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Air Estates LLC Acquires Flores Apartments In Tucson For $1.3M
SOLD
$1,300,000
Arizona
See Similar DealsMultiFamily
Sold 04/15/2024
SOLD
Air Estates LLC Acquires Flores Apartments In Tucson For $1.3M
225 West Flores Street & 255 West Flores Street
See Similar DealsMultiFamily
Sold 04/15/2024
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale
The Flores Apartments, a multifamily property located at 225-255 West Flores Street in Tucson, AZ, was acquired by Air Estates LLC for $1.3 million. The property consists of 20 units, making the price per unit $65,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,300,000
- Address: 225-255 West Flores Street
- Market: Tucson, AZ
- Buyer: Air Estates LLC
- Seller: 225 W Flores LLC & Colonia Properties TIC I LLC
- Brokers: Allan Mendelsburg & Joey Martinez - Cushman & Wakefield
- Units: 20
- Price Per Unit: $65,000
Air Estates LLC, facilitated by Allan Mendelsburg and Joey Martinez of Cushman & Wakefield, successfully completed the acquisition of the Flores Apartments property in Tucson. The sellers were 225 W Flores LLC and Colonia Properties TIC I LLC, marking a significant transaction in the multifamily real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$69,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,618.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,162.66
Annual Debt Service$73,951.96
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