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Courtesy of Grigg's Group Powered by The Altman Brothers, Pete Torrez Listing Contact: 520-906-1000 
16 Beds
16 Baths

$3,500,000

1490 E PROSPECT Lane, Tucson AZ, 85719

Built in1956
Property typeMulti-family

Overview

Active

Listed Oct 27, 2026

Updated 44h ago

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.

$23,286/mo

Est. mortgage payment based on a $3,500,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
7099053

Interior Features

Bedrooms
16
Bathrooms
16
Cooling
Yes
Heating
Yes
Basement
No

Other Property Details

Taxes
$10,782
Tax Frequency
Annually
Municipality
13
Pool
Yes

Courtesy of Grigg's Group Powered by The Altman Brothers, Pete Torrez

Listing Contact: 520-906-1000 

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Data Last Updated: 3:37 AM UTC, 10/28/2026.

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