ABI Multifamily is pleased to present Drexel Plaza, a 58-unit multifamily community located at 5770 South Jeanette Boulevard in Tucson, Arizona. Built in 1988, the property consists of two three-story buildings and one two-story building on 1.51 acres, offering a mix of one-bedroom, two-bedroom, and studio floorplans. Residents benefit from an on-site pool and laundry facility, and each unit is individually metered for electricity, a meaningful operating advantage over the largely master-metered competing inventory in the submarket.
Current ownership has invested over $110,000 in capital improvements, including new HVAC units, landscaping, pool work, and a recently completed roof, leaving no major systems deferred for the next owner. Drexel Plaza presents investors an opportunity to acquire a 96.6% occupied asset with significant embedded rent growth through interior renovations. In-place rents average $680 per unit against a renovated proforma of $845, with recent two-bedroom leases already signing at $885.
Drexel Plaza is located near the corner of East Drexel Road and Park Avenue, allowing residents direct arterial access to Interstate 10 and Interstate 19, minutes from the Tucson Spectrum Shopping Center. The property sits three miles from Tucson International Airport and the adjacent RTX/Raytheon campus, the region's largest employer with approximately 13,000 workers and an announced expansion of 2,000+ additional jobs, anchoring durable workforce housing demand as Tucson's new supply pipeline winds down.