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Western Villas

Western Villas

https://www.josephbernard.net/western-villas
Address:
3218 & 3242 E Benson Hwy, Tucson, Arizona 85706
Price:
$2,695,000
Units:
38
Price per unit:
$70,921
Cap Rate:
7.16%
Year Built:
1946/1953
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Western Villas

Summary

Western Villas is a 38-unit mixed use asset situated on two parcels, located on Benson Highway in southeast Tucson, Arizona. The property falls in an Opportunity Zone, an area designated by the State and designed to spur economic development and job creation in the area. Acquiring an asset located in an Opportunity Zone is a benefit to a future owner who may be eligible for preferential tax treatment (buyer to do all due diligence).

The property consists of 36 apartments units, two (2) owned mobile homes that currently rent for $925/month, and four (4) RV space rentals that collect $32,280 in additional income annually. The four spaces lease for $915, $675, $650 and $450, respectively. Utilities are included in the space rent on a flat rate basis, offering an upside in implementing a RUBs system for a future owner.

Recent apartment updates include two thirds of the interiors remodeled with new cabinets, countertops and flooring. Exterior renovations include new windows, new roof, main sewer line and laterals replaced, and new gas lines installed.

Western Villas is located 1 mile from the billion-dollar Mosaic Quarter project with forecasted completion of Phase 1 in 2027. The Mosaic Quarter is projected to support around 2,000 community jobs and generate $8.3 billion of new local economic impact for the State of Arizona, City of Tucson, and the Regional Transportation Authority (Source: Macquarie.com). The property benefits from its proximity to bus lines, major interstates (I-19 and I-10) and the Tucson International Airport, ensuring convenient travel options. Residents feel at home with the convenience of nearby dining, shopping, entertainment, and local parks & recreation centers. Nearby Davis-Monthan Air Force Base provides a strong tenant base, and the property has strong rental demand.

Western Villas offers a unique opportunity to capitalize on Tucson's growth and vibrant community, providing both immediate rental income and long-term value appreciation.

The seller is offering owner financing for qualified buyers. Please call agent for more information.

Western Villas

Both parcels are located in an Opportunity Zone, generally an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.

The Opportunity Zone tax incentive is designed to spur capital investment and economic development in low-income communities.

Western Villas

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Western Villas

Document Title Document Type
Property Flyer Adobe PDF

Western Villas

Joseph Bernard, LLC
5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax