2333 E Glenn St - Apartments FOR SALE


Tucson, AZ 85719- Shaheen Estates
$4,400,000 USD
520-490-2113
2333 E Glenn St, Tucson, AZ for Sale
$4,400,000 USD
Apartments - FOR SALE
1/29
null | 6.72% Cap Rate

2333 E Glenn St
Tucson, AZ 85719
Shaheen Estates


HIGHLIGHTS

  • Cushman & Wakefield presents the Glenn East Apartments with attractive assumable debt.
  • The asset presents a value-add opportunity with operational upside.
  • Current rents are below market rate.
  • The property is well-maintained with scenic landscaping and has recent CapEx investments.

OVERVIEW

Glenn East Apartments presents a prime value-add investment opportunity with attractive assumable debt, allowing for a seamless transition to new ownership. Centrally located off Campbell Avenue and just north of the University of Arizona and the University Medical Center (Banner Hospital), this well-maintained 46-unit community offers strong potential for long-term rent growth. Constructed with durable masonry, the property is surrounded by meticulously landscaped common areas featuring shade trees, desert-friendly plants, and artificial turf for low-maintenance appeal. A partially gated entrance enhances security while maintaining an inviting atmosphere. The unit mix consists of 12 one-bedroom/ one-bathroom and 34 two-bedroom/ one-bathroom units, offering attractive offerings to a diverse tenant base. While select units have undergone minor upgrades, there remains a significant opportunity for further interior renovations to capture market-rate rents. Upgraded units feature modern kitchens with new paint, cabinetry, tile backsplash, updated flooring, and enhanced living spaces in select units, including refreshed bedrooms and bathrooms. The two-bedroom units feature upgraded electrical and full air conditioning systems, while the one-bedroom units are still on evaporative cooling. Ownership currently covers common area utilities, water, sewer, and trash services, with cost-sharing through an established RUBS & CAMS program. The property successfully passes some utility expenses to tenants for improved operational efficiency. The property fosters a vibrant, community-focused environment with lush courtyards, well-maintained walkways, a swimming pool, and a picnic area with a barbecue grill. Residents benefit from shared laundry facilities and reserved covered parking, adding to the property’s appeal. Positioned near the University of Arizona, Glenn East Apartments is a desirable housing option for students and young professionals. Its central location, strong demand, and below-market rents present an immediate investment upside, making it a standout opportunity for investors seeking short-term gains and long-term value appreciation.

FOR SALE DETAILS

PRICE

$4,400,000 USD

PRICE/SF

$111 USD /SF

# OF UNITS

46

PRICE/UNIT

$95,652

CAP RATE

6.72%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Glenn East Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

63

LAND DETAILS

LAND ACRES

1.07 AC

LAND SF

46,609 SF

ZONING

R-3

APN/PARCEL ID

112-05-2790

ASK ABOUT THIS PROPERTY

Allan MendelsbergCushman & Wakefield | PICORMore Info
520-490-2113

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Allan MendelsbergCushman & Wakefield | PICORMore Info
520-490-2113

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.