- $1.6M Price
8939 N 8th Street
FULLY LEASED ON A NNN ABSOLUTE LEASE ( currently negotiating with a new tenant for a 5 year lease with a five year option as well). NEW LEASE EXTRACTION: Starting November 1st 2025 Five year Lease at $10,500 Five Year Option to Renew Lease Bumps and Absolute NNN LEASE EXTRACTION: 2-1-2025- $9,500 Insurance By Month $91.67 Property Taxes by Month $336.67 Water Sewer and Trash Paid by Tenant Maintenance paid by Tenant Rent plus NNN Expenses Lease started: October 28th, 2024 Lease End: 12 months See information under additional information for extensive information. Property Highlights (8939 N 8th St): - Comprehensive Renovation: Extensive upgrades position this building competitively in the rental market. - Unit Mix: - **6 Units:** 1-bedroom apartments - **2 Units:** 2-bedroom, 1-bath apartments - **1 Office Unit:** Currently used as an office space, can be converted to a 1-bedroom apartment upon request. - **Renovations & Upgrades:** - **Apartment Upgrades (Rehabbed in 2024):** Each of the 7 units has been thoughtfully updated, with bathroom renovations costing approximately $12,000 per unit. - **Office/Storage Space Addition:** Added for approximately $100,000, this versatile space can serve multiple purposes. - **Exterior Enhancements:** - Brick patio installed in 2019 ($15,000), featuring TV and power outlets. - Security gate added in 2015 ($5,000). - New brick wall for added privacy ($5,000). - New mailboxes installed in August 2024 ($500). **Property Features:** - On-site laundry facility - Two storage units included - Tenant amenities such as microwaves, refrigerators, and stoves in all units - Gated property for security and privacy - Currently leased in a Master Lease on an Absolute NNN Lease **Financial Overview:** Cap Rate: Cap rate of over 7%, presenting a lucrative investment opportunity. Income Stability:** Long-term master lease covering 100% of expenses, ensuring predictable rental income. **Investment Potential:** These properties represent an attractive opportunity for investors seeking stable cash flow with minimal management involvement. The extensive renovations and enhancements significantly improve the property's value and marketability. Buyer Information: Buyer to verify all facts and figures.
Essential Information
- MLS® #6749873
- Price$1,590,000
- Bathrooms0.00
- Acres0.00
- Year Built1987
- TypeMultiple Dwellings
- StatusActive
Community Information
- Address8939 N 8th Street
- SubdivisionFORD TRACT
- CityPhoenix
- CountyMaricopa
- StateAZ
- Zip Code85020
Amenities
- Parking Spaces10
Amenities
Other, See Remarks, Barbecue, Manager Res/Office, No Pool
Parking
Other, Paved, Free, >1 Space Per Unit, On Street
Interior
Appliances
Free-Standing Range, Other, Disposal, Refrigerator, Microwave, Washer/Dryer
Heating
Individual, Heat Pump, Electric
Cooling
Ceiling Fan(s), Heat Pump, Individual
Exterior
Roof
Composition, Foam, Rolled/Hot Mop
Construction
Wood Frame, Painted, Stucco, Block
School Information
- HighSunnyslope High School
District
Glendale Union High School District
Additional Information
- ZoningR-4
Listing Details
- OfficeGerchick Real Estate
Price Change History for 8939 N 8th Street, Phoenix, AZ (MLS® #6749873)
| Date | Details | Change | |
|---|---|---|---|
| Price Increased from $1,475,000 to $1,590,000 | |||
| Status Changed from Pending to Active | – | ||
| Status Changed from Active to Pending | – | ||
| Status Changed from Pending to Active | – | ||
| Status Changed from Active to Pending | – | ||
| Show More (2) | |||
| Status Changed from Pending to Active | – | ||
| Status Changed from Active to Pending | – | ||
Gerchick Real Estate.
Information Deemed Reliable But Not Guaranteed. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. ARMLS Logo indicates that a property listed by a real estate brokerage other than Launch Real Estate LLC. Copyright 2025 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
Listing information last updated on July 3rd, 2025 at 3:00am MST.