Park Manor Apartments 3870-3880 N Park Ave 16 Unit Apartment Building $2,001,682 CAD ($125,105 CAD/Unit) 7.16% Cap Rate Tucson, AZ 85719

Park Manor Apartments offers a unique opportunity for investors seeking a well-located Multifamily asset with value-add potential. Located in the heart of North Central Tucson, this 16-unit property offers a strategic mix of classic & upgraded units, providing immediate income and significant value-add opportunities for new ownership.
Consisting of (12)1BD/1BAs & (4)2BD/1BAs, spacious residential units designed to provide comfortable and functional living environments for tenants. Select units feature upgraded interiors which can include flooring, kitchen, and bathroom upgrades throughout the interiors. While the classical units offer investors the opportunity to continue implementing a renovation program to capture further rental upside. All units include, storages, heating and cooling through either EVAP or AC, kitchens feature dishwashers, and private backyards with W/D hook-ups creating an added amenities that enhance resident appeal and retention. The property benefits from a favorable utility billing structure, with tenants directly responsible for electric and gas, while water, sewer, and trash are covered by the owner. New ownership can implement a utility bill-back program (RUBS) to shift water and waste costs to tenants.
Beyond the interiors, Park Manor offers a clean and efficiently maintained community setting with mature trees, shaded outdoor spaces, and a low-maintenance landscape design that supports operational efficiency. The property provides additional value-add potential through exterior improvements including updated paint schemes, enhanced lighting, refreshed landscaping, and modernization of common areas. The existing construction quality and functional site layout create a strong foundation for long-term ownership, operational stability, and continued value growth.
Located in North Central Tucson, Park Manor offers residents convenient access to major employment centers, retail, dining, entertainment, and within 5 miles of UofA. Combined with its value-add potential through continued renovations and operational improvements, the property presents investors with an opportunity to increase rents, improve curb appeal, and capitalize on long-term cash flow growth and appreciation within one of Tucson’s fastest growing areas.