8939 N 8th St Phoenix, AZ 85020
North Central NeighborhoodEstimated payment $9,501/month
Highlights
- Cooling Available
- Resident Manager or Management On Site
- Ceramic Tile Flooring
- Sunnyslope High School Rated A
- Community Barbecue Grill
- Ceiling Fan
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
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $4,040
Year Built
- Built in 1987
Home Design
- Wood Frame Construction
- Composition Roof
- Foam Roof
- Block Exterior
- Stucco
Interior Spaces
- Ceiling Fan
Flooring
- Carpet
- Ceramic Tile
Parking
- 10 Open Parking Spaces
- 10 Parking Spaces
- Over 1 Space Per Unit
- Free Parking
- Paved Parking
- On-Street Parking
Schools
- Sunnyslope High School
Utilities
- Cooling Available
- Heat Pump System
- Individual Controls for Heating
- Master Water Meter
Listing and Financial Details
- Tax Lot 12 & 13
- Assessor Parcel Number 160-03-012-A
Community Details
Overview
- 3 Buildings
- 7 Units
- Building Dimensions are IRR
- Ford Tract Subdivision
Building Details
- Operating Expense $4,040
- Gross Income $136,540
- Net Operating Income $131,140
Additional Features
- Community Barbecue Grill
- Resident Manager or Management On Site
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/13/2025 08/13/25 | Price Changed | $1,695,000 | +6.6% | -- |
| 06/04/2025 06/04/25 | Price Changed | $1,590,000 | +7.8% | -- |
| 05/24/2025 05/24/25 | For Sale | $1,475,000 | 0.0% | -- |
| 05/15/2025 05/15/25 | Pending | -- | -- | -- |
| 03/13/2025 03/13/25 | For Sale | $1,475,000 | 0.0% | -- |
| 03/02/2025 03/02/25 | Pending | -- | -- | -- |
| 01/24/2025 01/24/25 | For Sale | $1,475,000 | 0.0% | -- |
| 01/09/2025 01/09/25 | Pending | -- | -- | -- |
| 08/28/2024 08/28/24 | For Sale | $1,475,000 | +340.3% | -- |
| 03/05/2015 03/05/15 | Sold | $335,000 | +1.5% | $275 / Sq Ft |
| 02/06/2015 02/06/15 | Pending | -- | -- | -- |
| 01/04/2015 01/04/15 | For Sale | $330,000 | -- | $270 / Sq Ft |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6749873
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
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