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Listed by ABI Multifamily, LLC • Desiree Juul Palmer
$3,995,000
Est. payment /mo
31,884 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 31,884 sqft
Price per Sqft $125
MLS Listing ID 22622395
Year Built 1988
Annual Tax Amount $23,731
Tax Year 2025
Lot Size 1.508 Acres
Acres 1.5
Lot Dimensions 215 X 200 X 265 X 250
Source MLS of Southern Arizona
Property Description
Drexel Plaza is a 58-unit multifamily community located at 5770 S. Jeanette Boulevard in Tucson. Built in 1988, the property consists of two three-story buildings and one two-story building situated on approximately 1.51 acres. The unit mix includes 42 one-bedroom/one-bath units, 15 two-bedroom/one-bath units and one studio. Community amenities include a swimming pool and on-site laundry facility. Units are individually metered for electricity. Current ownership has invested more than $110,000 in capital improvements, including HVAC replacements, landscaping, pool improvements and roof recoating. Drexel Plaza is currently 96.6% occupied and offers additional upside through interior renovations and continued rent growth. In-place rents average approximately $680 per occupied unit, compared with pro forma rents averaging approximately $845 per unit. Recent two-bedroom leases have been signed at rents as high as $885. The property is located near Drexel Road and Park Avenue with convenient access to I-10 and I-19, Tucson Spectrum, Tucson International Airport and the RTX/Raytheon campus. The location provides access to major employment, retail and transportation corridors throughout south Tucson.
Location
State AZ
County Pima
Area South
Zoning Tucson - C1
Direction S On Park Fr Irvington E On Drexel To Jeanette To Address
Interior
Cooling Central Air, Wall Unit(s)
Exterior
Utilities Available Sewer Connected
View Y/N No
Water Access Desc Public
Others
Tax ID 14025011B
Acceptable Financing 1031 Exchange, Conventional, Cash
Listing Terms 1031 Exchange, Conventional, Cash
Special Listing Condition None
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