TUCSON AZ 5 unit income property R3 zoning excess land, free standing for sale in Tucson, Arizona

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$300,000

FOR SALE - 5 cottage apartment complex - $300,000
Great property for retiree or to expand inventory.
Solid mid-town location, proximate to U of A and employment centers.
Individually metered for gas and electric and common metering for water/sewer.
Market rents for each of the 5 identical cottages are $500 per month. Two garages @ $80 each.
Please note that actual rents scheduled thru March 2013 are higher as the property is operated as temporary furnished housing.
Property is surveyed and staked, including positioning of improvements. Extensively renovated since our purchase in January 2003.
Circuit breakers, copper wiring, gas wall heat, 1 ton window a/c units, tile or laminate floor throughout. Common laundry, off street parking.
There are two large metal garages on the property for storage. Seller desires to lease these back for two years at $80 each per month.
Very, very low maintenance brick units with redwood fenced yards/patios.
Solid build from early 1950's. Continually maintained and operated.
Furnishings and website convey with sale. Four units are furnished and lease from $895 to $995 per month (higher in Jan, Feb and March).
The 5th cottage is rented to a conventional tenant at $495 per month. Figure market rents at $500 per unit + $80 for each metal garage.
There are a few gaps on the calendar, but the furnished cottages are leased thru late March. The rents will convey with the sale.
You can continue running it as short-term housing or put new tenants on longer term leases at market levels.
Underdeveloped 16,500 square foot R-3 (high density residential) lot provides numerous expansion and adaptive re-use possibilities.
R-3 zoning permits many alternate uses including 2-story development, adult care or group care facilities.
Two curb cuts and driveways along permiter provide adequate sidelot setback for most redevelopment plans.
Clean, 1 BR apartments are in demand in this central location.
The stand alone nature of the cottages is attractive to tenants.
Units were substantially upgraded from 2003 to 2005.
Air conditioning and furnishings were installed in 2005 - 2006.
Continually maintained since.
Pictures are of a typical furnished unit. Layouts of the 5 420 sf gba cottages are virtually identical.


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