822 E Carol Ave, Phoenix, AZ 85020

Description

Fully occupied fourplex at the end of a cul-de-sac in East Sunnyslope, offered at $749,000. Three 1BR units
and one 2BR unit feature slump-block construction, ceramic-tile interiors and private fenced patios or yards.
A new asphalt-shingle roof with a reported transferable warranty and low-maintenance landscaping support
ownership. Current OM underwriting shows $33,573 normalized NOI and a 4.48% cap rate; the market-rent
pro forma shows $45,727 NOI and 6.11%. Convenient access to SR-51 and Central Phoenix employment,
healthcare, shopping and recreation. No seller financing. Do not disturb tenants. Buyer to verify rents,
expenses, condition, warranty and all information. 822 E Carol Avenue is a four-unit property in East Sunnyslope with three one-bedroom residences and one
two-bedroom residence. All four are reported occupied. The approximately 1,776-SF building occupies an
approximately 6,970-SF site. Features include slump-block construction, ceramic-tile interiors, private fenced
patios or yards, low-maintenance desert landscaping and a new asphalt-shingle roof with a reported
transferable warranty.
The current OM uses its July 2026 rent schedule: $3,565 monthly base rent plus $225 monthly utility
reimbursements, totaling $3,790. Annual base rent is $42,780 and reimbursements are $2,700, producing
$45,480 gross potential income. A 3% economic vacancy allowance produces approximately $44,116
effective gross income, despite reported 100% physical occupancy.
Normalized current expenses total $10,543: taxes $766, insurance $1,748, management $3,529, repairs
$1,200, water/sewer/trash $2,300, landscaping $400 and other expenses $600. Current normalized NOI is
$33,573, a 4.48% cap rate at the $749,000 asking price. These are underwriting assumptions and should be
reconciled with current leases, collections and invoices.
The illustrative market-rent case assumes $1,100 monthly for each one-bedroom unit and $1,400 for the
two-bedroom unit. Reimbursements remain $2,700 annually; economic vacancy remains 3%; management
remains 8% of effective gross income. Pro forma effective gross income is $57,327, expenses are $11,600
and NOI is $45,727, producing a 6.11% cap rate. Future rent changes are subject to existing leases and
market conditions.
The location offers access to SR-51, Central Phoenix employment, healthcare, retail and mountain recreation.
Seller financing is not available. Please do not disturb tenants. Complete tenant leases are provided only
after the property is under contract to protect tenant privacy.
Disclaimer: Information is believed reliable but is not guaranteed. Buyer must independently verify all facts,
figures, income, expenses, leases, occupancy, measurements, condition, zoning and permitted uses. Pro
forma rents, returns and financing illustrations are estimates, not guarantees. Offering is subject to errors,
omissions, prior sale, changes in price or terms and withdrawal without notice.