15456 W Morning Glory Street, Goodyear, AZ 85338
Local realty services provided by:Better Homes and Gardens Real Estate S.J. Fowler
Listed by: linda s gerchick
Office: gerchick real estate
MLS#:6967518
Source:ARMLS
Price summary
- Price:$825,000
About this home
Income-Producing Single-Family Investment | Long-Term Assisted Care Tenant
This income-producing single-family residence offers investors a rare opportunity to acquire a stabilized asset leased to an established assisted care operator. A **new five-year lease** has just been executed, providing immediate income stability along with **annual rent increases** throughout the primary lease term.
The lease begins at **$5,600 per month** and and increases each year, reaching $6,000 per month by the fifth year.
The tenant is responsible for all operating costs associated with the property, including utilities, maintenance, landscaping, and repairs. Own True 7.5% Cap Rate | Long-Term Lease Stability
This well-positioned single-family residence offers investors a rare opportunity to acquire a stabilized, income-producing property leased to an established assisted care operator under a NN (Double NN) lease structure. The tenant has recently executed a new 5-year lease, providing immediate income certainty and built-in rent growth.
The current lease begins at $5,600 per month, with annual scheduled increases as follows:
Year 2: $5,700/month
Year 3: $5,800/month
Year 4: $5,900/month
Year 5: $6,000/month
Under the NN lease structure, the tenant is responsible for property taxes, insurance, and HOA fees, while the landlord retains ownership of a professionally operated residential asset with predictable cash flow. This investment delivers a true 7.5% cap rate, supported by contractual rent increases and a mission-critical use tenant.
Investment Highlights
Single-family home leased to assisted care operator
NN lease structure with landlord paying taxes, insurance, and HOA
New 5-year lease in place with two 5-year options
Scheduled annual rent increases throughout the lease term
Strong, stabilized income stream
True 7.5% cap rate
Passive ownership profile with long-term upside
This offering is ideal for investors seeking reliable cash flow, reduced management intensity, and long-term lease security backed by a needs-based tenant.
Actual Projected Operating Income (NOI) by Year
Sales Price: $825,000
Cap Rate: 7.5% (True)
Year 1 NOI (Base Year)
Cap Rate Calculation:
$825,000 × 7.5% = $61,875 NOI
Annual Rent Schedule
Year 1: $5,600/mo = $67,200/yr
Year 2: $5,700/mo = $68,400/yr
Year 3: $5,800/mo = $69,600/yr
and increases each year, reaching $6,000 per month by the fifth year. The lease also includes two additional five-year renewal options, offering long-term income continuity and reduced turnover risk.
The tenant is responsible for all operating costs associated with the property, including utilities, maintenance, landscaping, and repairs. Ownership responsibilities are limited to property taxes, insurance, and HOA fees, creating a streamlined ownership structure with reduced management intensity.
Offered at $825,000, the property delivers a 7.5% capitalization rate, supported by contractual rent growth and a needs-based tenant use that remains resilient across market cycles.
This offering is well-suited for investors seeking predictable cash flow, long-term tenancy, and minimal operational involvement in a residential asset.
Buyer to verify all facts, figures, lease terms, and expense responsibilities during due diligence.Year 4: $5,900/mo = $70,800/yr
Year 5: $6,000/mo = $72,000/yr
Based on Year 1 NOI and contractual rent increases (with operating expenses assumed stable), projected NOI trends as follows:
YEAR ANNUAL RENT PROJECTED NOI
Year 1 $67,200 $61,875
Year 2 $68,400 $63,075
Year 3 $69,600 $64,275
Year 4 $70,800 $65,475
Year 5 $72,000 $66,675
NOI growth is driven by scheduled rent increases while maintaining a predictable expense profile.
Buyer to verify all Due Diligence, Facts and Figures
Contact an agent
Home facts
- Year built:2005
- Listing ID #:6967518
- Updated:January 23, 2026 at 05:02 PM
Heating and cooling
- Cooling:Ceiling Fan(s), Heat Pump
- Heating:Heat Pump, Individual Heating
Structure and exterior
- Year built:2005
Utilities
- Water:City Franchise, Master Meter
Finances and disclosures
- Price:$825,000
- Tax amount:$1,924 (2025)
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