2333 E Glenn St - Apartments FOR SALE


Tucson, AZ 85719- Shaheen Estates
$4,400,000 USD
520-490-2113
2333 E Glenn St, Tucson, AZ for Sale
$4,400,000 USD
Apartments - FOR SALE
1/29
null | 6.72% Cap Rate

2333 E Glenn St
Tucson, AZ 85719
Shaheen Estates


HIGHLIGHTS

  • ATTRACTIVE ASSUMABLE DEBT
  • Value-add opportunity
  • Operational upside
  • Below market rents
  • Well-maintained landscape
  • Recent cap ex

OVERVIEW

Glenn East Apartments presents a prime value-add investment opportunity with attractive assumable debt, allowing for a seamless transition to new ownership. Centrally located off Campbell Avenue and just north of The University of Arizona and University Medical Center (Banner Hospital), this well-maintained 46-unit community offers strong potential for long-term rent growth. Constructed with durable masonry, the property is surrounded by meticulously landscaped common areas featuring shade trees, desert-friendly plants, and artificial turf for low-maintenance appeal. A partially gated entrance enhances security while maintaining an inviting atmosphere. The unit mix consists of (12) 1BD/1BA and (34) 2BD/1BA units, which will be attractive offerings to a diverse tenant base. While select units have undergone minor upgrades, there remains a significant opportunity for further interior renovations to capture market-rate rents. Current upgraded units feature modern kitchens with new paint, cabinetry, tile backsplash, and updated flooring, along with enhanced living spaces in select units, including refreshed bedrooms and bathrooms. The 2BD units feature upgraded electrical and full air conditioning systems while the 1BD units are still on evaporative cooling. Ownership currently covers common area utilities, water, sewer, and trash services, with cost-sharing through an established RUBS & CAMS program, successfully passing some utility expenses to tenants for improved operational efficiency. The property fosters a vibrant, community-focused environment with lush courtyards, well-maintained walkways, a swimming pool, and a picnic area with a barbecue grill. Residents benefit from shared laundry facilities and reserved covered parking, adding to the property’s appeal. Positioned near The University of Arizona, Glenn East Apartments is a highly attractive housing option for students and young professionals. It’s central location, strong demand, and below-market rents present an immediate investment upside, making it a standout opportunity for investors seeking both short-term gains and long-term value appreciation.

FOR SALE DETAILS

PRICE

$4,400,000 USD

PRICE/SF

$111 USD /SF

# OF UNITS

46

PRICE/UNIT

$95,652

CAP RATE

6.72%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Glenn East Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

63

LAND DETAILS

LAND ACRES

1.07 AC

LAND SF

46,609 SF

ZONING

R-3

APN/PARCEL ID

112-05-2790

ASK ABOUT THIS PROPERTY

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

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

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

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