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.*
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
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#: 6753569

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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