Renovated
For Sale
Contact for pricing
3049 E Cicero St, Mesa, AZ 85213
Four-unit residential income property in Mesa, Arizona, with a 1985 construction date.
Property Size4,000 SF
Price / SF$198.75
Days on Market137
Property Features for 3049 E Cicero St
General Information
Standard status
Active
Size
4,000 SF
Class
B
Property subtype
Multifamily
Net Operating Income
$45,296
Additional Details
Multifamily Units
4
Building Details
Year Built
1985
Year Renovated
2026
Buildings
1
Stories
2
Units
4
Listing Agency:
Matthews
Listed By:
Alex DeSoto · License #02087057
Source:
Crexi
Added: Apr 17
Changed: Aug 30
Last Checked: Aug 30 at 7:06AM
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 Matthews
Investment Insights
Based on property information with market context.
This Mesa residential income property contains four units within approximately 4,000 square feet. Originally built in 1985, the quadplex has undergone a full renovation, providing an updated multifamily asset for consideration by buyers seeking an existing four-unit configuration.
The property is located on E Cicero St in Mesa, Arizona, within the East Mesa area. Its unit count, renovation history, and established multifamily format define the primary physical characteristics of the offering.
The property is located on E Cicero St in Mesa, Arizona, within the East Mesa area. Its unit count, renovation history, and established multifamily format define the primary physical characteristics of the offering.
Key Highlights
- Four‑unit multifamily property
- Approximately 4,000 square feet
- Fully renovated
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
$35,549
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
4.47%
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%
$710,980
$711.0K
Cap Rate 7%
$507,843
$507.8K
Cap Rate 9%
$394,989
$395.0K
Market Conditions
NOI Build-Up for 4,000 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
$54.2K $13.56/SF
− Vacancy
−$3.5K −$0.86/SF
EGI
$50.8K $12.70/SF
− OpEx
−$15.2K −$3.81/SF
NOI
$35.5K $8.89/SF
Area
Mesa, AZ
Vacancy
6.37%
Lease Rate
$13.56 /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%
$710,980
Cap Rate 7%
$507,843
Cap Rate 9%
$394,989
Alternative Uses
Best Use
Multifamily LT 5
$507.8K
$444.4K – $592.5K
NOI $35,549 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$446.9K
$391.0K – $521.4K
NOI $31,282 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$1.10M
$959.4K – $1.28M
NOI $76,750 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
Demographics for 85213, AZ
36,572
Population
15,468
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
96%
High-School Grad
9.2 sq mi
ZIP Area
3,975
Density / Sq Mi
$100,671
Median Household Income
$49,759
Median Earnings
$1,640
Median Rent
$407,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property in Mesa, Arizona, with a 1985 construction date.
Where is this quadplex located?
The property is located at 3049 E Cicero St Mesa, AZ.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four‑unit multifamily property; Approximately 4,000 square feet; Fully renovated
