Sherwood Terrace
Property Description
Sherwood Terrace presents a compelling value -add investment opportunity for buyers seeking long -term rental growth in central Tucson. The property consists of 20 units with a shared laundry facility, and a secure perimeter gate. Several units have already undergone renovations, while others retain more classic interiors, allowing a new owner to continue implementing upgrades and bring remaining units to market-level rents. This provides investors with the opportunity to further enhance the asset while capitalizing on continued rental growth in a strong Tucson rental market. The complex comprises 20 units across a diverse mix of floor plans, including (8) studios, (8)1BD/1BAs, and (4)2BD/1BAs. Many of the units have received upgrades, which include enhanced air conditioning systems, replacement of select water heaters, upgraded vinyl flooring throughout, and modern interior finishes within the kitchen, all of which enhance tenant appeal. Non-renovated units maintain a more classic style with older vinyl flooring and no upgraded finishes. Currently, tenants pay electric and gas directly, while Water/Sewer/Trash is billed back to tenants through a successful RUBS program, allowing utility costs to be allocated to tenants based on usage and placing responsibility for consumption back on residents. In addition to the interior improvements, Sherwood Terrace has benefited from several exterior upgrades. The landscaping is meticulously maintained with clear walkways and clean grounds throughout the property. All four buildings have been repainted to ensure the exterior complements the interior appearance upgrades. The roofs have also recently received repairs and protective coatings. Additionally, repairs to the security gate help ensure tenants can live comfortably knowing the property remains secure. Sherwood Terrace's location is particularly appealing to students and young professionals. The property is situated within miles of Pima Community College, University of Arizona, and downtown Tucson. Residents can enjoy a vibrant array of entertainment, dining, and cultural attractions, all located within a few miles of the property. This proximity provides residents with convenient access to both entertainment options and employment opportunities.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $1,600,000 |
| Cap Rate: | 7.55% |
| Year Built: | 1980 |
| Building Size: | 11,216 Sq ft |
| Lot Size: | 0.71 Acres |
| APN: | 106 -03 -0470 |
| Opportunity Zone: | No |
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