$1,550,000

Eight-unit Phoenix multifamily investment under one Absolute NNN master lease. Offered at $1,625,000 with current Year-2 base rent and NOI of $127,200, a 8.21% 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… Read More 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 8.21% cap rate at the $1,550,000 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. 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. Read Less

Courtesy of Gerchick Real Estate 602-688-9279

Listing Snapshot

Days Online

Last Updated

Oct 25, 2026

Beds

Year Built

1987

MLS Number

7061722

Additional Details

Property Access

Road Surface: Asphalt

Appliances & Equipment

Free-Standing Range, Disposal, Refrigerator, Microwave, Washer/Dryer

Building

Built in 1987, 3 buildings, Construction Materials: Wood Frame, Painted, Stucco, Block

Community

Barbecue, Manager Res/Office, No Pool

Cooling

Ceiling Fan(s), Heat Pump, Varies by Unit

Disclosures

Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop

Expenses

Insurance: $8,536.92, Operating: $12,734.9

Floors

Carpet, Ceramic Tile

Heating

Varies by Unit, Heat Pump, Electric

Income

Gross Income: $139,789, Gross ScheduledIncome: $127,212, Net Operating Income: $127,200

Lot

Dimensions: IRR

Owner Pays

None

Parking

12 open parking spaces, 12 total parking spaces, Paved, Free, >1 Space Per Unit, On Street

Roof

Composition, Foam, Rolled/Hot Mop

Security Features

Security Light(s)

Sewer

Public Sewer

Taxes

Additional parcels description:, Parcel Number: 160-03-012-A, Annual Amount: $4,198, Tax Book Number: 160.00, Legal Description: LOT 12 FORD TRACT MCR 003230, Lot: 12 & 13, Parcel Letter: A, Year: 2025, Zoning: R-4

Utilities

Water Source: Master Meter, City Franchise, Other (See Remarks), APS, Individual Meter

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