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AZ Property Consultants * Homesmart
8939 N 8th Street, Phoenix, AZ 85020
- $1,450,000
- 10
- BD
- 8
- BA
- List Price
- $1,450,000
- Price Change
- ▼ $100,000 1794281280
- Days on Market
- 99
- Status
- ACTIVE
- MLS#
- 7061722
- City
- Phoenix
- Bedrooms
- 10
- Bathrooms
- 8
- Subdivision
- Ford Tract
- Year Built
- 1987
Property Description
Price reduced to $1,450,000. Fully occupied Phoenix eight-unit property on one Absolute NNN master lease. Year 2 base rent of $127,200 annually supports an 8.77% lease-basis cap at the new price. Tenant pays taxes, insurance, utilities, maintenance and operations per the lease. Initial term through August 31, 2030, plus two five-year renewal options. Now offered at $1,450,000, 8939 N 8th Street is a fully occupied eight-unit multifamily property in North Phoenix under one Absolute NNN master lease. The property comprises six one-bedroom and two two-bedroom units, with extensive interior renovations completed in 2024. The lease provides $10,600 per month in Year 2 base rent, or $127,200 annually, supporting an 8.77% Year 2 lease-basis cap rate at the new asking price. Base rent increases by $100 per month at the start of each remaining lease year, reaching $130,800 annually in Year 5, equivalent to a 9.02% lease-basis cap rate at the new price. The initial lease runs through August 31, 2030, with two additional five-year renewal options, a personal guarantee and a first right of refusal. Under the Absolute NNN lease, the tenant is responsible for property taxes, insurance, utilities, maintenance and property operations, subject to the executed lease. The property includes three single-story buildings, 12 parking spaces, an on-site laundry room, three storage rooms, gated access and a paver courtyard. Seller financing is unavailable. Cap rates use annual base rent divided by the asking price under the stated lease economics. Tax and insurance reimbursements are excluded from the cap calculation. Buyers should independently verify lease terms, collections, expenses and property information. Executed leases are provided under contract. Please arrange tours through the listing broker. HIGHLIGHTS - New asking price $1,450,000, or $181,250 per unit. - 8.77% Year 2 lease-basis cap on $127,200 in annual base rent. - Absolute NNN master lease across all eight units. - Tenant responsible for taxes, insurance, utilities, maintenance and operations per the lease. - $100 monthly step-up at the start of each remaining lease year. - Initial term through August 31, 2030, plus two five-year renewal options. - Six one-bedroom units and two two-bedroom units. - Extensive 2024 interior renovations, gated courtyard, laundry, storage and 12 parking spaces.
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Additional Information
- High School
- Sunnyslope High School
- Community Features
- No Pool, Manager Res/Office, Other, Barbecue, See Remarks
- Construction
- Block, Wood Frame, Painted, Stucco
- Cooling
- Heat Pump, Varies by Unit, Ceiling Fan(s)
- Electric
- APS, Individual Meter
- Flooring
- Ceramic Tile
- Heating
- Electric, Heat Pump, Varies by Unit
- New Financing
- Conventional, No Carry, Cash
- Parking Features
- Free, Other, Paved, On Street, >1 Space Per Unit
- Roofing
- Composition, Foam
- Sewer
- Public Sewer
- Subdivision
- Ford Tract
- Taxes
- $4,198
- Tax Year
- 2025
- Tenant Pays
- Water, Sewer, Electricity, Gas, Trash Collection, Cable TV, Landscaping, See Remarks
- Units
- 8
- Water
- Master Meter, City Franchise
- Zoning
- R-4
Courtesy of Gerchick Real Estate. 602-688-9279
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