801 E DUNLAP Avenue, Phoenix, AZ 85020

$1,495,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,495,000 Last Modified: 5/30/2025

Overview

Description

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.

Supplements: 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 pr ...

Listing Details MLS# 6753569

Location, Tax & Legal

House Number
801
Compass
E
Street Name
DUNLAP
St Suffix
Avenue
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85020
Zip4
3046
Country
US
County Code
Maricopa
Subdivision
FORD TRACT
Assessor Number
160-03-005
Tax Year
2024
Assessor's Map #
3
Legal Description (Abbrev)
LOT 6 FORD TRACT MCR 003230
Assessor's Parcel #
5
Add'l Parcels
No
Tax Municipality
Phoenix
Census Tract
105200
Taxes
2331
Tax District
No
Legal
LOT 6 FORD TRACT MCR 003230
Marketing Name
8 Units NNN Lease

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
IRR
Year Built
1980
Uncvrd Parking Spcs
8
Total # of Units
8
# of Buildings
Yes
Zoning
MULTI
Flood Zone
TBD
High School District
Glendale Union High School District

Remarks Misc

Cross Street
7TH ST & DUNLAP

Status Change Info

Off Market Date
2025-03-12
Under Contract Date
2025-03-12
Close of Escrow Date
2025-05-30

Legal Info

Township
3N
Range
3E
Section
33
Lot Number
6

More Information

Income Expenses

Gross Annual Sch Inc
114000
Net Operating Income
114000

Showing Notification Methods

Showing Service
Aligned Showings

1 Bedroom Units

# 1 Bedroom Units
6
Avg Rent
1125
Avg SqFt
500
# Baths
Yes

2 Bedroom Units

# 2 Bedroom Units
2
Avg Rent
1125
Avg SqFt
639
# Baths
Yes

Sold Info

Loan Type
Conventional
Loan Years
25
Payment Type
Fixed
Closing Cost Split
Normal - N
Buyer Concession $/%
$
Seller Concession $/%
$
Buyer Concession to Seller
0
Seller Concession to Buyer
0

Project Type

5 - 12 Units
Yes

Other Type

Other (See Remarks)
Yes

Construction

Block
Yes

Const - Finish

Painted
Yes

Roofing

Composition
Yes

Floors

Vinyl
Yes
Carpet
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
1100
Annual Land Lse Exp
0
Annual Landscape Exp
0
Annual Legal & Acctg
0
Annual Maint Exp
0
Annual Mgmt Exp
0
Annual Trash Exp
0
Annual Wtr/Swr Exp
0
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
0
Operating Exp
3431
Other Income
3431
Vacancy Allowance
0
Adjusted Gross Inc
117431

Pmt & Rate Info

Cap Rate
7.63
Down Payment
0
Equity
1495000
Down Payment %
0
Monthly Payments
9
1st Interest Rate
0
1st Years Remaining
30
1st Payment
1628
1st Payment Freq
Monthly
2nd Encumbrance
0
2nd Payment
0
2nd Payment Freq
None
3rd Encumbrance
0
3rd Payment
0
3rd Payment Freq
None
Total Owed
0
Assessment Balance
0

Payment Includes

Principal
Yes
Interest
Yes

Lockbox Type

Other
Yes
See Private Remarks
Yes

Community Features

No Pool
Yes

Heating

Heat Pump
Yes
Electric
Yes
Individual
Yes

Cooling

Ceiling Fan(s)
Yes
Electric
Yes
Heat Pump
Yes
Individual
Yes

Exterior Amenities

Partially Fenced
Yes
Curb(s) & Gutter(s)
Yes

Interior Features

Unfurnished
Yes
Drapes
Yes

Tenant Pays

Gas
Yes
Water
Yes
Sewer
Yes
Electricity
Yes
Trash Collection
Yes
Cable TV
Yes
Landscaping
Yes
Other (See Remarks)
Yes

Appliances Included

Refrigerator
Yes
Free-Standing Range
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes

Water Source

City Franchise
Yes
Master Meter
Yes
See Remarks
Yes

Sewer

Sewer - Public
Yes

Parking Features

Carport
Yes
On Street
Yes
>1 Space Per Unit
Yes
Paved
Yes
Other
Yes

Electric

APS
Yes
Individual Meter
Yes
Other (See Remarks)
Yes

Gas

None
Yes

Owner Pays

None
Yes

New Financing

Conventional
Yes
No Carry
Yes

Existing 1st Loan

Treat as Free&Clear
Yes

Existing 1st Loan Type

Not Applicable
Yes

Existing 1st Loan Terms

Not Applicable
Yes

Existing 2nd Loan

Treat as Free&Clear
Yes

Existing 2nd Loan Type

Not Applicable
Yes

Existing 2nd Loan Terms

Not Applicable
Yes

Existing 3rd Loan

Treat as Free&Clear
Yes

Existing 3rd Loan Type

Not Applicable
Yes

Reports/Disclosures

Seller Prop Disc Stm
Yes
APOD/Backup Avaible
Yes
Sch of Personal Prop
Yes
Other (See Remarks)
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
Yes

Efficiency Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Mobile Home Prk Info

Avg Rent Single Wide
0
Avg Rent Double Wide
0
Avg Rent Ovrnght Spc
0
Avg Rent RV Spaces
0
Avg Rent Oversize Sp
0

Property Features

Project Type: 5 - 12 Units Other Type: Other (See Remarks) Construction: Block Const - Finish: Painted Roofing: Composition Floors: Vinyl; Carpet Sale Includes: Land & Building Payment Includes: Principal; Interest Community Features: No Pool Exterior Amenities: Partially Fenced; Curb(s) & Gutter(s) Interior Features: Unfurnished; Drapes Appliances Included: Free-Standing Range; Refrigerator Heating: Individual; Heat Pump Cooling: Ceiling Fan(s); Electric; Heat Pump; Individual Water Source: City Franchise; Master Meter; See Remarks Sewer: Sewer - Public Electric: APS; Individual Meter; Other (See Remarks) Gas: None Parking Features: Carport; On Street; >1 Space Per Unit; Paved; Other Road Surface Type: Asphalt Owner Pays: None Tenant Pays: Water; Sewer; Electricity; Gas; Trash Collection; Cable TV; Landscaping; Other (See Remarks) Source of Fincl Data: Owner Lockbox Type: Other; See Private Remarks Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; No Carry Environmental: None
IDX
Listing Office: Gerchick Real Estate
Last Updated: May - 30 - 2025
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