Remodeled Residential Income
For Sale
$717,750
36601 N MULE TRAIN Road A36, Carefree, AZ 85377
Lower-level two-bedroom home with updated kitchen, modern baths, and three covered patios.
Property Size1,970 SF
Price / SF$364.34
Days on Market87
Property Features for 36601 N MULE TRAIN Road A36
General Information
Standard status
Active
Size
1,970 SF
Total Parking Spaces
1
Property subtype
Townhouse
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$995
Building Details
Building Size
1,970 SF
Year Built
2004
Listing Agency:
Coldwell Banker Realty
(480) 760-5665
Listed By:
Mila W Delaware
(480) 760-5665
Source:
Luxuryhomesdesertmountain
Added: Jun 7
Changed: Aug 31
Last Checked: Aug 31 at 12:31AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This lower-level residential income property offers 1,970 square feet with two bedrooms and 2.5 bathrooms. Built in 2004, the home has been completely remodeled with hardwood flooring in the entry, contemporary lighting, and an open living and dining arrangement. The kitchen features quartz countertops, new stainless steel appliances, a farmhouse sink, and a breakfast bar. A built-in wet bar, wine chiller, bookshelves, and fireplace wall add defined entertaining space.
Both full bathrooms include walk-in showers and double sinks. The primary bathroom adds a soaking tub and heated, fog-free mirrors. Three covered patios extend the living area outdoors, and the property includes one shared garage space. The home is located at the Village of Carefree, near golf, dining, shops, and art galleries.
Both full bathrooms include walk-in showers and double sinks. The primary bathroom adds a soaking tub and heated, fog-free mirrors. Three covered patios extend the living area outdoors, and the property includes one shared garage space. The home is located at the Village of Carefree, near golf, dining, shops, and art galleries.
Key Highlights
- 1,970 SF lower‑level home with 2 bedrooms and 2.5 bathrooms
- Completely remodeled with hardwood entry flooring and contemporary lighting
- Kitchen includes quartz countertops, new stainless steel appliances, farmhouse sink, and breakfast bar
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
$22,233
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
3.10%
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%
$444,660
$444.7K
Cap Rate 7%
$317,614
$317.6K
Cap Rate 9%
$247,033
$247.0K
Market Conditions
NOI Build-Up for 1,970 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
$42.6K $21.60/SF
− Vacancy
−$2.1K −$1.08/SF
EGI
$40.4K $20.52/SF
− OpEx
−$18.2K −$9.23/SF
NOI
$22.2K $11.29/SF
Area
Maricopa County, AZ
Vacancy
5.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$444,660
Cap Rate 7%
$317,614
Cap Rate 9%
$247,033
Alternative Uses
Best Use
Apartment 5plus
$317.6K
$277.9K – $370.6K
NOI $22,233 @ 7.0% cap · market cap 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$609.4K
$533.2K – $710.9K
NOI $42,656 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Explore this area
Business Placement
Demographics for 85377, AZ
3,515
Population
2,258
Households
1.6
Avg Household Size
65
Median Age
64%
College-Educated
99%
High-School Grad
8.6 sq mi
ZIP Area
409
Density / Sq Mi
$143,315
Median Household Income
$58,147
Median Earnings
$1,685
Median Rent
$1,058,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Lower-level two-bedroom home with updated kitchen, modern baths, and three covered patios.
Where is this residential income property located?
The property is located at 36601 N MULE TRAIN Road A36 Carefree, AZ.
What is the asking price?
The asking price for this property is $717,750.
What are key features of this property?
This property features: 1,970 SF lower‑level home with 2 bedrooms and 2.5 bathrooms; Completely remodeled with hardwood entry flooring and contemporary lighting; Kitchen includes quartz countertops, new stainless steel appliances, farmhouse sink, and breakfast bar
