8939 N 8th Street, Phoenix, AZ 85020
Local realty services provided by:Better Homes and Gardens Real Estate S.J. Fowler
Listed by: linda s gerchick
Office: gerchick real estate
MLS#:7061722
Source:ARMLS
Price summary
- Price:$1,625,000
About this home
Eight-unit Phoenix multifamily investment under one Absolute NNN master lease. Offered at $1,625,000 with
current Year-2 base rent and NOI of $127,200, a 7.83% cap rate. Six 1BR and two 2BR units across three
buildings. Tenant pays taxes, insurance, utilities and operating expenses. Lease runs through 8/31/2030 with
$100 monthly base-rent increases at each remaining lease-year anniversary, two five-year options, a
personal guarantee and first right of refusal. Interior renovations, gated courtyard, on-site laundry and three
storage rooms enhance the property. No seller financing. Do not disturb tenants. Buyer to verify all
information. Acquire eight residences supported by a single Absolute NNN master lease in Phoenix's Sunnyslope/North
Mountain area. The property includes six one-bedroom/one-bath units and two two-bedroom/one-bath units
in three one-story buildings. Reported building area is approximately 4,461 SF on approximately 14,257 SF of
land.
The initial lease began September 1, 2025 and expires August 31, 2030. Current Year-2 base rent, effective
September 1, 2026, is $10,600 monthly or $127,200 annually. Annual NNN reimbursements total
$12,577.32, comprising $4,040.40 for taxes and $8,536.92 for insurance. Total annual rent plus
reimbursements is $139,777.32. Matching reimbursed expenses are $12,577.32, leaving $127,200 NOI and a
7.83% cap rate at the $1,625,000 asking price. These are annualized current lease-year figures.
Monthly base rent increases to $10,700 on September 1, 2027, $10,800 on September 1, 2028 and $10,900
on September 1, 2029. Year-5 annual base rent is $130,800, equivalent to an 8.05% cap rate at the current
asking price under the stated NNN structure. Two five-year renewal options, a personal guarantee and a first
right of refusal are reported. Renewal options are not exercised lease terms.
Features include extensive 2024 interior renovations, tenant-funded exterior paint and landscaping, gated
access, a privacy wall, paver courtyard, an on-site laundry room and three storage rooms. Nearby services
include healthcare, public transportation, shopping and North Mountain recreation. Seller financing is not
available. Please do not disturb residents. Complete tenant leases are provided only after the property is
under contract to protect tenant privacy.
Disclaimer: Information is believed reliable but is not guaranteed. Buyer must independently verify all facts,
figures, income, expenses, leases, occupancy, measurements, condition, zoning and permitted uses. Pro
forma rents, returns and financing illustrations are estimates, not guarantees. Offering is subject to errors,
omissions, prior sale, changes in price or terms and withdrawal without notice....
Contact an agent
Home facts
- Year built:1987
- Subdivision & Development:FORD TRACT
- Listing ID #:7061722
- Updated:September 24, 2026 at 03:53 PM
Rooms and interior
- Bedrooms:10
- Total bathrooms:8
- Flooring:Carpet, Ceramic Tile
Heating and cooling
- Cooling:Ceiling Fan(s), Heat Pump
- Heating:Electric, Heat Pump
Structure and exterior
- Year built:1987
- Construction Materials:Block, Painted, Stucco
Schools
- High school:Sunnyslope High School
Utilities
- Water:City Franchise, Master Meter
Finances and disclosures
- Price:$1,625,000
- Tax amount:$4,198 (2025)
Parking
- Total parking spaces:12
- Parking description:Free Parking, More Than 1 Parking Space/Unit, Paved
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.New listings near 8939 N 8th Street
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