4562-4574 E Lester St - Apartments FOR SALE


Tucson, AZ 85712- Midtown Tucson
$575,000 USD
520-490-2113
4562-4574 E Lester St, Tucson, AZ for Sale
$575,000 USD
Apartments - FOR SALE
1/24
null | 7.04% Cap Rate

4562-4574 E Lester St
Tucson, AZ 85712
Midtown Tucson


HIGHLIGHTS

  • Value-add opportunity
  • Operational upside
  • Backyards for some units
  • On-site laundry facility
  • Below market rents
  • Large 3bd unit

OVERVIEW

Owner is a Licensed Real Estate Agent in state of Arizona and an Agent/Employee at CW | PICOR Commercial Real Estate Lester Townhomes, is located off E. Grant & N. Swan Rd., making for the perfect value-add opportunity that allows for long term rent growth. This property features (6) units – (5) 2BD/1BAs and a large 3BD/2BA unit. Some of which have backyards. Situated in North Central Tucson, surrounded by Tucson Medical Park, and within miles of multiple shopping centers. The asset has clear value-add potential attainable through interior/exterior renovations and rental increases. The complex consists of 6 open-layout units – while most units at Lester Townhomes show value-add opportunity with renovations, one unit was recently upgraded more extensively. A standard unit holds tile flooring and an open floor plan. While the upgraded unit has vinyl flooring, modern painted walls and finishes, updated cabinetry, countertops and stainless-steel appliances throughout the kitchen. Beneficial to new investors, the remaining units bring opportunity to update the units and increase the rental income. The property benefits from a favorable utility billing structure, with electric and gas directly paid by tenants, while water/sewer/trash are paid for by the Owner. Lester Townhomes includes several common area amenities available to residents. The amenities include on-site laundry, ample parking, and a large sun-lit courtyard with shade trees and backyards to some units. One unit is in need of significant repairs. After implementing strategic renovations across the interiors, exteriors, and common areas; rental increases can dramatically elevate the property's value and operating income. The presence of large employers in the surrounding area fosters a strong tenant base, further solidifying the potential for long-term rental success. Placed within North Central Tucson Lester Townhomes features a desirable location for those who want to be close to both shopping and employment opportunities. Located near Tucson Medical Park, within 3 miles of Park Place Mall, and Costco, the property draws a thriving working-class community. Residents benefit from convenient access to growing retail space, providing an array of shopping, dining, and entertainment options.

FOR SALE DETAILS

PRICE

$575,000 USD

PRICE/SF

$114 USD /SF

# OF UNITS

6

PRICE/UNIT

$95,833

CAP RATE

7.04%

% LEASED

99%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lester Townhomes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1982

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.41 AC

LAND SF

17,860 SF

ZONING

R-2

APN/PARCEL ID

122-04-029

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.