Renovated Quadplex
For Sale
Contact for pricing
950 West Erie Street, Chandler, AZ 85225
Two-level residences include in-unit laundry, storage access, and covered parking.
Property Size8,312 SF
Price / SF$264.67
Days on Market9
Property Features for 950 West Erie Street
General Information
Standard status
Active
Size
8,312 SF
Class
B
Total Parking Spaces
19
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$114,933
Units
Unit Mix
8 x 2BR/1.5BA
Multifamily Units
8
Parking per Unit
2
Amenities
storage units
in-unit laundry
Building Details
Year Built
1983
Year Renovated
2025
Buildings
2
Units
8
Tenancy
Multi
Listing Agency:
eXp Realty Arizona
Listed By:
David Mendel · License #AZ SA516914000
(602) 291-3283
Source:
Crexi
Added: Aug 27
Changed: Sep 3
Last Checked: Sep 3 at 2:35AM
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 Arizona
Investment Insights
Based on property information with market context.
The property comprises two fourplexes situated on separate residential lots, with a combined 8312 SF of improvements built in 1983. Each residence provides a 1,039 SF, two-bedroom, one-and-a-half-bath layout arranged across two levels. Three units have been renovated with new flooring, cabinetry, quartz countertops, updated lighting, ceiling fans, and modern appliances.
On-site amenities include five storage units, in-unit laundry, two covered parking spaces per residence, and three additional covered spaces for guests. The property is located at 950 West Erie Street in Chandler, Arizona, within the 85225 ZIP code.
On-site amenities include five storage units, in-unit laundry, two covered parking spaces per residence, and three additional covered spaces for guests. The property is located at 950 West Erie Street in Chandler, Arizona, within the 85225 ZIP code.
Key Highlights
- Two fourplexes on individual residential lots
- Each unit offers 1,039SF with a 2BD/1.5BA two‑level layout
- Three units renovated with updated finishes, lighting, appliances, and cabinetry
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
$109,191
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
4.96%
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%
$2,183,820
$2.2M
Cap Rate 7%
$1,559,871
$1.6M
Cap Rate 9%
$1,213,233
$1.2M
Market Conditions
NOI Build-Up for 8,312 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
$164.6K $19.80/SF
− Vacancy
−$8.6K −$1.03/SF
EGI
$156.0K $18.77/SF
− OpEx
−$46.8K −$5.63/SF
NOI
$109.2K $13.14/SF
Area
Chandler, AZ
Vacancy
5.22%
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%
$2,183,820
Cap Rate 7%
$1,559,871
Cap Rate 9%
$1,213,233
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $109,191 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$1.36M
$1.19M – $1.58M
NOI $94,871 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,772 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 85225, AZ
73,551
Population
28,930
Households
2.5
Avg Household Size
35
Median Age
33%
College-Educated
88%
High-School Grad
12.7 sq mi
ZIP Area
5,791
Density / Sq Mi
$86,036
Median Household Income
$45,692
Median Earnings
$1,662
Median Rent
$386,800
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?
Quadplex - Two-level residences include in-unit laundry, storage access, and covered parking.
Where is this quadplex located?
The property is located at 950 West Erie Street Chandler, AZ.
What is the asking price?
The asking price for this property is $2,199,900.
What are key features of this property?
This property features: Two fourplexes on individual residential lots; Each unit offers 1,039SF with a 2BD/1.5BA two‑level layout; Three units renovated with updated finishes, lighting, appliances, and cabinetry
