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1091 W Beta St, Green Valley, AZ 85614
- 52-Unit Opportunity within 20 minutes from the Tucson MSA job base
- Previously an affordable community that was converted to market rate and has completed the 3-year deregulation period
- The asset comprises 47 market rate units and 5 HOME units with 50% and 60% AMI restrictions that expire in July 2030
- Desirable and spacious unit mix featuring two- and three- bedroom floorplans with an average unit size of 925 square feet
- Tremendous value-add opportunity as 100% of units have classic interior finishes
- Opportunity to invest approximately ±$7,000/unit to upgrade interiors for an estimated $150 market rent increase, a 26% return on investment
- Proven washer/dryer installation opportunity: currently 4 three-bedroom units have washers and dryers installed and are achieving $100 rent premiums
- Opportunity to move the affordable/below market leases to current market rents over the next 12 months and capitalize on an additional $123,000+ in rental income
- Current ownership recently invested over $350,000 in capital expenditures addressing major improvements including repairs and replacements to roofs, HVACs, flooring, signage, plumbing, exterior paint, landscaping, water heaters, and unit interiors
- Clean and well-maintained community allowing the next investor to focus on revenue generating improvements
- The property is currently 100% occupied and there is limited multifamily housing supply in the immediate area which is fueling the positive rent growth opportunity
- Located within 20 minutes of the heart of Tucson, with a total labor market of 380,000+ employees and an annual population growth rate of 2.7%
- Within minutes of major employers including the University of Arizona, Davis-Monthan Air Force Base, and Raytheon
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SIGN INKey Property Information
Listing Status
Unavailable
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
52
Year Built
2000
Building Size
48,092 Sq ft
Opportunity Zone
No
