$749,000

Fully occupied fourplex at the end of a cul-de-sac in East Sunnyslope, offered at $749,000. Three 1BR units and one 2BR unit feature slump-block construction, ceramic-tile interiors and private fenced patios or yards. A new asphalt-shingle roof with a reported transferable warranty and low-maintenance landscaping support ownership. Current OM underwriting shows $33,573 normalized… Read More NOI and a 4.48% cap rate; the market-rent pro forma shows $45,727 NOI and 6.11%. Convenient access to SR-51 and Central Phoenix employment, healthcare, shopping and recreation. No seller financing. Do not disturb tenants. Buyer to verify rents, expenses, condition, warranty and all information. 822 E Carol Avenue is a four-unit property in East Sunnyslope with three one-bedroom residences and one two-bedroom residence. All four are reported occupied. The approximately 1,776-SF building occupies an approximately 6,970-SF site. Features include slump-block construction, ceramic-tile interiors, private fenced patios or yards, low-maintenance desert landscaping and a new asphalt-shingle roof with a reported transferable warranty. The current OM uses its July 2026 rent schedule: $3,565 monthly base rent plus $225 monthly utility reimbursements, totaling $3,790. Annual base rent is $42,780 and reimbursements are $2,700, producing $45,480 gross potential income. A 3% economic vacancy allowance produces approximately $44,116 effective gross income, despite reported 100% physical occupancy. Normalized current expenses total $10,543: taxes $766, insurance $1,748, management $3,529, repairs $1,200, water/sewer/trash $2,300, landscaping $400 and other expenses $600. Current normalized NOI is $33,573, a 4.48% cap rate at the $749,000 asking price. These are underwriting assumptions and should be reconciled with current leases, collections and invoices. The illustrative market-rent case assumes $1,100 monthly for each one-bedroom unit and $1,400 for the two-bedroom unit. Reimbursements remain $2,700 annually; economic vacancy remains 3%; management remains 8% of effective gross income. Pro forma effective gross income is $57,327, expenses are $11,600 and NOI is $45,727, producing a 6.11% cap rate. Future rent changes are subject to existing leases and market conditions. The location offers access to SR-51, Central Phoenix employment, healthcare, retail and mountain recreation. Seller financing is not available. Please do not disturb tenants. Complete tenant leases are provided only after the property is under contract to protect tenant privacy. Disclaimer: Information is believed reliable but is not guaranteed. Buyer must independently verify all facts, figures, income, expenses, leases, occupancy, measurements, condition, zoning and permitted uses. Pro forma rents, returns and financing illustrations are estimates, not guarantees. Offering is subject to errors, omissions, prior sale, changes in price or terms and withdrawal without notice. Read Less

Courtesy of Gerchick Real Estate 602-688-9279

Listing Snapshot

Days Online

318

Last Updated

Oct 11, 2026

Beds

Year Built

1977

MLS Number

6952059

Source: Home Junction

Additional Details

Property Access

Road Surface: Asphalt

Appliances & Equipment

Free-Standing Range, Refrigerator

Building

Built in 1977, 1 building, Construction Materials: Painted, Block, Slump Block

Community

No Pool

Cooling

Ceiling Fan(s), Heat Pump, Varies by Unit

Disclosures

Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop

Expenses

Gardener: $400, Insurance: $1,748, Maintenance: $1,200, Operating: $10,504, Water/Sewer: $2,300, Other Expense: $400

Exterior Features

Sidewalk(s)

Floors

Carpet, Ceramic Tile, Vinyl

Heating

Varies by Unit, Heat Pump

Income

Gross Income: $2,744, Gross ScheduledIncome: $44,116, Net Operating Income: $42,286

Lot

Dimensions: irr

Owner Pays

Trash Collection, Water, Sewer, Landscaping

Parking

6 open parking spaces, 6 total parking spaces, Paved, Free, 1 Space/Unit, On Street

Roof

Composition

Sewer

Public Sewer

Taxes

Additional parcels description:, Parcel Number: 159-37-078, Public Survey Range: 3E, Public Survey Section: 28, Annual Amount: $927, Tax Book Number: 159.00, Legal Description: E 50' OF S2 NW4 SE4 NW4 SW4 EX S 25' RD .16 AC, Year: 2025, Zoning: Multi

Utilities

Water Source: Master Meter, City Franchise, APS, Individual Meter

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