8939 N 8TH Street Active Save Request In-Person Tour Request Virtual Tour
Phoenix,AZ 85020
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
FULLY LEASED ON A NNN ABSOLUTE LEASE ( currently negotiating with a new tenant for a 5 year lease with a five year option as well).
NEW LEASE EXTRACTION:
Starting November 1st 2025
Five year Lease at $10,500
Five Year Option to Renew
Lease Bumps and Absolute NNN
LEASE EXTRACTION:
2-1-2025- $9,500 Insurance By Month $91.67 Property Taxes by Month $336.67
Water Sewer and Trash Paid by Tenant Maintenance paid by Tenant
Rent plus NNN Expenses
Lease started: October 28th, 2024
Lease End: 12 months
See information under additional information for extensive information. Property Highlights (8939 N 8th St):
- 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
**Financial Overview:**
Cap Rate: Cap rate of over 7%, presenting a lucrative investment opportunity.
Income Stability:** Long-term master lease covering 100% of expenses, ensuring predictable rental income.
**Investment Potential:**
These properties represent an attractive opportunity for investors seeking stable cash flow with minimal management involvement. The extensive renovations and enhancements significantly improve the property's value and marketability.
Buyer Information:
Buyer to verify all facts and figures.
Location
State AZ
County Maricopa
Community Ford Tract
Zoning R-4
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
Total Parking Spaces 10
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
Virtual Tour https://tours.arizonarealtours.com/2272836?idx=1