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
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
Country: USA
Street #: 50
Direction: N
Street Name: Mountain
Suffix: Avenue
State/Province: AZ
Zip Code: 85719
County: Pima
Location, Tax & Legal
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
Tax Code: 124-08-2240
Area: Central
Subdivision: Drakes Addition
Contract Information
Method of Title: Fee (Simple)
Distressed Info: None
Current Price: $2,950,000
Sold Price: $2,950,000
Listing Date: 2024-04-25
Status: Closed
Status Change Info
Off Market Date: 2024-06-22
Sold Price/SqFt: 307.36
Lot Sz Sold Prc/SqFt: 157.33
How Sold: Cash Owner Carryback
Pending Date: 2024-07-20
Sold Date: 2024-07-31
Sold Price: $2,950,000
Showing Information
Directions: From Broadway and Campbell. North to 10th Street. West to Mountain Ave. On Southeast corner of 10th street and Mountain.
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
Total Parking: 14
Lot Sqft: 18750
Lot Size Source: Assessor
Horse Property: No
School District: TUSD
Elementary School: Cragin
Middle School: Mansfeld
High School: Tucson
Horse Facilities: No
List Price/SqFt: 338.61
Lot Size Price/SqFt: 173.33
Combined SqFt: 9598
Year Built: 2015
Unit Info
# of Units/Other: 4
Avg Mo Rent/Other: 6800
Electric
Electric Company: TEP
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
Income
Vacancy Loss: 0
Other Income: 7228
Adjusted Gross: 333628
Total Expenses: 71805
Gross Scheduled Rent: 326400
Net Opp Income: 261823
Gas
None: 1
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
Analysis
Gross Rent Multi: 8.84
Vacancy Rate %: 0
Exp/SqFt: 7.48
Exp % of Gross: 21.52
Cap Rate %: 8.88
Construction
Concrete Block: 1
Masonry Stucco: 1
Metal: 1
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
Expenses
Admin Expenses: 698
Capital Expenses: 8000
Contract Services: 400
Figures Presented: Proforma
Gas/Electric: 0
Insurance: 5800
Maintenance Supplies: 7500
Management: 33363
Resident Manager: 0
Taxes/Assessments: 15794
Water/Sewer: 0
Other Expenses: 250
Style
Modern: 1
Sewer
Connected: 1
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
Roof
Metal: 1
Water
Public: 1
Living Areas
Great Room: 1
Dining Areas
Dining in LR/GR: 1
Fence
Block: 1
Wrought Iron: 1
Dining Room
Area: 1
View
Mountain(s): 1
Breakfast
Bar: 1
Road Type
Paved: 1
Kitchen Features
Breakfast Bar: 1
Countertops: Corian
Double Sink: 1
Electric Range: 1
Pantry: Walk-In
Appliance Color: Black
Microwave: Conventional
Oven: Electric
Dishwasher: 1
Disposal: 1
Refrigerator: 1
Road Maintenance
City: 1
Lot Features
Adjacent to Alley: 1
Corner Lot: 1
North/South Exposure: 1
Main Cooling
Zoned: 1
Laundry
Laundry Room: 1
Dryer Included: 1
Washer Included: 1
Neighborhood Features
Sidewalks: 1
Street Lights: 1
Main Heating
Zoned: 1
Extra Room
None: 1
Water Heater
Electric: 1
Association & Fees
HOA: No
Interior Features
Ceiling Fan(s): 1
Fire Sprinkler System: 1
Furnished: 1
Interior Steps: No
Smoke Detector: 1
Vaulted Ceiling(s): 1
Bathroom Features
Shower Only/Hall: 1
Countertops/Primary: Cultured Marble
Countertops/Hall: Cultured Marble
Terms
Cash: 1
Conventional: 1
Floor Covering
Ceramic Tile: 1
Submit With Offer
Digital Signatures: Yes
Proof of Funds: 1
Seller Title Company: Fidelity B. Raymond
Written Lender Approval: 1
Window Covering
Stay: 1
Accessibility Option
Door Levers: 1
Roll-In Shower: 1
Wide Doorways: 1
Window Features
Double Pane Windows: 1
Technology
Cable TV: 1
High Speed Internet: 1
Security
Security Lights: 1
Window Bars: 1
Sold Info
Seller Concessions: 0
Landscape - Front
Low Care: 1
Landscape - Rear
Low Care: 1
Patio/Deck
Balcony: 1
Covered: 1
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
Pool
None: 1
Property Disclosures
Military Airport Vct: 1
Seller Prop Disclosure: 1
Spa
None: 1
Special Conditions
None: 1
Driveway
Paved: Asphalt
RV Parking
Other: None
Exterior Feature
Barbecue: 1
Courtyard: 1
Subdivision Restrict
Age Restrictions: No
CC&Rs: Yes
Deed Restrictions: Yes
Home Protection
Offered: No
Remarks Misc
Geo Lat: 32.222219
Geo Lon: -110.952098
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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