8939 N 8TH Street, Phoenix, AZ 85020 - MLS#6749873 - Ryan Ney

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Ryan Ney

My Home Group Real Estate

ryan@realscottsdalehomes.com +1(480) 566-9249

$1,475,000

Est. payment - /mo

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UPDATED:

12/19/2024 08:53 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Subdivision Ford Tract

MLS Listing ID 6749873

Originating Board Arizona Regional Multiple Listing Service (ARMLS)

Year Built 1987

Annual Tax Amount $4,040

Tax Year 2024

Lot Dimensions IRR

Property Description

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.

Location

State AZ

County Maricopa

Community Ford Tract

Zoning R-4

Interior

Heating Individual, Heat Pump, Electric

Cooling Individual, Heat Pump, Ceiling Fan(s)

Flooring Carpet, Ceramic Tile

Appliance Other (See Remarks), F/S Oven/Range, Microwave, Washer/Dryer

Exterior

Parking Features Other (See Remarks), Paved Parking, Free, <1 Space Per Unit, Street Parking

Community Features See Remarks, Barbecue, Manager Res/Office, No Pool

Roof Type Composition,Rolled/Hot Mop

Total Parking Spaces 10

Building

Sewer Other, Public Sewer

Water City Franchise, Master Meter

New Construction No

Schools

High Schools Sunnyslope High School

School District Glendale Union High School District

Others

Senior Community No

Tax ID 160-03-012-A

Acceptable Financing No Carry, Conventional

Listing Terms No Carry, Conventional

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Listed by Gerchick Real Estate

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Ryan Ney

+1(480) 566-9249

Realtor® ~ Team Leader | SASA548713000

Realtor® ~ Team Leader SASA548713000

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