8939 N 8TH Street Phoenix, AZ 85020
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Ford Tract
MLS Listing ID 6749873
Year Built 1987
Annual Tax Amount $4,040
Tax Year 2024
Lot Dimensions IRR
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
Lease Details: A robust 5-year lease with built-in increases in years 2 through 5, ensuring predictable cash flow growth.
Tenant Reliability: A proven tenant known for exceptional property maintenance and consistent, on-time rent payments.
Lease: Absolute NNN Tenant responsible for taxes, insurance, and property maintenance, reducing landlord responsibilities and maximizing returns.
Options for Expansion: Two additional 5-year renewal options, providing long-term income security and flexibility.
NO SELLER CARRY- see additional information Discover a compelling investment opportunity with a newly signed NNN absolute lease, offering stability and growth potential. Situated in a high-demand location, this property features:
Lease Details: A robust 5-year lease with built-in increases in years 2 through 5, ensuring predictable cash flow growth.
Tenant Reliability: A proven tenant known for exceptional property maintenance and consistent, on-time rent payments.
Triple NNN Lease: Tenant responsible for taxes, insurance, and property maintenance, reducing landlord responsibilities and maximizing returns.
Options for Expansion: Two additional 5-year renewal options, providing long-term income security and flexibility.
Property Highlights:
Location: Strategically positioned in a thriving area known for its economic stability and growth potential.
Tenant Quality: Established tenant with a strong track record in property care and financial responsibility.
Investment Appeal: Ideal for investors seeking passive income with minimal management involvement and reliable returns.
Financial Snapshot:
Lease Rate: $10,500 per month with scheduled increases, enhancing cash flow over the lease term.
Cap Rate: 8.25% - A strong return on investment with steady, growing income.
Tenant Stability: Secure income stream backed by a reputable tenant committed to property upkeep and lease obligations.
Property Details:
- Comprehensive Renovation: Extensive upgrades position this building competitively in the rental market.
- Unit Mix:
- **6 Units:** 1-bedroom apartments
- **2 Units:** 2-bedroom, 1-bath apartments
- **1 Office Unit:** Currently used as an office space, can be converted to a 1-bedroom apartment upon request.
- **Renovations & Upgrades:**
- **Apartment Upgrades (Rehabbed in 2024):** Each of the 7 units has been thoughtfully updated, with bathroom renovations costing approximately $12,000 per unit.
- **Office/Storage Space Addition:** Added for approximately $100,000, this versatile space can serve multiple purposes.
- **Exterior Enhancements:**
- Brick patio installed in 2019 ($15,000), featuring TV and power outlets.
- Security gate added in 2015 ($5,000).
- New brick wall for added privacy ($5,000).
- New mailboxes installed in August 2024 ($500).
**Property Features:**
- On-site laundry facility
- Two storage units included
- Tenant amenities such as microwaves, refrigerators, and stoves in all units
- Gated property for security and privacy
- Currently leased in a Master Lease on an Absolute NNN Lease
Buyer Information:
Buyer to verify all facts and figures.
There is NO SELLER CARRY
Location
State AZ
County Maricopa
Community Ford Tract
Zoning R-4
Direction Dunlap west to 8th Street and south to property
Interior
Heating Individual, Heat Pump, Electric
Cooling Ceiling Fan(s), Heat Pump, Individual
Flooring Carpet, Ceramic Tile
Appliance Free-Standing Range, Other, Disposal, Refrigerator, Microwave, Washer/Dryer
Exterior
Parking Features Other, Paved, Free, >1 Space Per Unit, On Street
Community Features Other, See Remarks, Barbecue, Manager Res/Office, No Pool
Roof Type Composition,Foam,Rolled/Hot Mop
Building
Sewer Public Sewer
Water Master Meter, City Franchise
New Construction No
Schools
High Schools Sunnyslope High School
School District Glendale Union High School District
Others
Senior Community No
Tax ID 160-03-012-A
Acceptable Financing No Carry, Conventional
Listing Terms No Carry, Conventional
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