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
This is the kind of NNN tenant investors look for.
Not only does the tenant pay rent on time, every time, but they have recently completed new exterior paint and landscaping at their own expense—further enhancing curb appeal and long-term value—all while the property maintains an ACTUAL 8.03% cap rate. This is a true passive investment with pride of ownership from the tenant and zero landlord involvement. SEE THE ADDITIONAL Supplement Exceptional NNN Tenant | ACTUAL 8.03% Cap Rate
This is the kind of NNN tenant investors look for.
Not only does the tenant pay rent on time, every time, but they have recently completed new exterior paint and landscaping at their own expensefurther enhancing curb appeal and long-term valueall while the property maintains an ACTUAL 8.03% cap rate. This is a true passive investment with pride of ownership from the tenant and zero landlord involvement.
Discover a compelling investment opportunity with a newly signed Absolute NNN lease, offering stability, strong returns, and built-in growth potential. Situated in a high-demand location, this property delivers reliable income backed by a proven tenant.
Lease Details
5-Year Absolute NNN Lease with scheduled rent increases in years 2 through 5, providing predictable cash-flow growth
Tenant Reliability: Proven tenant known for exceptional property maintenance and consistent, on-time rent payments
Triple NNN Structure: Tenant is responsible for taxes, insurance, and all maintenanceminimizing landlord responsibilities
Renewal Options: Two additional 5-year options for long-term income security and flexibility
Financial Snapshot
Lease Rate: $10,500 per month with scheduled increases
Cap Rate: ACTUAL 8.03% - strong, stable return with upside protection
Income Security: Backed by a reputable tenant committed to property upkeep and lease obligations
Property Highlights
Location: Strategically positioned in a thriving area with solid economic fundamentals
Investment Appeal: Ideal for investors seeking true passive income with minimal management
Property Details
Comprehensive Renovation: Extensive upgrades position this asset competitively in the market
Unit Mix:
6 one-bedroom apartments
2 two-bedroom / one-bath apartments
1 office unit - currently used as office space and can be converted to a one-bedroom apartment
Renovations & Upgrades
Apartment Renovations (2024):
Each of the 7 units has been thoughtfully updated, including bathroom renovations averaging approximately $12,000 per unit
Office / Storage Addition:
Added for approximately $100,000, offering flexible use potential
Exterior Enhancements
Brick patio installed in 2019 ($15,000) with TV and power outlets
Security gate added in 2015 ($5,000)
New brick wall for privacy ($5,000)
New mailboxes installed August 2024 ($500)
NEW exterior paint and landscaping completed by the tenant at their expense
Property Features
On-site laundry facility
Two storage units
Microwaves, refrigerators, and stoves in all units
Gated property for added security and privacy
Currently leased under a Master Lease - Absolute NNN
Buyer Information
Buyer to verify all facts and figures
NO Seller Carry
Act Now
Opportunities offering an ACTUAL 8.03% cap rate, an Absolute NNN structure, and a tenant who reinvests in the property are rare.
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Location
State AZ
County Maricopa
Community Ford Tract
Area Maricopa
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
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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