Modern Two-Unit Income
For Sale
$750,000
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$202.59
Days on Market51
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: Aug 26
Last Checked: Sep 7 at 4:51AM
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
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 = 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
$48,488
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
6.47%
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%
$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
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
$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 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%
$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 6.47%
Second Best
Apartment 5plus
$616.8K
$539.7K – $719.6K
NOI $43,178 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$1.12M
$981.2K – $1.31M
NOI $78,496 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,026
Businesses Nearby
Explore this area
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
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?
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 $750,000.
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
