8939 N 8TH Street, Phoenix, AZ 85020 - MLS#6749873 - Ryan Ney

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Ryan Ney

My Home Group Real Estate

ryan@realscottsdalehomes.com +1(480) 566-9249

$1,695,000

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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

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.

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

Private Pool No

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

Disclosures Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop

Listing Terms No Carry, Conventional

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Listed by Gerchick Real Estate

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Ryan Ney

+1(480) 566-9249

Realtor® ~ Team Leader | SASA548713000

Realtor® ~ Team Leader SASA548713000

Scottsdale Speciality Searches

8939 N 8TH Street Phoenix, AZ 85020

Ryan Ney

Key Details

Location

Interior

Exterior

Building

Schools

Others

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