801 E Dunlap Ave Phoenix, AZ 85020
North Central NeighborhoodEstimated payment $8,538/month
Highlights
- Cooling Available
- Ceiling Fan
- Heat Pump System
- Sunnyslope High School Rated A
- Carpet
About This Home
Lease Highlights:
Lease Beginning: 3/24/2024
Lease Amount per Month: $9,500
NNN Expenses: $3,432 (Taxes and Insurance) Annual
Lease Expires: 4/31/2026
Tenant Pays W/S/T and repairs
Owner is extending the lease to a min. of 3 years but probably 5 years
What is a NNN? An Absolute NNN Lease simply means that the Tenant pays 100% of expenses. All repairs, all utilities, insurance and property taxes.
There is really good opportunity to own 8 units of Multifamily without many of the traditional expenses.
This exceptional investment opportunity presents a fully leased 8-unit property master leased to a reputable sober living company. Located in the heart of Phoenix, AZ, this property is strategically positioned to offer stable income with minimal management responsibilities. Lease Highlights:
Lease Beginning: 3/24/2024
Lease Amount per Month: $9,000
NNN Expenses: $1,113 (Taxes and Insurance)
Lease Expires: 4/31/2026
Owner is extending the lease to a min. of 3 years but probably 5 years
What is a NNN? An Absolute NNN Lease simply means that the Tenant pays 100% of expenses. All repairs, all utilities, insurance and property taxes.
There is really good opportunity to own 8 units of Multifamily without many of the traditional expenses.
This exceptional investment opportunity presents a fully leased 8-unit property master leased to a reputable sober living company. Located in the heart of Phoenix, AZ, this property is strategically positioned to offer stable income with minimal management responsibilities.
Property Highlights:
Recent Renovations:Over $200,000 in recent 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 including 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 surveillance cameras for added security ($22,000, operational status verified)
- Updated hot water heaters and AC units installed within the last 5 years ($34,000)
Financial Overview:
- **Lease Terms:** Long-term master lease with a reputable sober living company covering 100% of expenses.
- Income Stability:** Predictable rental income with all expenses paid by the tenant, offering a hassle-free investment opportunity.
- Capital Expenditures: Recent renovations ensure reduced maintenance costs and increased tenant satisfaction, enhancing property value and marketability.
Investment Considerations:
This property represents an attractive opportunity for investors seeking stable cash flow and minimal management involvement. With a strong lease in place and recent capital improvements, it stands as a secure investment in the vibrant Phoenix real estate market.
Disclaimer: Buyers are encouraged to verify all financial figures and lease terms independently.*
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,331
Year Built
- Built in 1980
Home Design
- Composition Roof
- Block Exterior
Interior Spaces
- Ceiling Fan
Flooring
- Carpet
- Vinyl
Parking
- 16 Parking Spaces
- Carport
Utilities
- Cooling Available
- Heat Pump System
- Individual Controls for Heating
- Master Water Meter
Listing and Financial Details
- Tax Lot 6
- Assessor Parcel Number 160-03-005
Community Details
Overview
- 8 Units
- Building Dimensions are IRR
- Ford Tract Subdivision
Building Details
- Operating Expense $3,431
- Gross Income $117,431
- Net Operating Income $114,000
Map
Home Values in the Area
Average Home Value in this Area
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 | $2,374 | $19,408 | -- | -- |
| 2024 | $2,331 | $18,484 | -- | -- |
| 2023 | $2,331 | $68,220 | $13,640 | $54,580 |
| 2022 | $2,255 | $48,920 | $9,780 | $39,140 |
| 2021 | $2,284 | $46,450 | $9,290 | $37,160 |
| 2020 | $2,227 | $37,860 | $7,570 | $30,290 |
| 2019 | $2,186 | $32,230 | $6,440 | $25,790 |
| 2018 | $2,129 | $27,750 | $5,550 | $22,200 |
| 2017 | $2,118 | $22,810 | $4,560 | $18,250 |
| 2016 | $2,079 | $21,330 | $4,260 | $17,070 |
| 2015 | $1,926 | $18,670 | $3,730 | $14,940 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/12/2025 03/12/25 | Pending | -- | -- | -- |
| 01/24/2025 01/24/25 | For Sale | $1,495,000 | 0.0% | -- |
| 01/09/2025 01/09/25 | Pending | -- | -- | -- |
| 09/06/2024 09/06/24 | For Sale | $1,495,000 | -- | -- |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Special Warranty Deed | $399,000 | Pioneer Title Agency Inc | |
| Special Warranty Deed | -- | None Available | |
| Corporate Deed | $243,000 | Lawyers Title Of Arizona Inc | |
| Quit Claim Deed | -- | Nations Title Insurance | |
| Warranty Deed | $240,000 | -- | |
| Warranty Deed | $135,000 | United Title Agency |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $5,400,000 | Commercial | |
| Closed | $685,000 | Commercial | |
| Closed | $664,000 | Stand Alone Refi Refinance Of Original Loan | |
| Closed | $664,000 | Purchase Money Mortgage | |
| Previous Owner | $194,400 | Commercial | |
| Previous Owner | $115,000 | Seller Take Back |
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 6753569
APN: 160-03-005
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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