Multifamily Portfolio for Sale in Tucson

Spanish Trail (121 units, built 1967) and Sixth Avenue (89 units, built 1974) is a 210-unit Class C multifamily portfolio in South Tucson, offered at $13,125,000 ($62,500 per unit). Both properties sit within about a mile of the I-10/I-19 interchange, close to Downtown Tucson, the VA Healthcare System and the University of Arizona.

Visit our property website to learn more and to request the offering memorandum.

The seller has invested more than $4.5 million in the two properties since 2021, including full renovations at both and a 2024 fire rebuild at Spanish Trail. That puts the basis roughly 36% below the average of recent single-asset Tucson sales, and well below replacement cost. The two assets can run on one shared on-site team.

The upside is simple: lease up the vacancy. The portfolio is 68.6% occupied, with 66 vacant units, and in-place rents already average about $848, above the $825 underwritten market rent (all utilities included). That means the business plan is filling empty units, not pushing rent on existing tenants. Underwriting assumes a 12-month lease-up to 90% economic occupancy, supported by a funded $500,000 capital budget, a $250,000 operating reserve and a lease-up interest reserve. On that plan, stabilized Year 2 NOI is $1,081,030, an 8.04% cap rate on purchase price. With 70% loan-to-cost financing, projected cash-on-cash returns average 11.2% in Years 2–5.