Address
50 W King Road, Tucson, AZ
Price
$ 2,795,000
Property Attributes
  • MLS#6696537
  • TypeMulti-Family
  • CountyPIMA
  • CityTucson
  • NeighborhoodPastime Acres 20 Units
  • Zip85705
  • StyleMultiple Dwellings
  • Year Built1971
  • Taxes$ 8462
  • Price$ 2,795,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
Data Source:
Arizona Regional MLS (ARMLSN)
Property Description

Twin Palms Apartments is a 20 Unit Gated Community which underwent a Full Renovation in 2019. Upon Completion, it was Loaded with Upgrades Including: New Granite Countertops, Stainless Steel Appliances, Polished Concrete Floors, Light and Bright Baths with Subway Tile and Quality Finishes Throughout the Units. The property is Centrally Located with an Easy Commute to the U of A, Downtown and/or Central Tucson, NW Tucson, Tucson Mall, Entertainment, Amazing Restaurants, Shopping, Services and Transportation. The property is Double Walled, Gated, Well Lit and has Seller Owned Laundry Equipment in a building that not only includes the laundry but also offers Secure Individual Storage for the tenants. The Secure Storage could bring in additional Revenue for the New Owner!...(more) Tenants Pay for their Electricity and Gas. Water/sewer/trash and parking is included in the rent. Tucson boasts a Vibrant Market with a Deep Cultural Tapestry, reflecting Native American, Spanish, Mexican, and Anglo-American Traditions. Nationally Recognized, Tucson stands out as a Top City for export support in global trade, a Premier Southwest Destination for Millennials, a Leading Hub for Entrepreneurs, and Ranks Second Nationally as the Best City for Job Opportunities! Combining its Natural Splendor with an Innovative Spirit, Tucson offers a Unique Lifestyle that draws a Diverse Population and Thriving Commerce!

Price History
4/25/2024 Listed $2,975,000
5/3/2024 7% - $2,795,000

General Features

Sewer Public Sewer
Heating Individual,Natural Gas
Cooling Individual,Electric,Ceiling Fan(s)
Roof Composition,Built-Up
Zoning Multi Family
Construction Materials Painted,Block
Year Built 1971
Electric Individual Meter
Tenant Pays Gas,Electricity,Cable TV
Township 13
Tax Year 2023
Percent Ownership Fee Simple
Gross Income 221160.0
OwnerPays Trash Collection,Water,Sewer,Landscaping
Community Features No Pool
County Pima
Net Operating Income 153076.0
Operating Expense 70084.0
Insurance Expense 4000.0
Property Type Multiple Dwellings
Attached Garage No
MaintenanceExpense 11000.0
Subdivision Name Pastime Acres 20 Units
Garage Y/N No
Status Active
Directions East on King from Oracle Rd to the property
City Tucson
Buyer Agent Compensation 2.25
Disclosures Seller Prop Disc Stm
View Y/N No
High School District Amphitheater Unified District
Open Parking Spaces 30.0
Total Units 20
Lot Size Square Feet 0.0
Carport Y/N No
Street Name King
Tax Annual Amount 8462.0
Electric Expense 625.0
Current Financing Not Applicable
Fuel Expense 0.0
Trash Expense 0.0
Water Sewer Expense 12000.0
Lease Renewal Y/N No
Additional Parcels Y/N No
Lease Considered Y/N No
Rent Control Y/N No
Days on Market 9
Standard Status Active
Occupancy Description Tenant
Elementary School District Amphitheater Unified District
Tax Lot 0004N
Cap Rate 5.15
MobileHomeRemainsYN No
Buyer Agent Compensation Type %
Ownership Fee Simple
Senior Community No

Interior Features

Flooring Stone,Concrete
Air Conditioning Y/N Yes
Heating Y/N Yes
Street Suffix Road
Electric On Property Y/N No

Exterior Features

Parking Features Paved Parking,Free
Water Source City Franchise
Total Parking 30.0
Lot Size Area 0.0
Number of Buildings 3
Spa No
Lot Dimensions 163 x 368 x 164 x 369
Lot Size Acres 0.0
Road Surface Type Asphalt
Covered Spaces 0.0
Crops Included Y/N No
Open Parking Y/N No
Irrigation Water Rights Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 85705

Price
AVG $1.7M
$2.8M
Taxes
AVG $5,225
$8,462
Visits
AVG 42
43
Data Provided by Inside Real Estate®
Year Built
AVG 1964
1971

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