748 E Carol Ave Phoenix, AZ 85020
North Central NeighborhoodEstimated payment $3,957/month
Total Views
2,385
--
Bed
--
Bath
--
Sq Ft
--
Price per Sq Ft
Highlights
- Cooling Available
- Ceramic Tile Flooring
- Heat Pump System
- Sunnyslope High School Rated A
- Ceiling Fan
About This Home
Prime Investment Opportunity: Renovated 3-Bedroom Home with Development Potential for 8 Multifamily Units
An Exceptional Value-Add Opportunity in a Growing Market
Seize this rare investment opportunity featuring a beautifully renovated 3-bedroom, 2-bathroom home alongside a prime development site with the potential to build 8 brand-new multifamily units. Whether you're an investor looking for immediate rental income, a developer seeking a new project, or a buyer looking to live onsite while planning future development, this property offers an unmatched combination of income potential and long-term appreciation.
Property Highlights:
🏡 Single-Family Home:
Fully renovated 3-bed, 2-bath home with modern finishes
Spacious open floor plan, updated kitche Prime Investment Opportunity: Renovated 3-Bedroom Home with Development Potential for 8 Multifamily Units
An Exceptional Value-Add Opportunity in a Growing Market
Seize this rare investment opportunity featuring a beautifully renovated 3-bedroom, 2-bathroom home alongside a prime development site with the potential to build 8 brand-new multifamily units. Whether you're an investor looking for immediate rental income, a developer seeking a new project, or a buyer looking to live onsite while planning future development, this property offers an unmatched combination of income potential and long-term appreciation.
Property Highlights:
á Single-Family Home:
Fully renovated 3-bed, 2-bath home with modern finishes
Spacious open floor plan, updated kitchen with stainless steel appliances, and designer fixtures
Ideal for rental income or owner-occupancy while building the multifamily units
Strong rental demand in the area ensures immediate cash flow
× Multifamily Development Potential:
Opportunity to build 8 new multifamily units - maximize density and income
Favorable zoning allows for efficient and high-yield construction
Opportunity to build high-demand rental units in a supply-constrained market
Site layout designed for optimal tenant experience and operational efficiency
=Í Strategic Location:
Located in a rapidly growing neighborhood with strong rental demand
Close to major employment centers, schools, shopping, and transit corridors
Easy access to highways and public transportation, enhancing tenant appeal
Surging property values in the area make this an ideal long-term hold
Investment Advantages:
Dual income streams: Generate revenue from the existing home while developing the new units
Reduced risk: Immediate cash flow from the home offsets carrying costs during development
High return potential: Multifamily construction unlocks significant equity and income growth
Tax benefits: Depreciation, interest deductions, and potential cost segregation strategies
Investor's Vision:
This property is perfect for an investor or developer looking to capitalize on a turnkey home with near-term development potential. Whether you're flipping, holding for rental income, or building for long-term equity growth, this is an exceptional opportunity in today's competitive market.
Don't miss out on this rare investment! Contact us today for more details, financial projections, and site plans.
Disclaimer: Buyer to verify all facts and figures. Information deemed reliable but not guaranteed.
Discover the Vibrant Community of 85020!
Nestled in the heart of Phoenix, the 85020 area offers a perfect blend of urban convenience and natural beauty. Here's why this area is a standout choice for your next move:
**Prime Location**
Located just minutes from the 51 Highway, commuting is a breeze whether you're heading downtown or exploring the Valley. This convenient access ensures you're always connected to the pulse of the city.
**Natural Oasis**
Embrace outdoor living with North Mountain Park at your doorstep. Enjoy hiking trails, scenic picnic spots, and breathtaking views of the Valleyall just moments away from home. It's the perfect escape for outdoor enthusiasts and families alike.
**Thriving Community**
85020 is more than just a neighborhood; it's a vibrant community with diverse amenities. Explore local dining hotspots, boutique shops, and cultural attractions that reflect the rich tapestry of Phoenix living.
**Employment Hub**
With major employers like [Banner Hospital, the area offers promising career opportunities without the long commute. Whether you're starting a new job or advancing your career, 85020 puts you in the center of it all.
**Your Gateway to Phoenix Living**
Experience the best of urban convenience and natural beauty in 85020. Whether you're looking for a place to call home or seeking an investment opportunity, this area promises a lifestyle that blends modernity with the tranquility of nature.
Explore 85020 today and discover why it's more than just an addressit's a destination.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,263
Year Built
- Built in 1939
Home Design
- Composition Roof
- Block Exterior
- Stone Exterior Construction
- Stucco
Interior Spaces
- Ceiling Fan
Flooring
- Carpet
- Ceramic Tile
Parking
- 5 Open Parking Spaces
- 5 Parking Spaces
Utilities
- Cooling Available
- Heat Pump System
- Individual Controls for Heating
Listing and Financial Details
- Tax Lot 16
- Assessor Parcel Number 159-37-075
Community Details
Overview
- 2 Buildings
- 9 Units
- Building Dimensions are Square
- Tengen Place Subdivision
Building Details
- Operating Expense $4,693
- Gross Income $27,238
- Net Operating Income $22,580
Map
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $1,263 | $11,669 | -- | -- |
| 2024 | $1,401 | $11,113 | -- | -- |
| 2023 | $1,401 | $25,650 | $5,130 | $20,520 |
| 2022 | $1,356 | $14,850 | $2,970 | $11,880 |
| 2021 | $1,373 | $14,050 | $2,810 | $11,240 |
| 2020 | $1,339 | $10,400 | $2,080 | $8,320 |
| 2019 | $1,314 | $10,700 | $2,140 | $8,560 |
| 2018 | $1,126 | $11,360 | $2,270 | $9,090 |
| 2017 | $556 | $7,920 | $1,580 | $6,340 |
| 2016 | $546 | $6,370 | $1,270 | $5,100 |
| 2015 | $506 | $5,630 | $1,120 | $4,510 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/08/2025 04/08/25 | Price Changed | $690,000 | -13.6% | -- |
| 04/05/2025 04/05/25 | Price Changed | $799,000 | -5.4% | -- |
| 02/28/2025 02/28/25 | For Sale | $845,000 | +116.7% | -- |
| 06/25/2021 06/25/21 | Sold | $390,000 | -2.5% | $417 / Sq Ft |
| 06/11/2021 06/11/21 | Pending | -- | -- | -- |
| 06/06/2021 06/06/21 | For Sale | $399,900 | +117.2% | $428 / Sq Ft |
| 08/21/2017 08/21/17 | Sold | $184,140 | +2.4% | $123 / Sq Ft |
| 08/16/2017 08/16/17 | For Sale | $179,900 | 0.0% | $120 / Sq Ft |
| 08/16/2017 08/16/17 | Price Changed | $179,900 | 0.0% | $120 / Sq Ft |
| 08/01/2017 08/01/17 | For Sale | $179,900 | 0.0% | $120 / Sq Ft |
| 08/01/2017 08/01/17 | Price Changed | $179,900 | 0.0% | $120 / Sq Ft |
| 06/21/2017 06/21/17 | For Sale | $179,900 | 0.0% | $120 / Sq Ft |
| 06/21/2017 06/21/17 | Price Changed | $179,900 | 0.0% | $120 / Sq Ft |
| 05/17/2017 05/17/17 | For Sale | $179,900 | 0.0% | $120 / Sq Ft |
| 05/06/2017 05/06/17 | Price Changed | $179,900 | 0.0% | $120 / Sq Ft |
| 03/30/2017 03/30/17 | Pending | -- | -- | -- |
| 03/01/2017 03/01/17 | For Sale | $179,900 | -2.3% | $120 / Sq Ft |
| 03/01/2017 03/01/17 | Off Market | $184,140 | -- | -- |
| 02/16/2017 02/16/17 | Price Changed | $179,900 | -5.3% | $120 / Sq Ft |
| 11/22/2016 11/22/16 | Price Changed | $189,900 | -5.0% | $127 / Sq Ft |
| 10/04/2016 10/04/16 | Price Changed | $199,900 | -12.7% | $133 / Sq Ft |
| 09/15/2016 09/15/16 | Price Changed | $229,000 | -4.2% | $153 / Sq Ft |
| 08/28/2016 08/28/16 | For Sale | $239,000 | -- | $159 / Sq Ft |
Source: Arizona Regional Multiple Listing Service (ARMLS)
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $390,000 | Chicago Title Agency | |
| Warranty Deed | $184,704 | Chicago Title Agency Inc | |
| Warranty Deed | $184,140 | Pioneer Title Agency Inc | |
| Interfamily Deed Transfer | -- | Old Republic Title Agency | |
| Warranty Deed | -- | Old Republic Title Agency | |
| Warranty Deed | $103,000 | American Title Svc Agency Ll | |
| Cash Sale Deed | $37,500 | Security Title Agency | |
| Warranty Deed | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $250,000 | New Conventional | |
| Previous Owner | $184,140 | VA | |
| Previous Owner | $127,200 | New Conventional | |
| Previous Owner | $119,700 | Stand Alone Refi Refinance Of Original Loan | |
| Previous Owner | $119,700 | Purchase Money Mortgage |
Source: Public Records
Similar Homes in the area
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6828439
APN: 159-37-075
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
Nearby Homes
- 9239 N Cave Creek Rd
- 640 E Purdue Ave Unit 202
- 9505 N Cave Creek Rd
- 507 E Mountain View Rd
- 9043 N 10th St
- 9017 N Cave Creek Rd
- 509 E Ironwood Dr
- 315 E Carol Ave
- 10006 N 7th Place
- 9028 N 11th St
- 918 E Dunlap Ave Unit 1-2
- 536 E Dunlap Ave
- 9846 N 10th St
- 801 E Dunlap Ave
- 8939 N 8th St
- 226 E Carol Ave
- 1112 E Dunlap Ave
- 9202 N 12th St
- 340 E Dunlap Ave
- 9707 N 12th St