8939 N 8TH Street, Phoenix, AZ 85020 - Opus Legacy Collective

8939 N 8TH Street

Phoenix, AZ 85020

About The Property

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… Read More 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. Read Less

Courtesy of Gerchick Real Estate 602-688-9279

Listing Snapshot

Days Online

146

Last Updated

Jan 22, 2025

Property Type

Other

Year Built

1987

MLS Number

6749873

Gallery

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Additional Details

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Appliances & Equipment

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

Building

Built in 1987, Construction materials: "Painted", "Stucco", "Block", "Frame - Wood", 7 total units

Cooling

"Ceiling Fan(s)", "Heat Pump", "Individual"

Floors

"Carpet", "Ceramic Tile"

Heating

"Individual", "Heat Pump", "Electric"

Parking

"Other (See Remarks)", "Paved Parking", "Free", "<1 Space Per Unit", "Street Parking", 10 total parkings

Property

Zoning: R-4

Roof

"Composition", "Rolled/Hot Mop"

Sewer

"Public Sewer"

Taxes

Annual amount: $4,040, Lot: 12 & 13

Tenant Pays

"See Remarks", "Trash Collection", "Gas", "Electricity", "Water", "Sewer", "Cable TV", "Landscaping"

Utilities

"Other (See Remarks)", "APS", "Individual Meter"

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30 Days Snapshot Of 85020

$562k

+7%

(avg) sold price

-42%

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+9%

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This content last updated on Jan 22, 2025. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

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8939 N 8TH Street

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