8939 N 8th St | Absolute NNN 8 Units

8939 N 8th Street, Phoenix, AZ 85020 | $1,625,000

Fully occupied eight-unit multifamily investment under one Absolute NNN master lease. Six one-bedroom and two two-bedroom residences occupy 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.
• Current cap rate: 7.83% at the asking price.
• Five-year initial lease: September 1, 2025 through August 31, 2030.
• Annual rent increases of $1,200; Year-5 base rent/NOI is $130,800, equivalent to 8.05% at the asking price.
• Two five-year renewal options, personal guarantee and first right of refusal.
• Tenant pays property taxes, insurance, utilities, maintenance and operating expenses under the Absolute NNN structure.
• 4,461 SF of improvements; approximately 14,257 SF of land; 12 parking spaces.
• North Phoenix/Sunnyslope location near healthcare employment, transit, neighborhood services and North Mountain recreation.

Total annual lease payment is $139,777.32, including $12,577.32 of NNN reimbursements. Reimbursements offset the applicable expenses and are not additional NOI. 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 | linda@justsoldit.com

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.