$1,625,000
8939 N 8th Street offers investors the opportunity to acquire a fully leased, eight-unit multifamily property operating under a five-year Absolute NNN master lease with an established tenant. The lease provides predictable income, annual rent increases and minimal landlord responsibilities.
The tenant has demonstrated exceptional reliability by consistently paying rent on time, carefully maintaining the property and investing its own funds into exterior painting and landscaping. These tenant-funded improvements have further enhanced the property's curb appeal and long-term value. Financial Highlights
Asking Price: $1,625,000
Actual Year 2 Cap Rate: 7.83%
Year 2 Base Rent: $10,600 per month
Annual Base Rent: $127,200
Annual Tax and Insurance Reimbursements: $12,577.32
Total Annual Lease Payment: $139,777.32
Scheduled Annual Base-Rent Increase: $1,200
Price Per Unit: $203,125
September 1, 2026 payment received
Lease Highlights
Five-year Absolute NNN master lease
Initial lease term: September 1, 2025 through August 31, 2030
Approximately four years remain on the initial lease term
Base rent increases by $100 per month at the beginning of each remaining lease year
Two additional five-year renewal options
Personal guarantee
First right of refusal
Tenant responsible for property taxes, insurance, utilities, maintenance and day-to-day property operations
Property Details
The property contains eight residential units consisting of:
Six one-bedroom/one-bathroom units
Two two-bedroom/one-bathroom units
On-site laundry room
Three separate storage rooms
Appliances in every unit
Gated access and privacy wall
Attractive paver patio with television and electrical outlets
Approximately 4,461 square feet of building area
The former office has been converted into the eighth residential unit, creating a complete eight-unit residential configuration with no remaining office space.
Renovations and Improvements
The property underwent extensive interior renovations in 2024, including improvements to the apartment interiors and bathrooms. Additional property improvements include:
Exterior painting completed by the tenant
Landscaping improvements completed by the tenant
Updated apartment interiors
Renovated bathrooms
Security gate
Privacy wall
Paver patio
Updated mailboxes
Well-maintained common areas
Investment Opportunity
This offering combines an Absolute NNN lease, an actual 7.83% Year 2 cap rate, contractual rent growth and a tenant that actively reinvests in the property. A recent appraisal supports the asking price, providing additional documentation for prospective investors.
10
Beds
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8
Baths
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7061722
MLS
8939 N 8th Street, Phoenix
