Listing Courtesy of: Linda S Gerchick - Gerchick Real Estate
602-688-9279
$1,395,000
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2222 E GARFIELD Street Unit 2222 Phoenix, AZ 85006
Multi-Family
Residence
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**Investment Opportunity: Prime Real Estate with High Potential** *Hands-Off Investment on a Triple Net Lease*Introducing an exceptional investment opportunity in the heart of the Roosevelt Historical District, offering a fully renovated, hands-off investment property with an established tenant un...der a pure triple net lease (NNN). This 4-unit property, meticulously upgraded, is leased to a single tenant who covers 100% of all expenses, making this a hassle-free investment that promises consistent cash flow. With a cap rate of over 7.5%, this property offers an attractive income-generating opportunity. The Property will be occupied on 11/1/2024 with a three year lease and rental bumps year two and three. Buyer should read the additional information here. Buyer to verify all facts **Investment Opportunity: Prime Real Estate with High Potential**
*Hands-Off Investment on a Triple Net Lease*
Introducing an exceptional investment opportunity in the heart of the Roosevelt Historical District, offering a fully renovated, hands-off investment property with an established tenant under a pure triple net lease (NNN). This 4-unit property, meticulously upgraded, is leased to a single tenant who covers 100% of all expenses, making this a hassle-free investment that promises consistent cash flow. With a cap rate of over 7.5%, this property offers an attractive income-generating opportunity. The Property will be occupied on 11/1/2024 with a three year lease and rental bumps year two and three.
**Property Overview:**
- **Unit Mix**:
- 1 x 3 Bedroom, 2 Bath
- 2 x 2 Bedroom, 1 Bath
- 1 x 1 Bedroom, 1 Bath
- **Complete Renovation**: The property has undergone a full gut and remodel, presenting a contemporary and attractive living space for tenants.
- **Key Upgrades**:
- All-new plumbing, electric systems, and reinforced roof joists
- New air conditioning units, flooring, and exterior stucco
- Modern dual pane windows and new exterior doors for security and energy efficiency
- Fresh concrete walkways and parking spaces, ensuring convenience for tenants
- New ceiling fans in living rooms and all bedrooms for comfort
- New landscaping to enhance curb appeal
- Stylish new cabinets, bathrooms, stainless steel appliances, and quartz countertops
**Investment Highlights:**
1. **Turnkey Investment**: With renovations completed and permits finalized, the property is ready to generate immediate rental income.
2. **Versatile Unit Mix**: A diverse selection of unit sizes to accommodate families, professionals, and individuals, enhancing occupancy rates.
3. **High-Quality Renovation**: Every detail of the renovation was completed with precision, offering durability and ensuring tenant satisfaction.
4. **Modern Amenities**: Tenants will enjoy the convenience of modern appliances, attractive finishes, and energy-efficient features.
5. **High Cap Rate**: With a cap rate of over 7.5%, this property provides a strong income stream and attractive investment potential.
**Investment Strategy:**
- **Immediate Income**: Rental income begins upon acquisition.
- **Long-Term Growth**: Located in a thriving area, this property is positioned for future appreciation.
- **Hassle-Free Management**: The NNN lease structure means the tenant handles all expenses, including maintenance, taxes, and insurance, while you enjoy passive income.
Don't miss this opportunity to invest in a hands-off, income-generating property that's ready to deliver returns from day one.
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MLS#
6688201
Property Type
Multi-Family
Year Built
1958
Sewer
Public Sewer
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