114 E Mohave Rd - Apartments FOR SALE


Tucson, AZ 85705- Amphi
$1,950,000 USD
520-490-2113
114 E Mohave Rd, Tucson, AZ for Sale
$1,950,000 USD
Apartments - FOR SALE
1/15
null | 6.41% Cap Rate

114 E Mohave Rd
Tucson, AZ 85705
Amphi


HIGHLIGHTS

  • Value-add opportunity
  • Operational upside
  • Backyards for some units
  • Some renovated units
  • Below market rents
  • Air-conditioned units

OVERVIEW

Sherwood Terrace is the ideal value-add opportunity for investors to capitalize on potential long-term rent growth. This large property holds a total of 20 units, comprising of a diverse unit mix with some units having undergone extensive renovations. This setup presents investors with the opportunity to generate additional rental income seeking immediate returns. The complex comprises of (20) diverse unit layouts. (8) studios, (8) 1BD/1Bas, and (4) 2BD/1BA units. Unit upgrades can include upgrades ACs, replacements of some water heaters, upgraded flooring, and interior modern finishes through units. Kitchens upgrades can include new appliances in some units, new painted cabinets, and modern finishes. Additionally, the property’s upgrades included an upgraded laundry room and perimeter fencing. Lasty, the interiors of all units received a fresh coat of paint to further enhance the unit's appearance with the installation of new vinyl flooring. For easy billing and responsible energy consumption, each unit is individually metered for electric & gas. As for water, sewer, and trash, these are master-metered and paid for by the owner but billed back through a successful RUBS program, simplifying billing and management for the property owner and reducing expense. Built in 1980, Sherwood Terrace has undergone exterior renovations as well. The landscape is meticulously maintained with clear walkways and clean grounds. All four buildings have been repainted to ensure the exterior complements the interior appearance upgrades. Additionally, the roofs have received recent repairs and coatings. Lastly the recent repairs of security gate ensure tenants can live comfortably knowing the gate is secure. Sherwood Terrace's location is particularly appealing to students and young professionals. The property is situated within miles of Pima Community College, the University of Arizona, and downtown Tucson. Residents can enjoy a vibrant array of entertainment, dining, and cultural attractions, all within a few miles of each other. This proximity offers residents various entertainment options and employment opportunities.

FOR SALE DETAILS

PRICE

$1,950,000 USD

PRICE/SF

$63 USD /SF

# OF UNITS

20

PRICE/UNIT

$97,500

CAP RATE

6.41%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sherwood Terrace

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.71 AC

LAND SF

30,928 SF

ZONING

R-3, Tucson

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Allan MendelsbergCushman & Wakefield | PICORMore Info
520-490-2113

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Allan MendelsbergCushman & Wakefield | PICORMore Info
520-490-2113

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.