About this property
8939 N 8th Street, Phoenix, AZ 85020 | $1,550,000
Fully occupied eight-unit multifamily investment in Phoenix's Sunnyslope and North Mountain area, leased to one tenant under an Absolute NNN master lease. The property includes six one-bedroom and two two-bedroom apartments in three single-story buildings, with gated access, a paver courtyard, on-site laundry and three storage rooms. Extensive interior renovations were completed in 2024.
- Year 2 base rent and NOI: $127,200 annually ($10,600 monthly), effective September 1, 2026; 8.21% cap rate at the asking price.
- Year 5 base rent and NOI: $130,800 annually; 8.44% cap rate at the asking price.
- Five-year initial lease runs September 1, 2025 through August 31, 2030, with two additional five-year renewal options.
- Contractual annual base-rent increases of $1,200 ($100 per month) at each lease-year start; personal guarantee and tenant first right of refusal.
- Tenant pays or reimburses property taxes, insurance, utilities, maintenance and operating expenses under the Absolute NNN lease. Current annual property tax is $4,198 and insurance is $8,536.92.
- Annual tax and insurance reimbursements total $12,734.92 and offset the corresponding expenses; reimbursements are not additional NOI.
- 4,461 SF of building area on approximately 14,257 SF of land; 12 parking spaces.
- North Phoenix/Sunnyslope location with access to healthcare employment, transit, neighborhood services, SR-51, I-17 and North Mountain recreation.
Total annual base rent and reimbursements are $139,934.92, including $12,734.92 of NNN reimbursements. Year 2 NOI is $127,200. Seller financing is not available.
View the property website and virtual tour | Schedule a Zoom or phone call with Linda
Linda Gerchick, CCIM | Gerchick Real Estate
602-688-9279 | [email protected]
Tenant leases are not publicly posted and will be provided only after the property is under contract to protect tenant privacy. Do not disturb residents or contact the tenant; showings by confirmed appointment.
Information is believed reliable but is not guaranteed. Buyer must independently verify all financial, lease, physical, zoning and property information. Future income is subject to lease performance and is not guaranteed. Offering is subject to errors, omissions, price or term changes, prior sale and withdrawal without notice.
Property details
- Property Type
- Residential
- Building Type
- Freestanding
- Building Size
- 4,461 sqft
- Land Size
- 0.33 acres
- Units
- 8
- Water
- Master Metered
- Zoning
- R-4 Multiple-Family Residence
- Electric
- Individually Metered
- Year Built
- 1946
- Roof
- Asphalt Shingle
- Parking
- 12 spaces
- Construction
- Wood Frame
Documents 14 files
Last updated: Oct 1, 2026
Location
- Address
-
8939 N 8th Street
Phoenix, Arizona 85020