Phoenix Duplex with Rental
For Sale
Under Contract
$489,000
1331 E PUEBLO Avenue, Phoenix, AZ 85040
MULTI_FAMILY - Phoenix, AZ
Property Size3,060 SF
Lot Size0.26 Acres
Price / SF$159.80
Days on Market169
Property Features for 1331 E PUEBLO Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Parking features
Carport
Appliances
Free-Standing Range, W/D Hookup
Subdivision
CENTERGROVE TRACT 1 THROUGH 16
High school
South Mountain High School
Elementary school district
Roosevelt Elementary District
Middle school district
Phoenix Union High School District
High school district
Phoenix Union High School District
Standard status
Active Under Contract
APN
113-26-005-H
Size
3,060 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CENTER GROVE TRACT MCR 18/7 LOT 19 N 147F OF W 110F EX N 25F & EX S 20F
Tax Annual Amount
1031
Legal Description
CENTER GROVE TRACT MCR 18/7 LOT 19 N 147F OF W 110F EX N 25F & EX S 20F
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2007
Number of units
2
Flooring type
Vinyl
Building materials
Painted, Block
Roof type
Composition
Listing Agency:
United Southwest Realty
(480) 941-5114
Listed By:
Gregory P Johnson · License #BR008487000
(602) 717-5115
Added: Mar 5
Changed: Apr 19
Last Checked: Aug 21 at 9:06PM
MLS# 6993969
Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex, constructed in 2007, features a total of 3,060 square feet of living space on an 11,220 square foot lot. Each unit offers a spacious 4-bedroom, 2-bathroom layout, approximately 1,530 square feet, suitable for traditional rental, co-living arrangements, or room-by-room income strategies. Unit 2 has new flooring, ceiling fans, blinds and water heater. Each unit includes in-unit laundry hookups, central air conditioning, and heating. The property features single-level units, a large fenced yard with a patio, and covered parking for four cars, with two carports allocated to each unit, plus extra parking. The seller replaced the sewer line from Unit 2 to the city sewer in 2026.
Key Highlights
- Large 4 Bed / 2 Bath layout (~1,530 SF per unit) ideal for rental income.
- 4‑car covered parking (2 carports per unit) + extra parking.
- Each unit has in‑unit laundry hookups.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,079
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$801,580
$801.6K
Cap Rate 7%
$572,557
$572.6K
Cap Rate 9%
$445,322
$445.3K
Market Conditions
NOI Build-Up for 3,060 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.6K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$57.3K $18.71/SF
− OpEx
−$17.2K −$5.61/SF
NOI
$40.1K $13.10/SF
Area
Phoenix, AZ
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$801,580
Cap Rate 7%
$572,557
Cap Rate 9%
$445,322
Alternative Uses
Best Use
Multifamily LT 5
$572.6K
$501.0K – $668.0K
NOI $40,079 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$509.9K
$446.1K – $594.8K
NOI $35,690 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$926.9K
$811.0K – $1.08M
NOI $64,883 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 85040, AZ
33,993
Population
11,962
Households
2.8
Avg Household Size
30
Median Age
15%
College-Educated
69%
High-School Grad
10.1 sq mi
ZIP Area
3,366
Density / Sq Mi
$57,890
Median Household Income
$36,355
Median Earnings
$1,193
Median Rent
$294,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with large units, ideal for rental income.
Where is this duplex located?
The property is located at 1331 E PUEBLO Avenue Phoenix, AZ.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Large 4 Bed / 2 Bath layout (~1,530 SF per unit) ideal for rental income.; 4‑car covered parking (2 carports per unit) + extra parking.; Each unit has in‑unit laundry hookups.
