The Alamo Apartments

Address: 824 E. 10th St., Tuscon, Arizona, US

Created date: November 8, 2023

Date last updated: November 8, 2023

Value-add opportunity
Secure gated entrance
BBQ picnic area & courtyard • On-site laundry facility
Well located near UofA
Masonry construction
Ample reserved parking

Property Description

The Alamo is an outstanding property that presents a great investment opportunity. This impressive residence is built with masonry construction and meticulously maintained landscaping and common areas. The property's exterior features a collection of large shade trees and desert plants, which lend a desertscape aesthetic to the area. It also offers a gated entrance for added security. Situated in a prime location just south of the University of Arizona, The Alamo includes a unit mix comprising of four studios and sixteen 1BD/1BA units, setting the stage for potential long-term rent growth. Within the gates, residents enjoy the convenience of shared laundry facilities, onsite parking, and air conditioning to ensure a comfortable living experience. Some units have gone through extensive renovations including bathrooms, flooring, dishwashers, stainless steel kitchenette appliances, and quartz countertops. These upgrades provide a modern and valuable living space for the tenants. Investors will appreciate that each unit has its own electric and gas meter, allowing for efficient cost control and maximizing profitability. Ownership is responsible for the common area utilities and water, sewer, & trash usage, but some of the burden of that expense is put back in the tenant's responsibility via a utility bill-back program. The current rental rates are below the market rates, and investors can take advantage of this opportunity by continuing the renovations and increasing rents to market rate. This value-add strategy will drastically bring up NOI & the properties value. Positioned just off Broadway, The Alamo is the perfect housing choice for students, since it is close to the University of Arizona. Entertainment options are easily accessible within walking distance, adding to its desirability. Nearby attractions, such as Tumamoc Hill, the Kino Sports Complex, the Tucson Botanical Gardens, and the Tucson Airport, ensuring residents have many recreational and cultural activities to explore. Additionally, commuting is a breeze, with easy access to I-10 and I-19. The Alamo offers an unparalleled investment opportunity with its robust construction, attractive amenities, and central location, serving students and young professionals. As a value-add opportunity with the potential for long-term rent growth and below-market rents, it’s an ideal choice for investors seeking immediate returns and sustained value.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments
Price:	$2,280,000
No. of Units:	20
Cap Rate:	6.20%
Year Built:	1962
Building Size:	7,840 Sq ft
Zoning Code:	R - 3
Opportunity Zone:	No
Price per unit:	$114,000