Adelaide Apartments

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Address: 1508 E Adelaide Dr, Tucson, AZ 85719, USA

Phoenix & Southwest + Apartment Buildings

Created date: January 6, 2025

Date last updated: January 6, 2025

• ATTRACTIVE SELLER FINANCING
• Well maintained landscape
• On-site laundry facility
• Private storage units
• Large storage & maintenance shed
• Well located near UofA
• Recently improved roof
• Beautiful pool and patio area

Property Description

Adelaide Apartments, located in Central Tucson, presents a value-add opportunity with a diverse unit mix. The property is just minutes from prominent shopping centers and the University of Arizona, making it an ideal location for sustained long-term rent growth. With historically high occupancy rates and below-market rents, Adelaide Apartments offers investors a clear pathway to enhancing cash flow through capital improvements and rental increases. Additionally, the Seller is willing to seller finance to qualified investors. The apartments feature open layouts with tile flooring throughout. One unit has been fully renovated with modern finishes, highlighting the potential for further upgrades across the property. Each unit is individually metered for electricity and gas, ensuring efficient utility management and reduced operating expenses. Additional tenant-friendly features include air-conditioned units and private backyards for every unit, which significantly enhance tenant satisfaction and retention. Residents benefit from a well-maintained pool and courtyard area, along with an on-site laundry facility, which adds convenience and value for tenants. Private storage units are rented for additional revenue, as well as a large storage and maintenance shed, provide additional functionality and operational benefits for owners. This property offers significant value-add potential through interior and exterior renovations and aggressive leasing strategies. By completing tenant-friendly upgrades and aligning rents with market rates, investors can expect a substantial increase in Net Operating Income (NOI) and overall returns. Adelaide Apartments represents a rare opportunity to acquire a well-located, underutilized asset with exceptional growth potential and a strong foundation for long-term success. Adelaide Apartments’ prime location near the University of Arizona positions it to attract a diverse tenant base, including students, faculty, and professionals. Though not designated as student housing, the property’s proximity to the campus and the nearby Campbell Shopping Plaza makes it a competitive option for off-campus living. Its attractive unit mix and low-maintenance landscaping further enhance its appeal to a variety of potential renters.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$1,450,000
No. of Units:	13
Cap Rate:	6.09%
Year Built:	1960
Building Size:	9,550 Sq ft
Lot Size:	41,454.00 Sq ft
Opportunity Zone:	No
Price per unit:	$111,538