Greenlee Condos
8 Unit Apartment Building | $1,800,000 ($225,000/Unit) | 6.40% Cap Rate | Tucson, AZ 85719
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,800,000
- Property Type
-
Multifamily
- Square Feet
- 11,200 SF
Listing Contacts
Allan Mendelsberg
Verified Profile
Joey Martinez
Verified Profile
- Property Info
Property Overview
Greenlee Condos is located in mid-town Tucson just minutes from the Tucson Mall and is a turn-key investment opportunity that features a gated apartment complex built in 1996. Comprised of 8 large 3BD/2.5BA condo style units, this is a rare opportunity to own a property of this style. Each unit is individually parceled giving investors potential to dispose of units separately, potentially increasing the value.
Greenlee Condos are currently renting for below-market rates, offering potential value-add for investors by raising the rents upon lease expiration. The units come equipped with modern amenities such as air conditioning, washer/dryer hookups, ceiling fans, and dishwashers. Recently, 5 units have received new AC units – 3 remaining units needing replacements. The electric and gas are individually metered and are paid for by the tenants directly to the utility company. The water/sewer/trash expense is paid for by the owner, with some tenants paying monthly RUBS to reimburse that expense to the owners.
The exterior is equipped with various amenities including covered parking, private storage units, and backyards to ensure a comfortable and secure living environment. The gated access ensures that only authorized individuals have access to the complex, providing an extra layer of security.
Residents enjoy a comfortable and secure lifestyle with covered parking, private storage, and backyard spaces. The gated community ensures peace of mind. Greenlee Condos' prime location near the Tucson Mall provides convenient access to shopping, dining, and entertainment. With its blend of investment potential, modern amenities, and desirable location, Greenlee Condos offers a promising opportunity for savvy investors.
Greenlee Condos are currently renting for below-market rates, offering potential value-add for investors by raising the rents upon lease expiration. The units come equipped with modern amenities such as air conditioning, washer/dryer hookups, ceiling fans, and dishwashers. Recently, 5 units have received new AC units – 3 remaining units needing replacements. The electric and gas are individually metered and are paid for by the tenants directly to the utility company. The water/sewer/trash expense is paid for by the owner, with some tenants paying monthly RUBS to reimburse that expense to the owners.
The exterior is equipped with various amenities including covered parking, private storage units, and backyards to ensure a comfortable and secure living environment. The gated access ensures that only authorized individuals have access to the complex, providing an extra layer of security.
Residents enjoy a comfortable and secure lifestyle with covered parking, private storage, and backyard spaces. The gated community ensures peace of mind. Greenlee Condos' prime location near the Tucson Mall provides convenient access to shopping, dining, and entertainment. With its blend of investment potential, modern amenities, and desirable location, Greenlee Condos offers a promising opportunity for savvy investors.
Property Details
- Class
- B
- Year Built
- 1996
- Stories
- 2
- Lot Size (sq. ft)
- 29,185 SF
- Units
- 8
Highlights
- Below market rents
- Individually parceled by unit
- Covered parking
- Value-add opportunity
- Washer/Dryer in some units
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