5770 S Jeanette Boulevard

Description

Drexel Plaza is a 58-unit multifamily community located at 5770 S. Jeanette Boulevard in Tucson. Built in 1988, the property consists of two three-story buildings and one two-story building situated on approximately 1.51 acres. The unit mix includes 42 one-bedroom/one-bath units, 15 two-bedroom/one-bath units and one studio. Community amenities include a swimming pool and on-site laundry facility. Units are individually metered for electricity. Current ownership has invested more than $110,000 in capital improvements, including HVAC replacements, landscaping, pool improvements and roof recoating. Drexel Plaza is currently 96.6% occupied and offers additional upside through interior renovations and continued rent growth. In-place rents average approximately $680 per occupied unit, compared with pro forma rents averaging approximately $845 per unit. Recent two-bedroom leases have been signed at rents as high as $885. The property is located near Drexel Road and Park Avenue with convenient access to I-10 and I-19, Tucson Spectrum, Tucson International Airport and the RTX/Raytheon campus. The location provides access to major employment, retail and transportation corridors throughout south Tucson.