Two-Unit Residential Income
For Sale
Contact for pricing
2032 West Cypress Street, Phoenix, AZ 85009
Duplex with two 1 bed, 1 bath units, including shared rear yard and private gated covered parking.
Property Size1,505 SF
Price / SF$315.55
Days on Market101
Property Features for 2032 West Cypress Street
General Information
Standard status
Active
Size
1,505 SF
Class
C
Property subtype
Multifamily
Additional Details
Outdoor Storage
Yes
Multifamily Units
3
Amenities
gated covered parking
lockable storage shed
private yard
rear yard
Building Details
Units
3
Tenancy
Multi
Listing Agency:
eXp Realty Arizona
(602) 291-3283
Listed By:
David Mendel · License #AZ SA516914000
Source:
Crexi
Added: May 4
Changed: Aug 8
Last Checked: Aug 12 at 4:22AM
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 eXp Realty Arizona
Investment Insights
Based on property information with market context.
This two-unit residential income duplex includes two 1-bedroom, 1-bathroom homes. The front and rear units share a rear yard, while the rear unit has access to a private yard and gated, covered parking. The rear yard also includes a lockable storage shed, and the property’s appliances are landlord owned and are included with the sale.
The duplex is located at 2032 West Cypress Street and includes the associated front address at 2034 West Cypress Street. The property description indicates it is ready for a new owner.
Both units are configured as 1 bedroom and 1 bathroom, providing straightforward rental layouts within a single duplex structure.
The duplex is located at 2032 West Cypress Street and includes the associated front address at 2034 West Cypress Street. The property description indicates it is ready for a new owner.
Both units are configured as 1 bedroom and 1 bathroom, providing straightforward rental layouts within a single duplex structure.
Key Highlights
- Duplex with two 1 bed, 1 bath units
- Front and rear units located at 2034 W Cypress St share a rear yard
- Unit at 2032 W Cypress St includes a private yard
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
$19,712
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
4.15%
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%
$394,240
$394.2K
Cap Rate 7%
$281,600
$281.6K
Cap Rate 9%
$219,022
$219.0K
Market Conditions
NOI Build-Up for 1,505 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
$29.8K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$28.2K $18.71/SF
− OpEx
−$8.4K −$5.61/SF
NOI
$19.7K $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%
$394,240
Cap Rate 7%
$281,600
Cap Rate 9%
$219,022
Alternative Uses
Best Use
Multifamily LT 5
$281.6K
$246.4K – $328.5K
NOI $19,712 @ 7.0% cap · market cap 4.15%
Second Best
Apartment 5plus
$250.8K
$219.4K – $292.6K
NOI $17,554 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$455.9K
$398.9K – $531.9K
NOI $31,911 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
Explore this area
Business Placement
Demographics for 85009, AZ
50,439
Population
14,873
Households
3.4
Avg Household Size
31
Median Age
7%
College-Educated
59%
High-School Grad
14.7 sq mi
ZIP Area
3,431
Density / Sq Mi
$51,615
Median Household Income
$29,674
Median Earnings
$1,128
Median Rent
$215,300
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 two 1 bed, 1 bath units, including shared rear yard and private gated covered parking.
Where is this duplex located?
The property is located at 2032 West Cypress Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Duplex with two 1 bed, 1 bath units; Front and rear units located at 2034 W Cypress St share a rear yard; Unit at 2032 W Cypress St includes a private yard
