Flowing Wells Apartments 3521 N Flowing Wells Rd 14 Unit Apartment Building $1,709,800 CAD ($122,129 CAD/Unit) 7% Cap Rate Tucson, AZ 85705

Flowing Wells Apartments presents a 14-unit multifamily investment opportunity in Northwest Tucson with clear, executable value-add potential. The property features a desirable and consistent unit mix of (4) one-bedroom/one-bath units and (10) two-bedroom/one-bath units, catering to a broad workforce-oriented tenant base.
The asset has already undergone some recent interior upgrades, including kitchen upgrades, flooring, bathrooms, tiled shower surrounds, and fresh interior paint. Units also feature air conditioning and ceiling fans, creating an opportunity for immediate rent premiums. In addition, residents benefit from gated front yards, enhancing privacy and the overall living environment. On-site laundry facilities further support tenant convenience.
While these improvements provide immediate functionality and curb appeal, the property remains well-positioned for a more comprehensive renovation program. This creates a compelling opportunity for new ownership to implement a higher-quality, standardized interior finish package, allowing for meaningful rent increases and a repositioning of the asset within the submarket.
Additional property features include ample parking, gated front yards, and on-site laundry, supporting tenant retention and operational efficiency. From an expense standpoint, tenants are responsible for electric and gas utilities, while a RUBS billing system is currently in place for water, sewer, and trash, helping shift operating costs back to residents.
Strategically located near Downtown Tucson, the University of Arizona, and Pima Community College, the property benefits from strong rental demand driven by both workforce and student populations. Proximity to major employment centers, retail, and everyday amenities supports long-term occupancy and rent growth, positioning Flowing Wells Apartments as an attractive value-add investment opportunity.