8939 N 8th Street, Phoenix, AZ 85020
Local realty services provided by:Better Homes and Gardens Real Estate BloomTree Realty
Listed by:linda s gerchick
Office:gerchick real estate
MLS#:6749873
Source:ARMLS
Price summary
- Price:$1,695,000
About this home
Discover a compelling investment opportunity with a newly signed NNN absolute lease, offering stability and growth potential. Situated in a high-demand location, this property features:
Lease Details: A robust 5-year lease with built-in increases in years 2 through 5, ensuring predictable cash flow growth.
Tenant Reliability: A proven tenant known for exceptional property maintenance and consistent, on-time rent payments.
Lease: Absolute NNN Tenant responsible for taxes, insurance, and property maintenance, reducing landlord responsibilities and maximizing returns.
Options for Expansion: Two additional 5-year renewal options, providing long-term income security and flexibility.
NO SELLER CARRY- see additional information Discover a compelling investment opportunity with a newly signed NNN absolute lease, offering stability and growth potential. Situated in a high-demand location, this property features:
Lease Details: A robust 5-year lease with built-in increases in years 2 through 5, ensuring predictable cash flow growth.
Tenant Reliability: A proven tenant known for exceptional property maintenance and consistent, on-time rent payments.
Triple NNN Lease: Tenant responsible for taxes, insurance, and property maintenance, reducing landlord responsibilities and maximizing returns.
Options for Expansion: Two additional 5-year renewal options, providing long-term income security and flexibility.
Property Highlights:
Location: Strategically positioned in a thriving area known for its economic stability and growth potential.
Tenant Quality: Established tenant with a strong track record in property care and financial responsibility.
Investment Appeal: Ideal for investors seeking passive income with minimal management involvement and reliable returns.
Financial Snapshot:
Lease Rate: $10,500 per month with scheduled increases, enhancing cash flow over the lease term.
Cap Rate: 8.25% - A strong return on investment with steady, growing income.
Tenant Stability: Secure income stream backed by a reputable tenant committed to property upkeep and lease obligations.
Property Details:
- Comprehensive Renovation: Extensive upgrades position this building competitively in the rental market.
- Unit Mix:
- **6 Units:** 1-bedroom apartments
- **2 Units:** 2-bedroom, 1-bath apartments
- **1 Office Unit:** Currently used as an office space, can be converted to a 1-bedroom apartment upon request.
- **Renovations & Upgrades:**
- **Apartment Upgrades (Rehabbed in 2024):** Each of the 7 units has been thoughtfully updated, with bathroom renovations costing approximately $12,000 per unit.
- **Office/Storage Space Addition:** Added for approximately $100,000, this versatile space can serve multiple purposes.
- **Exterior Enhancements:**
- Brick patio installed in 2019 ($15,000), featuring TV and power outlets.
- Security gate added in 2015 ($5,000).
- New brick wall for added privacy ($5,000).
- New mailboxes installed in August 2024 ($500).
**Property Features:**
- On-site laundry facility
- Two storage units included
- Tenant amenities such as microwaves, refrigerators, and stoves in all units
- Gated property for security and privacy
- Currently leased in a Master Lease on an Absolute NNN Lease
Buyer Information:
Buyer to verify all facts and figures.
There is NO SELLER CARRY
Contact an agent
Home facts
- Year built:1987
- Listing Id #:6749873
- Updated:August 19, 2025 at 02:50 PM
Heating and cooling
- Cooling:Ceiling Fan(s), Heat Pump, Individual Cooling
- Heating:Electric, Heat Pump, Individual Heating
Structure and exterior
- Year built:1987
Schools
- High school:Sunnyslope High School
Utilities
- Water:City Franchise, Master Meter
Finances and disclosures
- Price:$1,695,000
- Tax amount:$4,040 (2024)
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