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Cul-De-Sac Fourplex in Central Phoenix Growth 822 E Carol Ave 4 Unit Apartment Building $975,000 ($243,750/Unit) 4.19% Cap Rate Phoenix, AZ 85020
INVESTMENT HIGHLIGHTS
- ? Brand-new roof w/ transferable warranty
- ? Private fenced patios & yards for each unit
- ? Minutes to SR-51, major employers & transit
- ? Low-maintenance landscaping w/ weed barrier
- ? End-of-cul-de-sac location
- ? One refreshed vacant unit—move-in ready
EXECUTIVE SUMMARY
This well-maintained slump-block fourplex is positioned at the end of a quiet cul-de-sac and offers an outstanding combination of long-term durability, strong rental upside, and low-maintenance operating costs. With immediate proximity to SR-51, the property provides fast access to major employment centers including the Biltmore Financial District, Midtown, Downtown Phoenix, and nearby healthcare campuses.
Key Property Highlights
Brand-New Roof with a transferable warranty, providing future owners with peace of mind and reduced capital expense.
Maintenance-Free Landscaping, upgraded with ¼-inch crushed granite and the proper underlying weed-control membrane—dramatically reducing ongoing grounds maintenance.
Private Outdoor Space for Each Tenant, including individual fenced patios and rear yards, increasing tenant satisfaction, retention, and rental demand.
Desirable Slump Block Construction, known for its durability, thermal performance, and long-term stability—ideal for long-term investors.
One Unit Currently Vacant, already refreshed with new interior paint, 2-inch wood-look faux blinds, and additional cosmetic upgrades—perfect for achieving market rent quickly.
All Units Feature Ceramic Tile Flooring, ideal for durability, ease of maintenance, and lower turnover costs.
Significant Rental Upside, as existing rents are below current market levels for the area.
Excellent Transportation Access, located minutes from State Route 51, connecting residents to major employers, hospitals, parks, and Central Phoenix amenities.
Why This Fourplex Performs Well as an Investment
This asset checks all the boxes for a low-maintenance, high-demand rental investment:
Turnkey exterior improvements already completed
Individual outdoor spaces that support stronger rent premiums
A refreshed vacant unit ready for lease or owner-occupancy
Proven long-term construction type
Strong local renter demand driven by proximity to transit corridors and employment
Key Property Highlights
Brand-New Roof with a transferable warranty, providing future owners with peace of mind and reduced capital expense.
Maintenance-Free Landscaping, upgraded with ¼-inch crushed granite and the proper underlying weed-control membrane—dramatically reducing ongoing grounds maintenance.
Private Outdoor Space for Each Tenant, including individual fenced patios and rear yards, increasing tenant satisfaction, retention, and rental demand.
Desirable Slump Block Construction, known for its durability, thermal performance, and long-term stability—ideal for long-term investors.
One Unit Currently Vacant, already refreshed with new interior paint, 2-inch wood-look faux blinds, and additional cosmetic upgrades—perfect for achieving market rent quickly.
All Units Feature Ceramic Tile Flooring, ideal for durability, ease of maintenance, and lower turnover costs.
Significant Rental Upside, as existing rents are below current market levels for the area.
Excellent Transportation Access, located minutes from State Route 51, connecting residents to major employers, hospitals, parks, and Central Phoenix amenities.
Why This Fourplex Performs Well as an Investment
This asset checks all the boxes for a low-maintenance, high-demand rental investment:
Turnkey exterior improvements already completed
Individual outdoor spaces that support stronger rent premiums
A refreshed vacant unit ready for lease or owner-occupancy
Proven long-term construction type
Strong local renter demand driven by proximity to transit corridors and employment
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $975,000 | Apartment Style | Garden |
| Price Per Unit | $243,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.19% | Building Size | 2,649 SF |
| Gross Rent Multiplier | 18.03 | Average Occupancy | 75% |
| No. Units | 4 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Parking Ratio | 2.27/1,000 SF |
| Zoning | M-H | ||
| Price | $975,000 |
| Price Per Unit | $243,750 |
| Sale Type | Investment |
| Cap Rate | 4.19% |
| Gross Rent Multiplier | 18.03 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 2,649 SF |
| Average Occupancy | 75% |
| No. Stories | 1 |
| Year Built | 1977 |
| Parking Ratio | 2.27/1,000 SF |
| Zoning | M-H |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Ceiling Fans
- Tile Floors
- Tub/Shower
- Patio
- Porch
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,100 | 600 |
| 2+1 | 1 | $1,200 | 850 |
1 1
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 159-37-078 | Total Assessment | $7,295 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
159-37-078
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$7,295 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Cul-De-Sac Fourplex in Central Phoenix Growth | 822 E Carol Ave
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