801 E DUNLAP Avenue, Phoenix, AZ 85020 - The Best Real Estate Solutions

$1,495,000

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… Read More 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.* Read Less

Courtesy of Gerchick Real Estate Linda S Gerchick 602-688-9279

Listing Snapshot

Days Online

245

Last Updated

May 9, 2025

Property Type

Multiple Dwellings

Year Built

1980

MLS Number

6753569

30 Days Snapshot Of 85020

$818k

+17%

(avg) sold price

+16%

homes sold

-4%

(avg) days on market

Snapshot

Area Map

Additional Details

Appliances & Equipment

"Free-Standing Range", "Refrigerator"

Building

Built in 1980, Construction materials: "Painted", "Block", 8 total units

Cooling

"Ceiling Fan(s)", "Electric", "Heat Pump", "Individual"

Expenses

Insurance: $1,100

Floors

"Carpet", "Vinyl"

Heating

"Individual", "Heat Pump", "Electric"

Parking

"Paved", ">1 Space Per Unit", "On Street", "Carport", 16 total parkings

Property

Zoning: MULTI

Roof

"Composition"

Sewer

"Public Sewer"

Taxes

Annual amount: $2,331, Lot: 6

Utilities

"Other (See Remarks)", "APS", "Individual Meter"

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