA loan: $3,000,000 @3.99% 10 year stop (from 12/17). Non-recourse AND Assumable! Major capital improvements have been done including all new windows, HVAC units, water heater, exterior paint and trim, landscaping & security cameras. 20 ''A'' units have granite, hardwood, mirrored doors on closets and dishwashers. Six units have upgraded flooring and B-level cosmetics. 15 ''B'' units feature tasteful carpeting in bedroom and living area and tile or VCT in baths and kitchen. All units have modern, tasteful cosmetics. B units are easily & inexpensively converted to ''A'' units. Owner/Agent

Listing Details MLS# 21825168

Address Information

Street #
819
Direction
N
Street Name
1st
Suffix
Avenue
State/Province
AZ
Zip Code
85719
County
Pima
Country
USA

Location, Tax & Legal

Tax Code
117-03-0100
Area
Central

General Property Information

Property Sub-Type
Apartment
# Units
41
Multi-Tenant
Yes
Year Built
1971
Lot Dimensions
188 x 100
Lot Acres
0.42
Lot Sqft
18295
Lot Size Source
Assessor
Combined SqFt
21722
Source of SqFt
Assessor
List Price/SqFt
253.2
Lot Size Price/SqFt
300.63

Property Features

Property Features: Fire Sprinklers; Furnished; Smoke Detector; Storage Construction: Masonry Stucco Roof: Built-Up - Reflect Main Cooling: Ceiling Fan(s); Central Air Main Heating: Electric; Forced Air Water Heater: Electric Gas: Natural Sewer: Connected Water: Public Security: Closed Circuit Camera(s); Security Lights; Window Bars Fence: Stucco Finish; Wrought Iron Landscape - Front: Desert Plantings; Low Care Landscape - Rear: Desert Plantings; Low Care Road Type: Paved Parking: Parking Lights; Paved Parking Terms: Assumption Property Disclosures: Lead Based Paint; Seller Prop Disclosure

Contract Information

Method of Title
Fee (Simple)
Short Sale
No

Status Change Info

Off Market Date
2019-01-04
Pending Date
2019-01-28
Sold Date
2019-05-22
Sold Price/SqFt
241.69
Lot Sz Sold Prc/SqFt
286.96
Financing
Exchange

More Information

Showing Information

Directions
From Euclid and University Blvd, West on University Blvd to 1st Ave, North on 1st Ave to address on Left.

Income

Gross Scheduled Rent
461820
Vacancy Loss
4618
Other Income
120758
Adjusted Gross
577960
Net Opp Income
330334

Analysis

Cap Rate %
6
Gross Rent Multi
9.08
Vacancy Rate %
Yes
Exp % of Gross
29.5

Expenses

Figures Presented
Proforma
Other Expenses
138432

Apartment Unit Information

# of Units/1 BR
40
Avg Mo Rent/1 BR
900
# of Units/2 BR
Yes
Avg Mo Rent/2 BR
1425

Electric

Electric Company
TEP

Security

Other
Gated Community

Parking

# Covered Parking
12
Other
10 Uncovered Spaces
IDX
Listing Office: Bright Properties
Last Updated: December - 10 - 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 2026 MLS of Southern Arizona. All Rights Reserved.
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