Three-Unit Income Property with
For Sale
$235,000
Pending
85 North Morrison Avenue, Casa Grande, AZ 85122
Triplex offers three separate units with private yards and dedicated parking, including front and alley access.
Property Size2,199 SF
Days on Market148
Property Features for 85 North Morrison Avenue
General Information
Standard status
Pending
Size
2,199 SF
Property subtype
Multiple Dwellings
Zoning
GR
Net Operating Income
$22,800
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$864
Amenities
Central Air, Ceiling Fan(s), Window/Wall Unit
Window/Wall Unit(s), Natural Gas
Ceramic Tile, Concrete
Yes
Other, Tile
Sidewalk(s)
No Pool
2
3
Cement Siding, Painted, Stucco, Brick
Building Details
Year Built
1934
Listing Agency:
HomeSmart Premier
Listed By:
April Lynn Crimmins · License #SA682309000
(520) 560-3470
Source:
Compass
Added: Apr 11
Changed: Aug 8
Last Checked: Jul 26 at 12:20PM
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 HomeSmart Premier
Investment Insights
Based on property information with market context.
This triplex includes three distinct units, arranged so that two units are attached while the third is a separate residence. Each unit features a living room, dining area, and kitchen, with private yards and dedicated parking spaces for residents.
Unit 1 provides 3 bedrooms and 1 bathroom in approximately 1,030 square feet and is accessible from the front of the property. Units 2 and 3 offer 2 bedrooms/1 bathroom (approximately 685 square feet) and 1 bedroom/1 bathroom (approximately 484 square feet), respectively, with access via the alley for both of these units.
Located at 85 North Morrison Avenue in Casa Grande, Arizona, the property is described as being near shops, dining, and highways.
Unit 1 provides 3 bedrooms and 1 bathroom in approximately 1,030 square feet and is accessible from the front of the property. Units 2 and 3 offer 2 bedrooms/1 bathroom (approximately 685 square feet) and 1 bedroom/1 bathroom (approximately 484 square feet), respectively, with access via the alley for both of these units.
Located at 85 North Morrison Avenue in Casa Grande, Arizona, the property is described as being near shops, dining, and highways.
Key Highlights
- Triplex with 3 total units across 2 buildings (year built 1934)
- Unit mix: 3 bed/1 bath (1,030 SF), 2 bed/1 bath (685 SF), and 1 bed/1 bath (484 SF)
- Each unit includes a living room, dining area, and kitchen
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
$18,882
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
8.03%
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%
$377,640
$377.6K
Cap Rate 7%
$269,743
$269.7K
Cap Rate 9%
$209,800
$209.8K
Market Conditions
NOI Build-Up for 2,199 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
$30.3K $13.80/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$27.0K $12.27/SF
− OpEx
−$8.1K −$3.68/SF
NOI
$18.9K $8.59/SF
Area
Pinal County, AZ
Vacancy
11.11%
Lease Rate
$13.80 /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%
$377,640
Cap Rate 7%
$269,743
Cap Rate 9%
$209,800
Alternative Uses
Best Use
Multifamily LT 5
$269.7K
$236.0K – $314.7K
NOI $18,882 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$247.2K
$216.3K – $288.4K
NOI $17,301 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$607.9K
$532.0K – $709.3K
NOI $42,556 @ 7.0% cap · market cap 18.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
818
Businesses Nearby
Explore this area
Business Placement
Demographics for 85122, AZ
55,063
Population
24,238
Households
2.3
Avg Household Size
39
Median Age
19%
College-Educated
88%
High-School Grad
56.4 sq mi
ZIP Area
976
Density / Sq Mi
$64,243
Median Household Income
$38,679
Median Earnings
$1,289
Median Rent
$242,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex offers three separate units with private yards and dedicated parking, including front and alley access.
Where is this triplex located?
The property is located at 85 North Morrison Avenue Casa Grande, AZ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Triplex with 3 total units across 2 buildings (year built 1934); Unit mix: 3 bed/1 bath (1,030 SF), 2 bed/1 bath (685 SF), and 1 bed/1 bath (484 SF); Each unit includes a living room, dining area, and kitchen
