8939 N 8TH Street, Phoenix, AZ 85020

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

Listing Status:

Active

Date Added:

August 28, 2024 at 05:00AM

Listing Office:

Gerchick Real Estate : 602-688-9279

Listing Agent:

Linda S Gerchick : 602-688-9279

MLS ID:

6749873

Interior

• Flooring: CarpetCeramic Tile
• A/C: Ceiling Fan(s)Heat PumpIndividual
• Heating: IndividualHeat PumpElectric

Exterior

• Parking: OtherPavedFree>1 Space Per UnitOn StreetParking spaces: 10

Construction

• Roofing: CompositionFoamRolled/Hot Mop
• General: Wood FramePaintedStuccoBlock

Location

• Road/Access: AsphaltCurb(s) & Gutter(s)
• Originating MLS: Arizona Regional Multiple Listing Service 2
• School District: Glendale Union High School District
• County: Maricopa

Lot

• Zoning: R-416003012A

Utilities

• Water: Master MeterCity Franchise
• Sewer: Public Sewer

Financial

• Source: Arizona Regional Multiple Listing Service 2

This listing courtesy of Linda S Gerchick, Gerchick Real Estate