3725 E Farr Place, Tucson, AZ 85716
$910,000
Property Type:
Commercial
Square Footage:
6,240
Lot Size (sq. ft.):
43
Status:
Closed
Current Price:
$910,000
List Date:
8/24/2023
Last Modified:
12/23/2024
Description
Located in a highly desirable area across from Tucson's Metal Arts Village, less than a mile from Brandi Fenton Memorial Park and the River Path and within an approximately 10 minute drive to the University of Arizona, this 10 unit property offers a significant value add opportunity. The units are individually metered for gas and electric with the owner paying water, sewer and trash. Rents are well below market with all tenants on month-to-month leases, allowing for the ability to immediately increase rents and introduce a RUBS program. Alternatively, the area will allow for significantly higher rents upon completion of modern updates to the units. The unit mix is ideal and consists of 1 studio, 6 one bedroom units and 3 two bedroom units.
Supplements: The property was built in 1950, with updates completed by the previous owner in 2018. Some units provide washer/dryer hookups and enclosed backyards. Please access the document vault for additional information. https://www.abimultifamily.com/?a=078E1B083E96138613&/3725-3729-east-farr-place
More Information MLS# 22318251
Address Information
Country: USA
Street #: 3725
Direction: E
Street Name: Farr
Suffix: Place
State/Province: AZ
Zip Code: 85716
County: Pima
Location, Tax & Legal
Tax Year: 2022
Taxes: 4949.71
Assessments: 0
Legal Description: LOHRUM W134.5' LOT 4 BLK 6
Municipality/Zoning: Pima County - MU
Fire Protection: Included in Taxes
FEMA Flood Zone: No
Tax Code: 111-04-0760
Area: Central
Contract Information
Method of Title: Fee (Simple)
Short Sale: No
Current Price: $910,000
Sold Price: $910,000
Listing Date: 2023-08-07
Status: Closed
Status Change Info
Off Market Date: 2023-10-02
Sold Price/SqFt: 145.83
Lot Sz Sold Prc/SqFt: 35.96
Financing: Cash
Pending Date: 2023-09-26
Sold Date: 2023-10-09
Sold Price: $910,000
General Property Information
Property Sub-Type: Apartment
Construction Status: Existing
# Units: 10
Lot Dimensions: Irregular
Lot Acres: 0.58
Lot Sqft: 25308
Multi-Tenant: Yes
Lot Size Source: Assessor
Source of SqFt: Assessor
List Price/SqFt: 176.28
Lot Size Price/SqFt: 43.46
Year Built: 1950
Combined SqFt: 6240
Electric
Electric Company: TEP
Gas
Natural: 1
Construction
Concrete Block: 1
Sewer
Connected: 1
Unit Information
Apartment: Low Rise
Apartment Unit Information
# of Units/Studios: 1
Avg Mo Rent/Studios: 650
# of Units/1 BR: 6
Avg Mo Rent/1 BR: 679
# of Units/2 BR: 3
Avg Mo Rent/2 BR: 900
Main Cooling
Evaporative Cooling: 1
Main Heating
Electric: 1
Forced Air: 1
Water Heater
Natural Gas: 1
Terms
Cash: 1
Conventional: 1
Sold Info
Seller Concessions: 0
Remarks Misc
Geo Lat: 32.266684
Geo Lon: -110.913281
Property Features
Construction: Concrete Block
Main Cooling: Evaporative Cooling
Main Heating: Electric; Forced Air
Water Heater: Natural Gas
Gas: Natural
Sewer: Connected
Terms: Cash; Conventional
Listing Office: ABI Multifamily, LLC
Last Updated: December - 23 - 2024
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