Cul-De-Sac Fourplex in Central Phoenix Growth 822 E Carol Ave 4 Unit Apartment Building $749,000 ($187,250/Unit) 4.48% Cap Rate Phoenix, AZ 85020

The Property
822 E Carol Avenue is a fully occupied, well-maintained fourplex positioned at the end of a quiet cul-de-sac in East Sunnyslope. The property consists of three one-bedroom units and one two-bedroom unit and combines durable slump-block construction, ceramic tile interiors, private fenced patios and rear yards, and a new asphalt-shingle roof with a transferable warranty.
Current rents remain below the normalized market-rent assumptions, creating measurable upside as leases renew naturally. The property provides immediate in-place income with a practical path toward stronger future returns while preserving occupancy.
Located minutes from SR-51, the property offers convenient access to the Biltmore Financial District, Midtown, Downtown Phoenix, major healthcare employers and the broader Central Phoenix employment base.
Key Property Highlights
100% physically occupied fourplex
Three one-bedroom units and one two-bedroom unit
New asphalt-shingle roof with transferable warranty
Durable slump-block construction
Ceramic tile flooring throughout
Private fenced patios and rear yards
Low-maintenance desert landscaping
Current rents below normalized market assumptions
RUBS and utility reimbursements in place
Quiet cul-de-sac location
Convenient access to SR-51
No seller financing
Why This Fourplex Performs Well as an Investment
822 E Carol Avenue combines immediate income with measurable rental upside. All four units are currently occupied, allowing a purchaser to acquire an operating property without initial lease-up exposure. Existing rents may be moved thoughtfully toward market levels at natural lease renewals while protecting tenant retention and occupancy.
The new roof, durable slump-block construction, ceramic tile interiors, private outdoor areas and low-maintenance landscaping help reduce near-term capital requirements and support long-term ownership.
East Sunnyslope – Central Phoenix
822 E Carol Avenue is located in East Sunnyslope near SR-51, providing convenient access to the Biltmore Financial District, Midtown, Downtown Phoenix, Scottsdale employment corridors and Phoenix Sky Harbor International Airport.
Major healthcare employers in the surrounding area include HonorHealth John C. Lincoln Medical Center, Phoenix Children’s Hospital and other Central Phoenix medical campuses. Residents also benefit from nearby shopping, dining, neighborhood services and public transportation.
North Mountain Park, Dreamy Draw Recreation Area, Sunnyslope Park and the Arizona Canal multi-use path provide nearby outdoor and recreational amenities. This combination of employment access, transportation connectivity and neighborhood amenities supports continued rental demand.