5770 S Jeanette Blvd - Apartments FOR SALE


Tucson, AZ 85706- Ward 5
$3,995,000 USD
602-714-1370
5770 S Jeanette Blvd, Tucson, AZ for Sale
$3,995,000 USD
Apartments - FOR SALE
1/19
null | 6.82% Cap Rate

5770 S Jeanette Blvd
Tucson, AZ 85706
Ward 5


HIGHLIGHTS

  • 58 Units, Built In 1988, Block Construction | 96.6% Occupied
  • (72%) 1 Bedroom / 1 Bathroom, (26%) 2 Bedroom / 1 Bathroom, & (2%) Studio Units
  • Individually Metered For Electricity
  • Over $110,000 In Recent Capital Improvements (New HVAC Units, Pool, & Roof Repairs)
  • 3 Miles From Tucson International Airport & The RTX/Raytheon Campus, With Convenient Access To I-10 & I-19
  • Value-Add Opportunity Through Interior Renovations | On-Site Pool & Laundry Facility

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$3,995,000 USD

PRICE/SF

$125 USD /SF

# OF UNITS

58

PRICE/UNIT

$68,879

CAP RATE

6.82%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Drexel Plaza Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1988

PARKING SPACES

94

LAND DETAILS

LAND ACRES

1.51 AC

LAND SF

65,776 SF

ZONING

C-1

APN/PARCEL ID

140-25-011B

ASK ABOUT THIS PROPERTY

Carson GriesemerABI MultifamilyMore Info
602-714-1370

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

Carson GriesemerABI MultifamilyMore Info
602-714-1370

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