2222 E Garfield St Phoenix, AZ 85006
Central City NeighborhoodHighlights
- Cooling Available
- Ceramic Tile Flooring
- Heat Pump System
- Phoenix Coding Academy Rated A
- Ceiling Fan
About This Home
As of February 2025**Investment Opportunity: Prime Real Estate with High Potential**
*Hands-Off Investment on a Triple Net Lease*Introducing an exceptional investment opportunity in the heart of the Roosevelt Historical District, offering a fully renovated, hands-off investment property with an established tenant under a pure triple net lease (NNN). This 4-unit property, meticulously upgraded, is leased to a single tenant who covers 100% of all expenses, making this a hassle-free investment that promises consistent cash flow. With a cap rate of over 7.5%, this property offers an attractive income-generating opportunity. The Property will be occupied on 11/1/2024 with a three year lease and rental bumps year two and three.
Buyer should read the additional information here. Buyer to verify all facts **Investment Opportunity: Prime Real Estate with High Potential**
*Hands-Off Investment on a Triple Net Lease*
Introducing an exceptional investment opportunity in the heart of the Roosevelt Historical District, offering a fully renovated, hands-off investment property with an established tenant under a pure triple net lease (NNN). This 4-unit property, meticulously upgraded, is leased to a single tenant who covers 100% of all expenses, making this a hassle-free investment that promises consistent cash flow. With a cap rate of over 7.5%, this property offers an attractive income-generating opportunity. The Property will be occupied on 11/1/2024 with a three year lease and rental bumps year two and three.
**Property Overview:**
- **Unit Mix**:
- 1 x 3 Bedroom, 2 Bath
- 2 x 2 Bedroom, 1 Bath
- 1 x 1 Bedroom, 1 Bath
- **Complete Renovation**: The property has undergone a full gut and remodel, presenting a contemporary and attractive living space for tenants.
- **Key Upgrades**:
- All-new plumbing, electric systems, and reinforced roof joists
- New air conditioning units, flooring, and exterior stucco
- Modern dual pane windows and new exterior doors for security and energy efficiency
- Fresh concrete walkways and parking spaces, ensuring convenience for tenants
- New ceiling fans in living rooms and all bedrooms for comfort
- New landscaping to enhance curb appeal
- Stylish new cabinets, bathrooms, stainless steel appliances, and quartz countertops
**Investment Highlights:**
1. **Turnkey Investment**: With renovations completed and permits finalized, the property is ready to generate immediate rental income.
2. **Versatile Unit Mix**: A diverse selection of unit sizes to accommodate families, professionals, and individuals, enhancing occupancy rates.
3. **High-Quality Renovation**: Every detail of the renovation was completed with precision, offering durability and ensuring tenant satisfaction.
4. **Modern Amenities**: Tenants will enjoy the convenience of modern appliances, attractive finishes, and energy-efficient features.
5. **High Cap Rate**: With a cap rate of over 7.5%, this property provides a strong income stream and attractive investment potential.
**Investment Strategy:**
- **Immediate Income**: Rental income begins upon acquisition.
- **Long-Term Growth**: Located in a thriving area, this property is positioned for future appreciation.
- **Hassle-Free Management**: The NNN lease structure means the tenant handles all expenses, including maintenance, taxes, and insurance, while you enjoy passive income.
Don't miss this opportunity to invest in a hands-off, income-generating property that's ready to deliver returns from day one.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,971
Year Built
- Built in 1958
Lot Details
- Property fronts an alley
Home Design
- Composition Roof
- Block Exterior
- Stucco
Interior Spaces
- Ceiling Fan
- Ceramic Tile Flooring
Parking
- 6 Open Parking Spaces
- 6 Parking Spaces
- On-Street Parking
Schools
- Creighton Elementary School
Utilities
- Cooling Available
- Heat Pump System
- Individual Controls for Heating
- Master Water Meter
Listing and Financial Details
- Tenant pays for trash collection, electricity, water, sewer, cable TV, landscaping
- Legal Lot and Block 2 / 2
- Assessor Parcel Number 116-03-014
Community Details
Overview
- 4 Units
- Building Dimensions are 6764
- Bumbalow Heights Subdivision
Building Details
- Operating Expense $1,971
- Gross Income $106,672
- Net Operating Income $109,971
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 02/14/2025 02/14/25 | Sold | $1,395,000 | 0.0% | $537 / Sq Ft |
| 01/01/2025 01/01/25 | Pending | -- | -- | -- |
| 11/01/2024 11/01/24 | Pending | -- | -- | -- |
| 04/07/2024 04/07/24 | For Sale | $1,395,000 | +181.8% | $537 / Sq Ft |
| 05/26/2021 05/26/21 | Sold | $495,000 | +4.2% | $190 / Sq Ft |
| 04/20/2021 04/20/21 | For Sale | $475,000 | +639.4% | $183 / Sq Ft |
| 12/16/2014 12/16/14 | Sold | $64,242 | -19.6% | $25 / Sq Ft |
| 11/15/2014 11/15/14 | Pending | -- | -- | -- |
| 08/28/2014 08/28/14 | For Sale | $79,900 | -- | $31 / Sq Ft |
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $986 | $7,581 | -- | -- |
| 2024 | $974 | $7,220 | -- | -- |
| 2023 | $974 | $35,680 | $7,130 | $28,550 |
| 2022 | $936 | $26,080 | $5,210 | $20,870 |
| 2021 | $959 | $22,280 | $4,450 | $17,830 |
| 2020 | $935 | $18,300 | $3,660 | $14,640 |
| 2019 | $929 | $14,820 | $2,960 | $11,860 |
| 2018 | $910 | $13,150 | $2,630 | $10,520 |
| 2017 | $875 | $11,770 | $2,350 | $9,420 |
| 2016 | $841 | $9,210 | $1,840 | $7,370 |
| 2015 | $782 | $8,210 | $1,640 | $6,570 |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $880,000 | New Conventional | |
| Previous Owner | $840,000 | New Conventional | |
| Previous Owner | $574,000 | New Conventional | |
| Previous Owner | $578,694 | Construction | |
| Previous Owner | $55,000 | Commercial | |
| Previous Owner | $44,320 | Seller Take Back | |
| Previous Owner | $35,000 | Seller Take Back |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Special Warranty Deed | $1,395,000 | Wfg National Title Insurance C | |
| Special Warranty Deed | -- | -- | |
| Warranty Deed | $495,000 | Empire West Title Agency Llc | |
| Cash Sale Deed | $64,242 | Stewart Title & Trust Of Pho | |
| Deed In Lieu Of Foreclosure | -- | Accommodation | |
| Special Warranty Deed | $73,500 | Security Title Agency | |
| Special Warranty Deed | -- | Security Title Agency | |
| Warranty Deed | $56,000 | Stewart Title & Trust |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6688201
APN: 116-03-014
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
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