A 42-UNIT VALUE-ADD MULTI-HOUSING INVESTMENT OPPORTUNITY

3601 EAST 2ND STREET | TUCSON, ARIZONA

Centrally located in Midtown Tucson’s historic Miramonte Neighborhood, Midtown on

2nd provides immediate access to three award-winning medical centers, extensive

neighborhood & brand name retail, and the numerous recreational opportunities

that pervade the area. Midtown on 2nd, completed in 1962, is a 42-unit multifamily

community featuring block construction with a mix of studio and one-bedroom

apartments. Apartment Interiors include well-equipped kitchens, french-door entry,

and walk-in closets. Select units feature dishwashers. Upstairs units are accented

by hardwood, vaulted ceilings.

Ownership has undergone a programmatic renovation of interiors to include vinyl

wood-style flooring, refinished cabinets, and resurfaced laminate countertops.

Furthermore, five units were outfitted at a “platinum” level finish to include

new stainless-steel appliances, designer hardware and lighting fixtures, and

a glass backsplash in the kitchen. At a weighted average cost of $1,850

to bring the remaining 37 units to the platinum level yielding a $100 per

month rental premium. Community amenities include a sparkling pool

and pool-deck lounge, on-site laundry, water-softening service, dog park,

and photovoltaic solar panels. Large capital improvement projects since

ownership include new striped parking lot, air conditioner replacement,

gas line replacement, and exterior paint effectively minimizing future

capital cost exposure for a new owner.

MIDTOWN ON 2ND

MID-CENTURY MODERN REVIVAL ACCENTED BY MIDTOWN ACCESSIBILITY AND WELL-APPOINTED APARTMENTS

OFFERING + PRICING SUMMARY

Price $3,050,000

End of Year One Cap Rate 6.05%

Ownership Fee Simple

Construction Type Garden

Number of Units 42

Year Built 1962

Weighted Average Unit Size 426 SF

Net Rentable Square Feet 17,878

Parcel Size 0.85 Acres

Density 49.41 Units per Acre

*All square footages are approximate

Unit Description

UnitCount

Unit Mix

SquareFeet

Net Rentable Square Feet

Market Rent

Per Unit Per SF

Studio Classic 5 12% 320 1,600 $425 $1.33

Studio Renovated 14 33% 320 4,480 $549 $1.72

Studio Platinum 3 7% 320 960 $619 $1.93

1 Bdr 1 Bath Classic 5 12% 640 3,200 $525 $0.82

1 Bdr 1 Bath Renovated 13 31% 640 8,320 $664 $1.04

1 Bdr 1 Bath Platnium 2 5% 640 1,280 $729 $1.14

Total / Average 42 100% 472 19,840 $581 $1.23

Monthly Potential $24,383

Annual Potential $292,596

U N I T M I X S U M M A RYMARCH 4TH, 2020 RENT ROLL

MARCUS & MILLICHAPOne South Church, Suite 1262 | Tucson, Arizona 85701

EXCLUSIVELY LISTED BY

HAMID PANAHIFirst Vice President520.719.6511hamid.panahi@marcusmillichap.comLicense: AZ SA550601000

JAMES CRAWLEYSenior Associate520.719.6512james.crawley@marcusmillichap.comLicense: AZ SA659077000

THIRD STREETBIKE BOULEVARD±14 min. bike ride to University of Arizona

±46,000 Students; ±16,500 Employees

CHROMA

±4,480 Employees

DOWNTOWN TUCSON

±4.4M sf; office

SECOND STREET

±63,500 SF, Mixed-UseEst. Completion 2022

SPEEDWAY BOULEVARD

RICHEY BOULEVARD

aerial obliqueWEST

RYAN SARBINOFFBroker of Record602.687.6750ryan.Sarbinoff@marcusmillichap.comLicense: BR675146000