801 E DUNLAP Avenue Phoenix, AZ 85020
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UPDATED:
12/12/2024 03:05 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Ford Tract
MLS Listing ID 6793555
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1980
Annual Tax Amount $2,374
Tax Year 2024
Lot Dimensions irr
Property Description
**Locations:
- 801 E Dunlap Ave
- 8939 N 8th St
**Overview:**
This exceptional investment opportunity features two fully leased 8-unit properties, strategically located in the heart of Phoenix, AZ. Both buildings are master leased to a reputable sober living company, providing stable income with minimal management responsibilities. These contiguous properties can be purchased separately or as a combined investment.
**NNN Lease Structure Explained:**
The properties operate under a Triple (NNN) lease structure, wherein the tenant assumes responsibility for all property expenses, including taxes, insurance, and maintenance costs. This arrangement ensures predictable cash flow for the investor while minimizing the typical day-to-day management hassles.
**Property Highlights (801 E Dunlap Ave):**
- **Recent Renovations:** Over $200,000 in 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 with 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 operational surveillance cameras ($22,000)
- Updated hot water heaters and AC units installed within the last 5 years ($34,000)
**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 vacant to allow for diverse use options, such as a sobriety house or rental for cash flow.
**Financial Overview:**
- **Cap Rate:** Combined cap rate of over 8%, 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.
Location
State AZ
County Maricopa
Community Ford Tract
Zoning R-4
Interior
Heating Individual, Heat Pump
Cooling Other, See Remarks, Individual, Heat Pump, Ceiling Fan(s)
Flooring Other, Ceramic Tile
Appliance Other (See Remarks), F/S Oven/Range, Microwave, Washer/Dryer, W/D Hookup
Exterior
Parking Features Other (See Remarks), Paved Parking, Free, >1 Space Per Unit
Community Features Other, See Remarks, No Pool
Roof Type See Remarks,Composition,Foam
Total Parking Spaces 20
Building
Sewer Public Sewer
Water 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
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
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