822 E Carol Avenue, Phoenix, AZ 85020
Local realty services provided by:ERA Four Feathers Realty, L.C.
Listed by: linda s gerchick
Office: gerchick real estate
MLS#:6952059
Source:ARMLS
Price summary
- Price:$699,000
About this home
Price reduced to $699,000. Phoenix fourplex at 822 E Carol Avenue with three 1-bedroom units and one 2-bedroom unit, private yards and a new roof with a transferable warranty. The previously vacant unit is leased at $1,095/month beginning November 10, 2026; all four units are leased effective that date. Estimated annualized NOI is $36,517, representing a 5.22% normalized cap rate at the asking price. Figures reflect the November 10 lease run rate, a 3% economic vacancy allowance and prior normalized expenses, not trailing actual operations. Updated offering memorandum and one-page flyer reflect the new price and lease. Buyer to verify all facts and financial assumptions. 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....
Contact an agent
Home facts
- Year built:1977
- Listing ID #:6952059
- Updated:November 11, 2026 at 04:30 PM
Rooms and interior
- Bedrooms:5
- Total bathrooms:4
- Flooring:Carpet, Ceramic Tile, Vinyl
Heating and cooling
- Cooling:Ceiling Fan(s), Heat Pump
- Heating:Heat Pump
Structure and exterior
- Year built:1977
- Construction Materials:Block, Painted, Slump Block
Utilities
- Water:City Franchise, Master Meter
Finances and disclosures
- Price:$699,000
- Tax amount:$927 (2025)
Parking
- Total parking spaces:6
- Parking description:1 Parking Space/Unit, Free Parking, Paved
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.New listings near 822 E Carol Avenue
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