NNN Master Lease-8 Unit Apartment Building | 8939 N 8th St
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NNN Master Lease-8 Unit Apartment Building 8939 N 8th St
8 Unit Apartment Building $2,125,890 CAD ($265,736 CAD/Unit) 7.91% Cap Rate Phoenix, AZ 85020
Investment Highlights
- 8-Unit Apartment Complex: Includes 6 one-bedroom units and 2 two-bedroom, one-bath units.
- Extensive Renovations (2024): All bathrooms remodeled with new flooring, plumbing, toilets, showers, tiling, and cabinets,
- Brick Patio: Installed in 2019, featuring TV and power outlets, enhancing tenant outdoor enjoyment
- Office/Storage Space: One unit currently used as an office with a remodeled bathroom, which can be converted into 1 bedroom apartment upon request
- Two Storage Units: Included with the property for additional tenant convenience.
- Security Enhancements: Gated property with a security gate added in 2015-Plus Privacy Wall
Executive Summary
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.
- Vacant Property: Currently vacant to allow for diverse use options, such as a sobriety house or rental for cash flow.
Buyer Information:
- Note: Buyers must confirm all facts and figures to ensure accuracy.
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.
- Vacant Property: Currently vacant to allow for diverse use options, such as a sobriety house or rental for cash flow.
Buyer Information:
- Note: Buyers must confirm all facts and figures to ensure accuracy.
Property Facts
| Price | $2,125,890 CAD | Apartment Style | Low Rise |
| Price Per Unit | $265,736 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 7.91% | Building Size | 4,558 SF |
| Gross Rent Multiplier | 11.33 | No. Stories | 1 |
| No. Units | 8 | Year Built/Renovated | 1946/2024 |
| Property Type | Multifamily | Parking Ratio | 2.16/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,125,890 CAD |
| Price Per Unit | $265,736 CAD |
| Sale Type | Investment |
| Cap Rate | 7.91% |
| Gross Rent Multiplier | 11.33 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 4,558 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1946/2024 |
| Parking Ratio | 2.16/1,000 SF |
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,126 CAD | 330 - 560 |
| 2+1 | 2 | $1,920 CAD | 660 |
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Walk Score ®
Very Walkable (86)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 160-03-012A | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $46,974 CAD |
PROPERTY TAXES
Parcel Number
160-03-012A
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$46,974 CAD
zoning
| Zoning Code | R-4 (Residential) |
| R-4 (Residential) |
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NNN Master Lease-8 Unit Apartment Building | 8939 N 8th St
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