Newer Duplex Portfolio in
For Sale
Contact for pricing
1024 S 4th Ave, Phoenix, AZ 85003
Newer construction duplexes near Downtown Phoenix and Sky Harbor Airport.
Property Size3,598 SF
Price / SF$186.21
Days on Market176
Property Features for 1024 S 4th Ave
General Information
Standard status
Active
Size
3,598 SF
Property subtype
Multifamily
Zoning
R-5 (Phoenix)
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$42,600
Building Details
Year Built
2021
Buildings
1
Stories
2
Units
2
Listing Agency:
LevRose Commercial Real Estate
(480) 947-0600
Listed By:
Gunnar Sinnett · License #AZ
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 21 at 12:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LevRose Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering presents a rare opportunity to acquire a newer construction duplex portfolio in the rapidly growing Downtown Phoenix submarket. Constructed in 2021, the portfolio consists of three duplexes, which include six total units. Each unit features a spacious 3-bedroom / 2.5-bathroom floor plan with an attached one-car garage and a private patio. Designed to meet strong rental demand for larger, single-family-style living, these well-appointed units offer modern construction and functional layouts. The properties are strategically located near Downtown Phoenix and Sky Harbor International Airport, providing convenient access to major employment corridors and transportation routes. The property size is 3598 square feet. With its newer vintage and low-maintenance construction, this portfolio offers investors a compelling blend of stable cash flow and long-term growth potential in one of Phoenix’s most active rental corridors.
Key Highlights
- Newer construction (2021) duplex portfolio in Downtown Phoenix.
- Six total units, each with 3 bedrooms and 2.5 bathrooms.
- Attached one‑car garages and private patios for each unit.
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
$47,126
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
7.03%
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%
$942,520
$942.5K
Cap Rate 7%
$673,229
$673.2K
Cap Rate 9%
$523,622
$523.6K
Market Conditions
NOI Build-Up for 3,598 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
$71.2K $19.80/SF
− Vacancy
−$3.9K −$1.09/SF
EGI
$67.3K $18.71/SF
− OpEx
−$20.2K −$5.61/SF
NOI
$47.1K $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%
$942,520
Cap Rate 7%
$673,229
Cap Rate 9%
$523,622
Alternative Uses
Best Use
Multifamily LT 5
$673.2K
$589.1K – $785.4K
NOI $47,126 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$599.5K
$524.6K – $699.4K
NOI $41,965 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$1.09M
$953.6K – $1.27M
NOI $76,291 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
Explore this area
Business Placement
Demographics for 85003, AZ
11,042
Population
6,117
Households
1.8
Avg Household Size
37
Median Age
45%
College-Educated
87%
High-School Grad
1.9 sq mi
ZIP Area
5,812
Density / Sq Mi
$56,672
Median Household Income
$55,122
Median Earnings
$1,258
Median Rent
$577,700
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 - Newer construction duplexes near Downtown Phoenix and Sky Harbor Airport.
Where is this duplex located?
The property is located at 1024 S 4th Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Newer construction (2021) duplex portfolio in Downtown Phoenix.; Six total units, each with 3 bedrooms and 2.5 bathrooms.; Attached one‑car garages and private patios for each unit.
