8939 N 8TH Street Phoenix, AZ 85020
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Ford Tract
MLS Listing ID 7061722
Bedrooms 10
Year Built 1987
Annual Tax Amount $4,198
Tax Year 2025
Lot Dimensions IRR
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
The lease provides $10,600 per month in Year 2 base rent, or $127,200 annually, supporting an 8.77% Year 2 lease-basis cap rate at the new asking price. Base rent increases by $100 per month at the start of each remaining lease year, reaching $130,800 annually in Year 5, equivalent to a 9.02% lease-basis cap rate at the new price. The initial lease runs through August 31, 2030, with two additional five-year renewal options, a personal guarantee and a first right of refusal.
Under the Absolute NNN lease, the tenant is responsible for property taxes, insurance, utilities, maintenance and property operations, subject to the executed lease. The property includes three single-story buildings, 12 parking spaces, an on-site laundry room, three storage rooms, gated access and a paver courtyard. Seller financing is unavailable.
Cap rates use annual base rent divided by the asking price under the stated lease economics. Tax and insurance reimbursements are excluded from the cap calculation. Buyers should independently verify lease terms, collections, expenses and property information. Executed leases are provided under contract. Please arrange tours through the listing broker.
HIGHLIGHTS
- New asking price $1,450,000, or $181,250 per unit.
- 8.77% Year 2 lease-basis cap on $127,200 in annual base rent.
- Absolute NNN master lease across all eight units.
- Tenant responsible for taxes, insurance, utilities, maintenance and operations per the lease.
- $100 monthly step-up at the start of each remaining lease year.
- Initial term through August 31, 2030, plus two five-year renewal options.
- Six one-bedroom units and two two-bedroom units.
- Extensive 2024 interior renovations, gated courtyard, laundry, storage and 12 parking spaces.
Location
State AZ
County Maricopa
Community Ford Tract
Area Maricopa
Zoning R-4
Direction From 7th Street and Dunlap Avenue, head east on Dunlap to 8th Street. Turn right (south) onto 8th Street. Continue a short distance to 8939 N 8th Street on the left (east side).
Interior
Heating Varies by Unit, Heat Pump, Electric
Cooling Ceiling Fan(s), Heat Pump, Varies by Unit
Flooring Carpet
Appliance Free-Standing Range, Other, Disposal, Refrigerator, Microwave, Washer/Dryer
Exterior
Parking Features Other, Paved, Free, >1 Space Per Unit, On Street
Community Features Other, See Remarks, Barbecue, Manager Res/Office, No Pool
Roof Type Composition,Foam,Rolled/Hot Mop
Private Pool No
Building
Sewer Public Sewer
Water Master Meter, City Franchise
New Construction No
Schools
High Schools Sunnyslope High School
School District Glendale Union High School District
Others
Senior Community No
Tax ID 160-03-012-A
Ownership Fee Simple
Acceptable Financing Cash, No Carry, Conventional
Disclosures Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
Listing Terms Cash, No Carry, Conventional
Virtual Tour https://tours.arizonarealtours.com/2369490?idx=1
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
I CAN HELP YOU MAKE AN OFFER ON THIS PROPERTY
Agent Mortgage Loan Officer 2665457AZ Real Estate License SA662806000
+1(480) 848-5780 | michael@valleerealty.com