Renovated Residential Income
New
For Sale
$299,000
7402 E Carefree Dr #204, Carefree, AZ 85377
The two-bedroom, two-bath residence features a remodeled kitchen, updated bathrooms, and a patio accessible from both bedrooms and the living area.
Property Size1,086 SF
Price / SF$275.32
Days on Market4
Property Features for 7402 E Carefree Dr #204
General Information
Standard status
Active
Size
1,086 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
in-unit laundry
patio
Building Details
Year Built
1975
Listing Agency:
Exp Realty
(888) 897-7821
Listed By:
Klaus Team Real Estate Solutions
(480) 354-7344
Source:
Klausteam
Added: Oct 4
Changed: Oct 7
Last Checked: Oct 7 at 11:55AM
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
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, two-bath condo with a remodeled kitchen and updated bathrooms featuring contemporary tile and fixtures. French doors connect both bedrooms and the main living area to a large patio. Interior features also include tile flooring, updated lighting, and an in-unit laundry area. The building dates to 1975.
Key Highlights
- Two bedrooms and two bathrooms
- Remodeled kitchen and updated bathrooms with contemporary tile and fixtures
- French doors open from both bedrooms and the main living area to a large patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,257
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$245,140
$245.1K
Cap Rate 7%
$175,100
$175.1K
Cap Rate 9%
$136,189
$136.2K
Market Conditions
NOI Build-Up for 1,086 SF
Gross rent
$23.5K $21.60/SF
− Vacancy
−$1.2K −$1.08/SF
EGI
$22.3K $20.52/SF
− OpEx
−$10.0K −$9.23/SF
NOI
$12.3K $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 Rate 5%
$245,140
Cap Rate 7%
$175,100
Cap Rate 9%
$136,189
Alternative Uses
Best Use
Apartment 5plus
$175.1K
$153.2K – $204.3K
NOI $12,257 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.9K
$293.9K – $391.9K
NOI $23,515 @ 7.0% cap · market cap 7.86%
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 - The two-bedroom, two-bath residence features a remodeled kitchen, updated bathrooms, and a patio accessible from both bedrooms and the living area.
Where is this residential income property located?
The property is located at 7402 E Carefree Dr #204 Carefree, AZ.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two bedrooms and two bathrooms; Remodeled kitchen and updated bathrooms with contemporary tile and fixtures; French doors open from both bedrooms and the main living area to a large patio
