Ashley Walmsley
ashleywalmsley72@gmail.com5 Beds
5 Beds
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 6952059
Bedrooms 5
Maintenance Fees $1,200
Year Built 1977
Annual Tax Amount $927
Tax Year 2025
Lot Dimensions irr
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
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 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.
Location
State AZ
County Maricopa
Area Maricopa
Zoning Multi
Direction Head east on Mountain View Rd from the intersection with Cave Creek Rd. Continue straight on Mountain View Rd past the residential area. Turn right (south) onto N 16th St (or the nearest major cross street that connects toward E Carol Ave). Follow N 16th St south toward E Carol Ave. Turn left onto E Carol Ave. Arrive at 822 E Carol Ave (on your right).
Interior
Heating Varies by Unit, Heat Pump
Cooling Ceiling Fan(s), Heat Pump, Varies by Unit
Flooring Carpet
Appliance Free-Standing Range, Refrigerator
Exterior
Exterior Feature Sidewalk(s)
Parking Features Paved, Free, 1 Space/Unit, On Street
Community Features No Pool
Roof Type Composition,See Remarks
Private Pool No
Building
Sewer Public Sewer
Water Master Meter, City Franchise
Structure Type Sidewalk(s)
New Construction No
Schools
School District Glendale Union High School District
Others
Senior Community No
Tax ID 159-37-078
Ownership Fee Simple
Acceptable Financing No Carry, Conventional, FHA, VA Loan
Disclosures Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
Listing Terms No Carry, Conventional, FHA, VA Loan
Virtual Tour https://tours.arizonarealtours.com/2364950?idx=1
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "