Winstel Park Apartments
12 Unit Apartment Building | $1,250,000 ($104,167/Unit) | 6.68% Cap Rate | Tucson, AZ 85716
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,250,000
- Property Type
-
Multifamily
- Square Feet
- 8,950 SF
Listing Contacts
Allan Mendelsberg
Verified Profile
Joey Martinez
Verified Profile
- Property Info
Property Overview
Winstel Park Apartments presents a prime investment opportunity in central Tucson. The gated property includes seven 2-bedroom/1-bath units, three 1-bedroom/1-bath units, one 2-bedroom/1-bath + den unit, and one junior 1-bedroom/1-bath unit. Built between 1972 and 1973, the property has undergone some upgrades over the past couple years and is overall in good condition.
Recent capital improvements have enhanced its appeal, with the attractive unit mix offering below-market rents that provide significant potential for revenue growth. It also features a shared laundry facility, BBQ area, and patio for residents to enjoy.
Currently, the owner covers water, sewer, and trash expenses. However, by implementing a RUBS (Ratio Utility Billing System) program, these costs could be shifted to tenants based on usage, further enhancing the property’s profitability.
Winstel Park Apartments is ideally situated near Davidson Elementary, Doolen Middle School, and Catalina High Magnet School. Residents have easy access to a variety of entertainment and dining options, including the Monsoon Chocolate Café & Market, part of Tucson’s renowned culinary scene as the United States’ first UNESCO City of Gastronomy. The property is also near “The Loop,” Tucson’s paved path throughout the city for walking and biking and is in close proximity to the Tucson Medical Center, one of the area’s major employers.
This multifamily property offers a compelling investment opportunity in a stable and thriving Tucson neighborhood. With its combination of recent updates, desirable amenities, and significant growth potential, Winstel Park Apartments is an excellent addition to any real estate portfolio.
Recent capital improvements have enhanced its appeal, with the attractive unit mix offering below-market rents that provide significant potential for revenue growth. It also features a shared laundry facility, BBQ area, and patio for residents to enjoy.
Currently, the owner covers water, sewer, and trash expenses. However, by implementing a RUBS (Ratio Utility Billing System) program, these costs could be shifted to tenants based on usage, further enhancing the property’s profitability.
Winstel Park Apartments is ideally situated near Davidson Elementary, Doolen Middle School, and Catalina High Magnet School. Residents have easy access to a variety of entertainment and dining options, including the Monsoon Chocolate Café & Market, part of Tucson’s renowned culinary scene as the United States’ first UNESCO City of Gastronomy. The property is also near “The Loop,” Tucson’s paved path throughout the city for walking and biking and is in close proximity to the Tucson Medical Center, one of the area’s major employers.
This multifamily property offers a compelling investment opportunity in a stable and thriving Tucson neighborhood. With its combination of recent updates, desirable amenities, and significant growth potential, Winstel Park Apartments is an excellent addition to any real estate portfolio.
Property Details
- Class
- C
- Year Built
- 1972
- Stories
- 2
- Lot Size (sq. ft)
- 10,019 SF
- Units
- 12
Highlights
- Value-add opportunity
- Below market rents
- Air-conditioning for all units
- Laundry facility on-site
- Gated & secured access
- Common area BBQ & patio
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