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Listed by Griggs's Group Powered by The Altman Brothers • Pete M Torrez PLLC
$ 3,500,000
Est. payment /mo
New
1490 E Prospect Ln Tucson, AZ 85719
11,942 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 11,942 sqft
Price per Sqft $293
MLS Listing ID 22621896
Year Built 1956
Annual Tax Amount $10,782
Tax Year 2025
Lot Size 2.591 Acres
Acres 2.67
Lot Dimensions irr
Source MLS of Southern Arizona
Property Description
An extraordinary opportunity to own one of Tucson's most distinctive historic income-producing compounds, generating approximately **$246,000 in annual rental income** with significant additional upside. Behind gated entrances from both Prospect Lane and Limberlost, this unique property features **9 separate residences**, a resort-style pool, mature landscaping, fruit orchards, gardens and approximately **½ acre of undeveloped land with the potential to add up to 12 additional units**. The property offers a diversified income stream through a mix of long-term rentals, short-term rentals and owner-occupied space, while providing exceptional flexibility for a future owner Continue the current income strategy, expand the existing residential footprint, create a multi-generational family compound, corporate or executive housing destination, boutique retreat, or explore other potential uses.
Unlike a typical multi-unit investment, this is an irreplaceable historic compound where each residence has its own character and identity. Extensive improvements have modernized the property while preserving its historic charm, including central A/C throughout, renovated bathrooms, restored fireplaces, updated roofs, plumbing, electrical, windows and appliances, plus upgraded gates, fencing, parking and the addition of a resort-style pool.
With approximately $250,000 in current annualized income, 9 residences, potential for 12 additional units, and a rare combination of historic character, privacy and flexibility**, this is far more than an income property--it is a one-of-a-kind compound with immediate cash flow and exceptional future potential.
Unlike a typical multi-unit investment, this is an irreplaceable historic compound where each residence has its own character and identity. Extensive improvements have modernized the property while preserving its historic charm, including central A/C throughout, renovated bathrooms, restored fireplaces, updated roofs, plumbing, electrical, windows and appliances, plus upgraded gates, fencing, parking and the addition of a resort-style pool.
With approximately $250,000 in current annualized income, 9 residences, potential for 12 additional units, and a rare combination of historic character, privacy and flexibility**, this is far more than an income property--it is a one-of-a-kind compound with immediate cash flow and exceptional future potential.
Location
State AZ
County Pima
Area Central
Zoning Tucson - MH1
Interior
Heating Other
Exterior
Fence Other
Utilities Available Sewer Connected
View Y/N No
Water Access Desc Public
Building
Lot Description North/South Exposure
Sewer Septic Tank
Others
Tax ID 108-21-021H
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
Special Listing Condition None
