Olive Place 221 E Olive St 12 Unit Apartment Building $1,506,307 CAD ($125,526 CAD/Unit) 7.66% Cap Rate Tucson, AZ 85706

Olive Place Apartments offers investors a balanced combination of in-place stability and future growth potential in a consistently performing Tucson submarket. The 12-unit multifamily asset offers investors a well-positioned property with both operational stability and measurable rental upside potential. The property features a desirable unit mix consisting of (2) 1BD/1BAs and (10) 2BD/1BA units, catering to a broad tenant demographic including small families, working professionals, and students.
The interiors are well maintained and feature durable tile flooring throughout, offering low-maintenance appeal and long-term cost efficiency for ownership. Units are designed in a practical, open-concept layout, with the living room positioned at the entrance and bedrooms and bathrooms situated down a hallway, providing both privacy and functional flow. While some units are equipped with traditional air conditioning systems, others feature evaporative cooling & wall-mounted AC units. Tenants can also enjoy the convenience of on-site laundry facilities. The property maintains a classic design style, allowing new ownership the opportunity to modernize interiors over time to further increase rental income and overall asset value.
Olive Place Apartments has historically maintained strong occupancy, demonstrating consistent rental demand within the submarket. Currently, tenants pay electric, while ownership covers water, sewer, and trash services. New ownership has the opportunity to implement a RUBS program, allowing for the recapture of utility expenses and improved operating efficiency. This operational adjustment alone provides a clear path toward increasing net operating income. The community itself is clean and well maintained, featuring landscaped grounds, maintained walkways, and mature palm trees that provide ample shade and enhance curb appeal. On-site parking offers convenience for residents, further supporting tenant satisfaction.
Strategically positioned with convenient access to I-10 and in close proximity to Tucson International Airport, the property benefits from strong connectivity to major employment corridors. Residents enjoy access to nearby retail, dining, and public transportation options throughout South Tucson and the greater Tucson area.