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    201 E Olive Street

    Tucson, AZ 85706
    • $1,690,000
    • STATUS: Active Under Contract
    • ON SITE: 27 Days
    • MLS #: 6300681
    Under Contract
    UPDATED: 63 min ago
    $1,690,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1981
    County:
    Area:

    School Ratings & Info

    School District:

    Description

    Olive Street Apartments is composed of 16 units located on .40 of an acre; consisting of 1-Studios, 11-1BD/1BA,& 4-2BD-1BA. The original complex was built in 1981 and has 100% occupancy. This building is master metered for all utilities with the landlord paying for electric, water, for the community laundry room. Tenant pays sewer, trash, electricity that is separately metered, & water on a RUBS Program (Ratio Utility Billing) which increases the net operating income. The on-site laundry facility includes an onsite coin system and provides 24/hr laundry access with keyed entry for tenants. This provides another opportunity to increase net operating income.Olive Street Apartments has renovated 7 out of 16 of their units with modern updates. They receive multiple requests and rent them out quickly when there is a vacancy. The large parking area provides parking for both tenants and their guests. Below market rents give an instant value-add opportunity to a new owner. Seller may exercise a 1031 tax deferred exchange. *Shown with accepted contract only. Please do not disturb tenants.* Property is being sold "AS IS".

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    © 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Elite Home Advisors | Keller Williams Realty Phoenix. Data last updated 2021-10-28T09:11:48.317.
    www.yournextphoenixhome.com/homes/121945305
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    201 E Olive Street Tucson, AZ 85706

    • Price: $1,690,000
    • Status: Active Under Contract
    • Updated: 63 min ago
    • MLS #: 6300681
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1981
    Built
    Neighborhood:
    Rodeo Resub
    County:
    Pima
    Area:
    Tucson
    School District:
    000 - Out of Area
    Property Description
    Olive Street Apartments is composed of 16 units located on .40 of an acre; consisting of 1-Studios, 11-1BD/1BA,& 4-2BD-1BA. The original complex was built in 1981 and has 100% occupancy. This building is master metered for all utilities with the landlord paying for electric, water, for the community laundry room. Tenant pays sewer, trash, electricity that is separately metered, & water on a RUBS Program (Ratio Utility Billing) which increases the net operating income. The on-site laundry facility includes an onsite coin system and provides 24/hr laundry access with keyed entry for tenants. This provides another opportunity to increase net operating income.Olive Street Apartments has renovated 7 out of 16 of their units with modern updates. They receive multiple requests and rent them out quickly when there is a vacancy. The large parking area provides parking for both tenants and their guests. Below market rents give an instant value-add opportunity to a new owner. Seller may exercise a 1031 tax deferred exchange. *Shown with accepted contract only. Please do not disturb tenants.* Property is being sold "AS IS".
    Exterior Features

    Construction Frame - MetalFrame - Wood Construction Finish PaintedStucco Covered Parking Spaces 0.00 Exterior Amenities Desert LandscapingPartially FencedPatio/BalconySeparate Storage Lot Size Dimensions 8816 Parking FreePaved Parking Roads Asphalt Roofing Built-Up

    Interior Features

    1 Bedroom Unit Avg Sq Ft 550 1 Bedroom Unit Baths 1 2 Bedroom Unit Avg Sq Ft 657 2 Bedroom Units Baths 1 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included Bi Oven/RangeRefrigerator Cooling Ceiling Fan(S)Evaporative Cooling Efficiency Unit Avg Sq Ft 356 Efficiency Unit Baths 1 Floors CarpetCeramic TileVinyl Heating Window/Wall Unit(S) Interior Amenities Fire/Smoke Alarm(S)Mini BlindsUnfurnished

    Property Features

    1 Bedroom Unit Avg Rent 640.00 1 Bedroom Units 11 2 Bedroom Unit Avg Rent 730.00 2 Bedroom Units 4 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 126350.00 Annual Ownr Asoc Fee 0.00 Community Amenities No Pool Cross Street Nogales Highway And Olive Street Efficiency Unit Avg Rent 540.00 Efficiency Units 1 Electric Other (See Remarks) Gas None Gross Annual Sch Inc 133000.00 Hoa YN No Net Operating Income 102000.00 New Financing Other (See Remarks) Operating Exp 4221.00 Other Income 0.00 Owner Pays ElectricLandscapingSee RemarksWater Payment Includes InterestPrincipal Project Type 13 - 24 Units Sale Includes Land & BuildingLaundry Equipment Sewer Sewer - Public Source Of Financial Data Provided By Owner Tax Municipality Tucson Taxes 4221.00 Tenant Pays SewerTrashWater UCB Ucb (Under Contract-Backups) Vacancy Allowance 0.05 Water Master Meter Zoning C2

    Listing courtesy of Exit Realty Sun City.


    © 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Elite Home Advisors | Keller Williams Realty Phoenix. Data last updated 2021-10-28T09:11:48.317.
     
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    Elite Home Advisors | Keller Williams Realty Phoenix
    4862 E. Baseline Rd.
    Mesa AZ, 85206