Listing Courtesy of: Linda S Gerchick - Gerchick Real Estate
602-688-9279
$1,475,000
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8939 N 8TH Street Phoenix, AZ 85020
Multi-Family
Residence
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FULLY LEASED ON A NNN ABSOLUTE LEASE ( 3 years) LEASE EXTRACTION: Monthly Rent: $9,000 Property Taxes: $4,040.32 Paid Monthly Insurance: $6,200 Tenant pays ALL utilities and maintenance 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 enhancements, positioned in a competitive rental market. See Additional Information LEASE EXTRACTION:
Monthly Rent: $9,000
Property Taxes: $4,040.32 Paid Monthly
Insurance: $6,200
Tenant pays ALL utilities and maintenance
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 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.
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MLS#
6749873
Property Type
Multi-Family
Year Built
1987
Sewer
Other, Public Sewer
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