8939 N 8TH Street, Phoenix, AZ 85020 (MLS# 6749873)

Project Type: 5 - 12 Units

Construction: Block; Wood Frame

Const - Finish: Painted; Stucco

Roofing: Composition; Foam; Rolled

Floors: Ceramic Tile; Carpet

Sale Includes: Land & Building; Personal Property; Laundry Equipment; Other (See Remarks)

Community Features: No Pool; Manager Res/Office; Barbecue; Other; See Remarks

Exterior Amenities: Desert Landscaping; Fenced; Curb(s) & Gutter(s); Cable TV Available; Patio/Balcony; Separate Storage; Security Light(s)

Interior Features: Fire/Smoke Alarm(s); Mini Blinds

Appliances Included: Free-Standing Range; Refrigerator; Disposal; Microwave; Washer/Dryer; Other

Heating: Individual; Heat Pump

Cooling: Ceiling Fan(s); Heat Pump; Individual

Water Source: City Franchise; Master Meter

Sewer: Sewer - Public

Electric: APS; Individual Meter; Other (See Remarks)

Gas: None

Parking Features: On Street; >1 Space Per Unit; Free; Paved; Other

Road Surface Type: Asphalt

Owner Pays: None

Tenant Pays: Water; Sewer; Electricity; Gas; Trash Collection; Cable TV; Landscaping; Other (See Remarks)

Source of Fincl Data: Owner

Showing Notification Methods: Text; Email; Phone Call

Lockbox Type: None

Existing 1st Loan: Treat as Free&Clear

Existing 1st Loan Type: Not Applicable

Existing 1st Loan Terms: Not Applicable

Existing 2nd Loan: Treat as Free&Clear

Existing 2nd Loan Type: Not Applicable

Existing 2nd Loan Terms: Not Applicable

Existing 3rd Loan: Treat as Free&Clear

Existing 3rd Loan Type: Not Applicable

Existing 3rd Loan Terms: Not Applicable

Existing Othr Ln Trm: Not Applicable

New Financing: Cash; Conventional; No Carry

Environmental: None

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