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    Eloy Multifamily Investment Opportunity Title is generated by Realmo AI

    4220 N Granada Drive, Eloy, AZ 85131

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    Claim this Listing
    For Sale
    $995,000

    MULTI_FAMILY - Eloy, AZ

    Added:
    Feb 23, 2026
    Days on Market:
    100
    Last Refresh:
    Jun 3 at 12:06 am

    Property Features for 4220 N Granada Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Unkonwn
    Bedrooms
    13
    Rooms
    Bedroom 7, Bedroom 1, Bathroom 12, Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 9, Bedroom 2, Bedroom 8, Bathroom 7, Bathroom 9, Bedroom 10, Bedroom 6, Bedroom 12, Bathroom 10, Bathroom 1, Bathroom 6, Bathroom 3, Bathroom 11, Bathroom 5, Bedroom 3, Bedroom 11, Bathroom 8, Bedroom 13
    Appliances
    Refrigerator, Free-Standing Electric Oven, Washer/Dryer
    Standard status
    Active
    APN
    403-06-144

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2474

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Heat Pump

    Building Details

    Year built
    1964
    Number of units
    12
    Flooring type
    Carpet, Tile
    Building materials
    Painted, Block
    Roof type
    Composition

    We can help!

    Listing Contact
    Eric P Hegarty

    Listing agent Eric P Hegarty License #SA 650759000

    Listing office Better Homes & Gardens Real Estate SJ Fowler 6360 E Brown Rd. Suite 103, Mesa, AZ

    Listing date Feb 23, 2026

    MLS# 6988556 Listing URL

    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.

    HighLights

    • Residential financing opportunity for 12 units across 3 parcels.
    • Diverse unit mix: 4 two‑bedroom, 4 one‑bedroom, and 4 studio apartments.
    • Potential for increased rental income; rents below market value.
    • Solid block construction with well‑maintained roof and AC units.
    • Private back doors for all units, ample parking, and on‑site coin laundry.
    • Located in Eloy, a growing manufacturing hub with high housing demand.

    Overview

    This residential income property features 12 units across 3 separate parcels. The unit mix includes four 2-bedroom units, four 1-bedroom units, and four studio apartments. Constructed with solid block, the property includes a well-maintained roof and AC units. The units feature tile in the kitchens, living areas, and full bathrooms with tubs. Each unit has a private back door. On-site amenities include ample parking, lighting, and coin laundry for additional income. The property is located in Eloy, a growing manufacturing hub with housing demand. Market rents are $875+ for 2-bedroom units, $700+ for 1-bedroom units, and $550+ for studios. The property presents a residential financing opportunity.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Dental Office Auto Repair Shop Gym & Fitness Center Auto Parts Store Kitchen & Bath Showroom Food Market Grocery & Convenience Store Discount Store Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eloy
    County
    Pinal
    State
    Arizona
    Longitude
    -111.62107
    Latitude
    32.795039

    Nearby Similar for Sale

    • $725,000
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      Service Facility on 1.28 Acres

      Service facility suitable for redevelopment or continued automotive use.
      3192 N Pearce St, Eloy, AZ
      View Details
    • $1,050,000
      6,864 SF

      Multifamily

      4220 N Granada Dr, Eloy, AZ 85131
      View Details
    • $650,000
      7,226 SF

      Downtown Eloy Mixed-Use Opportunity

      Mixed-use property in Downtown Eloy, Arizona, suitable for owner-user.
      409-413 N Main St, Eloy, AZ 85131
      View Details

    FAQs

    What type of property is this?
    Apartment building - Residential income property with diverse unit mix in growing Eloy.
    Where is this apartment building located?
    The property is located at 4220 N Granada Drive Eloy, AZ.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Residential financing opportunity for 12 units across 3 parcels.; Diverse unit mix: **4 two‑bedroom, 4 one‑bedroom, and 4 studio apartments.**; **Potential for increased rental income**; rents below market value.
    (480) 329-6083
    We can help!
    Listing Contact
    Eric P Hegarty
    Real Estate License ID: SA 650759000
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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