$1,475,000
 $7,918 est/mo Sourced by Back At You

8939 N 8th Street , Phoenix, AZ 85020

Phoenix, AZ 85020

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Description

FULLY LEASED ON A NNN ABSOLUTE LEASE ( 3 years) LEASE EXTRACTION: 2-1-2025- $9,000 Insurance By Month $91.67 Property Taxes by Month $336.67 Water Sewer and Trash Paid by Tenant Maintenance paid by Tenant Schedule of Rent plus NNN Expenses Lease started: October 28th, 2024 Lease End: 12 months w/two-one year Lease started: October 28th, 2024 Lease End: 12 months w/two-one year extensions Landlord is preparing to extend to a 5 year lease. This 8 unit is contiguous to 801 E Dunlap and can purchase BOTH properties. 801 E Dunlap is also leased on a NNN lease. Overview: This meticulously upgraded 8-unit apartment complex offers a unique investment opportunity or a versatile property for various uses. The building features a comprehensive renovation and several high-quality finishe FULLY LEASED ON A NNN ABSOLUTE LEASE ( 3 years)LEASE EXTRACTION:2-1-2025- $9,000 Insurance By Month $91.67 Property Taxes by Month $336.67Water Sewer and Trash Paid by Tenant Maintenance paid by TenantSchedule of Rent plus NNN ExpensesLease started: October 28th, 2024Lease End: 12 months w/two-one yearLease End: 12 months w/two-one year extensionsLandlord is preparing to extend to a 5 year lease. This 8 unit is contiguous to 801 E Dunlap and can purchase BOTH properties. 801 E Dunlap is also leased on a NNN lease.Overview:This meticulously upgraded 8-unit apartment complex offers a unique investment opportunity or a versatile property for various uses. The building features a comprehensive renovation and several high-quality enhancements, positioned in a competitive rental market.Unit Mix:- 6 Units: 1-bedroom apartments- 2 Units:2-bedroom, 1-bath apartments- 1 Office Unit: This is one of the units. Currently used as an office space with a remodeled bathroom. The seller is willing to convert this unit into to a one bedroom apartment if requested prior to the close of escrow.Renovations & Upgrades:-Apartment Upgrades (Rehabbed in 2024): - Units 1-7: Thoughtful updates include new flooring and completely remodeled bathrooms. Apartment 1 features the most extensive renovations, including full wall and flooring replacements. - Bathrooms:** All bathrooms have been remodeled with new flooring, plumbing, toilets, showers, tiling, and cabinets. Each renovation cost approximately $12,000 per apartment.- Office/Storage Space (Purple Door): - Building Addition:Added for approximately $100,000, this versatile space can be used for office purposes or additional storage.- Exterior Enhancements: - Brick Patio: Installed in 2019 at a cost of $15,000, featuring TV and power outlets for enhanced tenant enjoyment. - Security Gate: Added in 2015 for $5,000, providing additional security. - New Brick Wall: A $5,000 investment for added privacy and security between the property and 801 E Dunlap. - **New Mailboxes and Stand:** Installed in August 2024 for $500, providing a fresh and organized mail solution.Property Features:- Laundry Room: Convenient on-site laundry facility.- Storage Units: Two storage units are included with the property.- Tenant Amenities: All units come equipped with microwaves, refrigerators, and stoves.- Gated Property: Added security and privacy for residents.Buyer Information:- Note: Buyers must confirm all facts and figures to ensure accuracy.

Details

MLS#6749873
Listing TypeFor Sale
Sub-TypeFor-sale
StatusActive
Year1987
Days On Site166
Listing Provided ByGerchick Real Estate | Linda S Gerchick

Features

PoolYes
Units7
Building(s)3
ZoningR-4

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
Middle SchoolRoyal Palm Middle School
High SchoolGlendale Union High School Distr
Listing VS Median (in FORD TRACT)
Price:
$1,475,000
low | high
Med:
$0
On Site:
166
low | high
Med:
Sourced by Back At You
Listing Updated: February 4, 2025 at 6:41:25 PM PST
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