Hey Folks, just wanted to share the statistics for the Tucson multifamily sector.
-Average Price Per Door: $78,943
-Median Price Per Door $53,333
-Average Cap upon sale: 6.7%
-Median Cap upon sale: 6.6%
-Average Rents: 1Bed = $575, 2Bed = $695, 3bed = $900
Just as a caveat to this information please do not use this to analyze if you are looking at a good deal or not. Just like any market variances in product type and location play a major factor that is not accounted for in a city-wide median or average. Tracking these trends over time can however indicate the direction of the market.
Good info @Tylor Billings and thanks for sharing.
Do you happen to know what the average/median size of those multifamilies were as well? (i.e. are big complexes or small ones driving the data?)
To your last point - do you have data from 2018 and prior to share or link to?
Hey @Marc Piro , I do not have the breakdown for average/median size of the property. In my experience once you break down multifamily by asset class the actual number of units does not do much to impact the cap or price per door of that sale. I do have the data from 2018 and prior but do not have a way to share it. CoStar does not let me share the links or reports to their data.
Thank you Tylor! Always nice to hear stats!
@Tylor Billings where can I get access to that type of data? I think it would be super helpful for other types of rental properties as well. Thanks!
@Tylor Billings , thanks for this great info! Do you have the breakdown of the cap rates at the submarket level?