Updated Duplex with Private
For Sale
$599,900
461 Mulberry Ave, Lake Havasu City, AZ 86403
Multi-Family, Lake Havasu City, AZ
Property Size2,406 SF
Lot Size0.24 Acres
Price / SF$249.33
Days on Market53
Property Features for 461 Mulberry Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
L-R-2 Two-Family Residential
Bedrooms
4
Rooms
Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 4
Pool private
1
Subdivision
Lake Havasu City
View
Lake
Directions
Lake Havasu Ave S. to Mulberry just up on left side.
Standard status
Active
APN
109-33-005
Size
2,406 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TRACT: 2314 LAKE HAVASU CITY TR 2314 BLK 1 LOT 5 SEC 14 & 15
Tax Annual Amount
1914
Legal Description
TRACT: 2314 LAKE HAVASU CITY TR 2314 BLK 1 LOT 5 SEC 14 & 15
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating), Central, Ductless (Heating)
Cooling system
Zoned, Ductless, Electric, Central Air
Water source
Public
Amenities
swimming pool
Building Details
Year built
1988
Number of units
2
Flooring type
Laminate, Tile, Vinyl
Building materials
Wood Frame, Stucco
Roof type
Shingle
Listing Agency:
Keller Williams Arizona Living Realty · Keller Williams Realty
(928) 453-6111
Listed By:
Brenda Fischer · License #SA517005000
(928) 486-3731
Added: Jul 22
Changed: Sep 12
Last Checked: Sep 12 at 5:06PM
MLS# 1041768
Copyright © 2026 Lake Havasu Association of Realtors. 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 contains 2,406 square feet on a 0.24-acre parcel, with each residence offering two bedrooms, two bathrooms, and a two-car garage. The property was built in 1988 and includes a private swimming pool on the A-unit side. Recent improvements include a newer roof, fresh exterior paint, an updated pool surface, new flooring in both units, and a walk-in shower in one unit. Reverse-osmosis systems and all appliances are included, while the A-unit garage has a mini-split air-conditioning system.
The property is located near the lake, beaches, boat launches, restaurants, and shopping in Lake Havasu City. Public water and public sewer serve the property. Construction includes wood frame and stucco, with laminate, vinyl, and tile flooring and a shingle roof.
The property is located near the lake, beaches, boat launches, restaurants, and shopping in Lake Havasu City. Public water and public sewer serve the property. Construction includes wood frame and stucco, with laminate, vinyl, and tile flooring and a shingle roof.
Key Highlights
- 2,406 SF duplex on a 0.24‑acre parcel
- Each unit has 2 bedrooms, 2 bathrooms, and a 2‑car garage
- Private swimming pool located on the A‑unit side
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
$17,952
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
2.99%
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%
$359,040
$359.0K
Cap Rate 7%
$256,457
$256.5K
Cap Rate 9%
$199,467
$199.5K
Market Conditions
NOI Build-Up for 2,406 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
$27.4K $11.40/SF
− Vacancy
−$1.8K −$0.74/SF
EGI
$25.6K $10.66/SF
− OpEx
−$7.7K −$3.20/SF
NOI
$18.0K $7.46/SF
Area
Mohave County, AZ
Vacancy
6.50%
Lease Rate
$11.40 /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%
$359,040
Cap Rate 7%
$256,457
Cap Rate 9%
$199,467
Alternative Uses
Best Use
Multifamily LT 5
$256.5K
$224.4K – $299.2K
NOI $17,952 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$239.3K
$209.4K – $279.2K
NOI $16,754 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$537.2K
$470.0K – $626.7K
NOI $37,603 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 86403, AZ
17,787
Population
11,604
Households
1.5
Avg Household Size
53
Median Age
18%
College-Educated
89%
High-School Grad
11.0 sq mi
ZIP Area
1,617
Density / Sq Mi
$57,531
Median Household Income
$33,368
Median Earnings
$1,152
Median Rent
$313,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom, two-bath residences feature private garages, included appliances, and refreshed interior and exterior elements.
Where is this duplex located?
The property is located at 461 Mulberry Ave Lake Havasu City, AZ.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2,406 SF duplex on a 0.24‑acre parcel; Each unit has 2 bedrooms, 2 bathrooms, and a 2‑car garage; Private swimming pool located on the A‑unit side
