The historical Hacienda Motel at 1742 North Oracle Road in Tucson Arizona recently sold for $2.8 million ($157.00 PSF) to Colonia Properties TIC II, LLC of Los Angeles, CA. Allan Mendelsberg, Principal, and Conrad Martinez, the Multi-Family & Investment Sales Team with Cushman & Wakefield | PICOR, managed this transaction for both buyer and seller. They received seven offers during the short two weeks it was on the market.
Built in 1964, the motel is renowned for its neon sign on Miracle Mile that welcomes Tucsonans into town. It is comprised of 51 studios and 1 bed / 1 bath motel rooms. It has undergone major capital improvements which leaves the potential for the buyer to convert the complex into apartments for Tucson’s fast-growing population. It has on-site amenities for guests to enjoy including a gated pool, laundry facilities, and a BBQ patio area.
The property is located near the University of Arizona, Pima Community College, and Downtown Tucson. With many educational institutions, retail, and commercial stores in such close proximity, it appeals to those looking to live their day-to-day lives in a small radius. Public transportation hubs nearby also provide access to commercial and entertainment districts for guests of the property.
For more information, or to find similar properties available for purchase, contact Allan Mendelsberg at [email protected] or 520-546-2721.