Modern Two-Unit Income
For Sale
$725,000
721 E Carol Ave, Phoenix, AZ 85020
Built in 2022, this two-unit multifamily property is zoned R-4 and totals 3,702 SF.
Property Size3,702 SF
Price / SF$195.84
Days on Market96
Property Features for 721 E Carol Ave
General Information
Standard status
Active
Size
3,702 SF
Property subtype
Multifamily
Zoning
R-4
Additional Details
Multifamily Units
2
Building Details
Building Size
3,702 SF
Year Built
2022
Listed By:
Brady Zinn · License #AZ #SA714452000
(480) 285-7244
Source:
Svn
Added: Jul 19
Changed: Oct 21
Last Checked: Oct 20 at 6:30PM
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 Brady Zinn
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Investment Insights
Based on property information with market context.
This modern two-unit income property offers a 3,702 SF building with two contemporary units. Constructed in 2022, the low-rise configuration is designed for straightforward rental operations within a residential income setting.
Located in the Phoenix area at 721 E Carol Ave, the property is zoned R-4, supporting a versatile multifamily investment use aligned with residential development standards in the area.
With two units in a relatively new building, the asset provides a compact multifamily footprint for investors looking for a contemporary, garden-style setup in an R-4 zoning environment.
Located in the Phoenix area at 721 E Carol Ave, the property is zoned R-4, supporting a versatile multifamily investment use aligned with residential development standards in the area.
With two units in a relatively new building, the asset provides a compact multifamily footprint for investors looking for a contemporary, garden-style setup in an R-4 zoning environment.
Key Highlights
- Built in 2022, 2‑unit multifamily property with a total building size of 3,702 SF
- Zoned R‑4
- Two contemporary units in a low‑rise/garden style building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,488
Cap Rate
6.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$969,760
$969.8K
Cap Rate 7%
$692,686
$692.7K
Cap Rate 9%
$538,756
$538.8K
Market Conditions
NOI Build-Up for 3,702 SF
Gross rent
$73.3K $19.80/SF
− Vacancy
−$4.0K −$1.09/SF
EGI
$69.3K $18.71/SF
− OpEx
−$20.8K −$5.61/SF
NOI
$48.5K $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 Rate 5%
$969,760
Cap Rate 7%
$692,686
Cap Rate 9%
$538,756
Alternative Uses
Best Use
Multifamily LT 5
$692.7K
$606.1K – $808.1K
NOI $48,488 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$616.8K
$539.7K – $719.6K
NOI $43,178 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.12M
$981.2K – $1.31M
NOI $78,496 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,026
Businesses Nearby
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Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Built in 2022, this two-unit multifamily property is zoned R-4 and totals 3,702 SF.
Where is this duplex located?
The property is located at 721 E Carol Ave Phoenix, AZ.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Built in 2022, 2‑unit multifamily property with a total building size of 3,702 SF; Zoned R‑4; Two contemporary units in a low‑rise/garden style building
