801 E DUNLAP Avenue Phoenix, AZ 85020
UPDATED:
12/05/2024 02:56 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Ford Tract
MLS Listing ID 6753569
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1980
Annual Tax Amount $2,331
Tax Year 2023
Lot Dimensions IRR
Property Description
Lease Beginning: 3/24/2024
Lease Amount per Month: $9,000
NNN Expenses: $1,113 (Taxes and Insurance)
Lease Expires: 4/31/2026
Owner is extending the lease to a min. of 3 years but probably 5 years
What is a NNN? An Absolute NNN Lease simply means that the Tenant pays 100% of expenses. All repairs, all utilities, insurance and property taxes.
There is really good opportunity to own 8 units of Multifamily without many of the traditional expenses.
This exceptional investment opportunity presents a fully leased 8-unit property master leased to a reputable sober living company. Located in the heart of Phoenix, AZ, this property is strategically positioned to offer stable income with minimal management responsibilities. Lease Highlights:
Lease Beginning: 3/24/2024
Lease Amount per Month: $9,000
NNN Expenses: $1,113 (Taxes and Insurance)
Lease Expires: 4/31/2026
Owner is extending the lease to a min. of 3 years but probably 5 years
What is a NNN? An Absolute NNN Lease simply means that the Tenant pays 100% of expenses. All repairs, all utilities, insurance and property taxes.
There is really good opportunity to own 8 units of Multifamily without many of the traditional expenses.
This exceptional investment opportunity presents a fully leased 8-unit property master leased to a reputable sober living company. Located in the heart of Phoenix, AZ, this property is strategically positioned to offer stable income with minimal management responsibilities.
Property Highlights:
Recent Renovations:Over $200,000 in recent upgrades including:
- New bathrooms featuring tile showers ($50,000)
- Updated flooring throughout ($40,000)
- New or replaced appliances ($10,000)
- Fresh interior and exterior paint ($35,000)
- Modern kitchen upgrades including new cabinets ($10,000)
- Enhanced security with a steel fence and new exterior doors ($10,000)
- Upgraded finishes and lighting fixtures ($1,500)
- Improved laundry facilities ($2,000)
- Installation of surveillance cameras for added security ($22,000, operational status verified)
- Updated hot water heaters and AC units installed within the last 5 years ($34,000)
Financial Overview:
- **Lease Terms:** Long-term master lease with a reputable sober living company covering 100% of expenses.
- Income Stability:** Predictable rental income with all expenses paid by the tenant, offering a hassle-free investment opportunity.
- Capital Expenditures: Recent renovations ensure reduced maintenance costs and increased tenant satisfaction, enhancing property value and marketability.
Investment Considerations:
This property represents an attractive opportunity for investors seeking stable cash flow and minimal management involvement. With a strong lease in place and recent capital improvements, it stands as a secure investment in the vibrant Phoenix real estate market.
Disclaimer: Buyers are encouraged to verify all financial figures and lease terms independently.*
Location
State AZ
County Maricopa
Community Ford Tract
Zoning MULTI
Interior
Heating Individual, Heat Pump, Electric
Cooling Individual, Heat Pump, Electric, Ceiling Fan(s)
Flooring Carpet, Vinyl
Appliance F/S Oven/Range
Exterior
Parking Features Other (See Remarks), Paved Parking, >1 Space Per Unit, Street Parking, Common
Community Features No Pool
Roof Type Composition
Total Parking Spaces 16
Building
Sewer Public Sewer
Water See Remarks, City Franchise, Master Meter
New Construction No
Schools
School District Glendale Union High School District
Others
Senior Community No
Tax ID 160-03-005
Acceptable Financing No Carry, Conventional
Listing Terms No Carry, Conventional
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