10 Beds
10 Beds
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Ford Tract
MLS Listing ID 7061722
Bedrooms 10
Year Built 1987
Annual Tax Amount $4,198
Tax Year 2025
Lot Dimensions IRR
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
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.
Location
State AZ
County Maricopa
Community Ford Tract
Area Maricopa
Zoning R-4
Direction From 7th Street and Dunlap Avenue, head east on Dunlap to 8th Street. Turn right (south) onto 8th Street. Continue a short distance to 8939 N 8th Street on the left (east side).
Interior
Heating Varies by Unit, Heat Pump, Electric
Cooling Ceiling Fan(s), Heat Pump, Varies by Unit
Flooring Carpet
Appliance Free-Standing Range, Other, Disposal, Refrigerator, Microwave, Washer/Dryer
Exterior
Parking Features Other, Paved, Free, >1 Space Per Unit, On Street
Community Features Other, See Remarks, Barbecue, Manager Res/Office, No Pool
Roof Type Composition,Foam,Rolled/Hot Mop
Private Pool No
Building
Sewer Public Sewer
Water Master Meter, City Franchise
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
Ownership Fee Simple
Acceptable Financing No Carry, Conventional
Disclosures Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
Listing Terms No Carry, Conventional
Virtual Tour https://tours.arizonarealtours.com/2369490?idx=1
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
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