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Sold for $1,495,000 on 05/30/25
  • $1,495,000

    801 E Dunlap Ave, Phoenix, AZ 85020

    10beds
    2baths
    4,278sqft
    Multi Family
    Built in 1980
    -- sqft lot
    $1,484,700 Zestimate®
    $349/sqft
    $2,153 Estimated rent

    What's special

    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.*

    Zillow last checked: 7 hours ago

    Listing updated: May 30, 2025 at 11:41am

    Listed by:

    Linda S Gerchick 602-688-9279,

    Gerchick Real Estate

    Bought with:

    Linda S Gerchick, BR114848000

    Gerchick Real Estate

    Source: ARMLS,MLS#: 6753569MLS Logo

    Facts & features

    Interior

    Bedrooms & bathrooms
    • Bedrooms: 10
    • Bathrooms: 2
    Heating
    • Individual, Heat Pump, Electric
    Cooling
    • Ceiling Fan(s), Electric, Heat Pump, Individual
    Appliances
    • Included: Free-Standing Range, Refrigerator
    Features
    • Flooring: Carpet, Vinyl
    Interior area
    • Total structure area: 4,278
    • Total interior livable area: 4,278 sqft

    Property

    Parking
    • Total spaces: 16
    • Parking features: Other, Paved, >1 Space Per Unit, On Street, Carport
    • Has carport: Yes
    • Covered spaces: 8
    • Uncovered spaces: 8
    Details
    • Parcel number: 16003005
    • Zoning: MULTI

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Multi Family
    Materials
    • Painted, Block
    • Roof: Composition
    Condition
    • Year built: 1980

    Utilities & green energy

    • Electric: Other (See Remarks), APS, Individual Meter
    • Sewer: Public Sewer
    • Water: See Remarks, Master Meter, City Franchise

    Community & neighborhood

    Community
    • Community features: No Pool
    Location
    • Region: Phoenix
    • Subdivision: FORD TRACT

    Other

    Other facts
    • Listing terms: No Carry,Conventional
    • Ownership: Fee Simple
    • Road surface type: Asphalt
    Services availability
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