15 E Limberlost Dr - Apartments FOR SALE


Tucson, AZ 85705- Limberlost
$3,200,000 USD
520-490-2113
15 E Limberlost Dr, Tucson, AZ for Sale
$3,200,000 USD
Apartments - FOR SALE
1/18
null | 6.41% Cap Rate

15 E Limberlost Dr
Tucson, AZ 85705
Limberlost


HIGHLIGHTS

  • Value-add opportunity
  • On-site laundry facility & office
  • Sparkling pool
  • Masonry construction
  • Below market rents
  • low maintenance asset

OVERVIEW

Ideally located in North Tucson, Limberlost Studios presents a value-add opportunity consisting of 36 studio units. The property’s upside comes from being able to upgrade the units to reach higher rents, which can be attainable through interior renovations and aggressive leasing and marketing efforts. The units at the subject asset all include open layouts and more classic clean finishes. There are currently 2 units with upgraded flooring (vinyl), cabinets, appliances, and a combo washer/dryer unit installed. For all units, tenants can also enjoy wall-mounted ACs, large walk in-closets and masonry walls for noise reduction. The opportunity new owners have is to renovate the units with modern and up to date finishes, new paint, countertops, and modern vinyl flooring. Allowing the property to have modern trends will keep up with current market trends and keep tenants satisfied and retained. Beneficial to investors, the property is individually metered while Water/Sewer/Trash are master metered and paid for by Owner. For the W/S/T utilities - a RUBs bill-back system is in usage, shifting the expense back to tenants. The community’s-maintained surroundings is further enhanced by well-maintained walkways with lush desert plants large palm trees, and shade trees. The current amenities include on-site laundry facility and on-site office. In addition, tenants can enjoy a well-maintained pool area for their enjoyment. The property also has ample parking for tenants and their guest. Well located in North Tucson, Limberlost studios is within 1 mile of the Tucson Mall and ample entertainment and dining options. Also located within miles of Downtown Tucson, U of A, and Pima community college, Limberlost Studios is in an ideal location for the working class and growing young professionals of central Tucson. Residents benefit from convenient access to growing retail spaces, providing an array of shopping, dining, and entertainment options.

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$103 USD /SF

# OF UNITS

36

PRICE/UNIT

$88,889

CAP RATE

6.41%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Limberlost Studio Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1977

PARKING SPACES

40

LAND DETAILS

LAND ACRES

0.86 AC

LAND SF

37,462 SF

ZONING

R-6

APN/PARCEL ID

105-12-0090

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.