$1,495,000
 $8,025 est/mo Sourced by Back At You

801 E Dunlap Avenue , Phoenix, AZ 85020

Phoenix, AZ 85020

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Description

Lease Highlights: Lease Beginning: 3/24/2024 Lease Amount per Month: $9,500 NNN Expenses: $3,432 (Taxes and Insurance) Annual Lease Expires: 4/31/2026 Tenant Pays W/S/T and repairs Owner is extending the lease to a min. of 3 years but probably 5 years What is a NNN? An Absolute NNN Lease simply means that the Tenant pays 100% of expenses. All repairs, all utilities, insurance and property taxes. There is really good opportunity to own 8 units of Multifamily without many of the traditional expenses. This exceptional investment opportunity presents a fully leased 8-unit property master leased to a reputable sober living company. Located in the heart of Phoenix, AZ, this property is strategically positioned to offer stable income with minimal management responsibilities. Lease Highlights:Lease Beginning: 3/24/2024Lease Amount per Month: $9,000NNN Expenses: $1,113 (Taxes and Insurance)Lease Expires: 4/31/2026Owner is extending the lease to a min. of 3 years but probably 5 years What is a NNN? An Absolute NNN Lease simply means that the Tenant pays 100% of expenses. All repairs, all utilities, insurance and property taxes. There is really good opportunity to own 8 units of Multifamily without many of the traditional expenses. This exceptional investment opportunity presents a fully leased 8-unit property master leased to a reputable sober living company. Located in the heart of Phoenix, AZ, this property is strategically positioned to offer stable income with minimal management responsibilities. Property Highlights:Recent Renovations:Over $200,000 in recent upgrades including: - New bathrooms featuring tile showers ($50,000) - Updated flooring throughout ($40,000) - New or replaced appliances ($10,000) - Fresh interior and exterior paint ($35,000) - Modern kitchen upgrades including new cabinets ($10,000) - Enhanced security with a steel fence and new exterior doors ($10,000) - Upgraded finishes and lighting fixtures ($1,500) - Improved laundry facilities ($2,000) - Installation of surveillance cameras for added security ($22,000, operational status verified) - Updated hot water heaters and AC units installed within the last 5 years ($34,000) Financial Overview:- **Lease Terms:** Long-term master lease with a reputable sober living company covering 100% of expenses.- Income Stability:** Predictable rental income with all expenses paid by the tenant, offering a hassle-free investment opportunity.- Capital Expenditures: Recent renovations ensure reduced maintenance costs and increased tenant satisfaction, enhancing property value and marketability. Investment Considerations:This property represents an attractive opportunity for investors seeking stable cash flow and minimal management involvement. With a strong lease in place and recent capital improvements, it stands as a secure investment in the vibrant Phoenix real estate market. Disclaimer: Buyers are encouraged to verify all financial figures and lease terms independently.*

Details

MLS#6753569
Listing TypeFor Sale
Sub-TypeFor-sale
StatusActive
Year1980
Days On Site157
Listing Provided ByGerchick Real Estate | Linda S Gerchick

Features

Car PortYes
PoolYes
Units8
Building(s)1
ZoningMULTI

Market Activity 85020

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Learn More About This Property

StateAZ
CountyMaricopa
CityPhoenix
Zip Code85020
AreaMaricopa
Community NameFORD TRACT
School DistrictGlendale Union High School Distr
Elementary SchoolWashington Elementary District
Listing VS Median (in FORD TRACT)
Price:
$1,495,000
low | high
Med:
$0
On Site:
157
low | high
Med:
Sourced by Back At You
Listing Updated: February 4, 2025 at 12:40:57 PM PST
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