Cherry Park — Sale in Tucson, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Tucson, AZ 85719

Photos

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Investment Figures

Cap rate
6.28%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Cherry Park (the “Property”) is a highly differentiated, 17-unit boutique multifamily community located less than one-half mile south of the University of Arizona (“U of A”) in Tucson’s historic San Antonio neighborhood. Originally constructed as a Red Cross facility, the Property was comprehensively redeveloped in 2013 into a collection of distinctive industrial-style units, providing investors with the opportunity to acquire a difficult-to-replicate multifamily asset with multiple potential operating strategies. Cherry Park features a unique mix of studio, two- and three-bedroom units distinguished by exposed wood rafters and ceilings, exposed conduit and ductwork, polished concrete flooring, skylights, individually designed wall finishes, and upgraded interiors. Units also feature granite countertops, designer cabinetry, upgraded fixtures, and appliances, as well as in-unit washers and dryers. The Property’s architecture and boutique character differentiate it from conventional multifamily communities and the more traditional student-oriented product surrounding the University. While Cherry Park is currently 100% occupied by students, the Property’s location, unit mix, and distinctive design provide the ability to appeal to a much broader renter base. In addition to its proximity to the University of Arizona, Cherry Park provides convenient access to Downtown Tucson, the 4th Avenue entertainment district, Banner-University Medical Center, the Mercado District, and several of Tucson’s primary employment and entertainment corridors. These demand drivers create the opportunity to attract university-affiliated renters, young professionals, roommates, and conventional market-rate renters, providing future ownership with flexibility in how the Property is positioned and operated. Importantly, Cherry Park provides investors with multiple paths to maximize revenue. Ownership can operate the Property as traditional market-rate multifamily, maintain its current student-ori

Market Context

This multifamily in Tucson, AZ is listed for sale. It is offered at an approximate 6.3% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Tucson, AZ — view the full market.

As of Q4 2025, the Tucson multifamily market showed average asking rents near $1130.00/unit/mo, and rents down 4.1% year over year. Source: multiple brokerage reports, Q4 2025.

Softening rents give buyers room to negotiate on terms.

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