#6749873, Linda S Gerchick, Listing Office: Gerchick Real Estate

801 E Dunlap Ave Phoenix, AZ 85020
Property details
About 801 E Dunlap Ave
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.*
Highlights
Summary
- MLS Number: 6753569
- MLS Name: Arizona Regional Multiple Listing Service 2
- Office Name: Gerchick Real Estate
- Office Phone: (602) 688-9279
- Office Email: linda@justsoldit.com
- Listing Agent: Linda S Gerchick
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Last updated on: 3/14/2025, 9:21:18 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$1,495,000
801 E Dunlap Ave
$10,000
closing credit¹
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0.5% sale price²
Price information
Property sales
Date | Event | Price |
---|---|---|
Feb 11, 2016 | Home Sold | $399,000 |
Dec 01, 2000 | Home Sold | $243,000 |
Nov 06, 1996 | Home Sold | $240,000 |
Nov 14, 1994 | Home Sold | $135,000 |
Mar 26, 1992 | Home Sold | $141,866 |
Sep 08, 1987 | Home Sold | $183,700 |
Tax history
Year | Assessment | Property Tax |
---|---|---|
2024 | $94,720 | $2,330 |
2023 | $68,220 | $2,254 |
2022 | $48,920 | $2,283 |
2020 | $37,860 | $2,226 |
2019 | $32,230 | $2,128 |
2017 | $22,810 | $2,117 |
History based on county public records data.
Nearby schools
3
Desert View Elementary School
Public District PK-6
0.5 mi
•8621 N 3rd St
7
Madison Simis Elementary School
Public District PK-4
1.7 mi
•7302 N 10th St
3
Richard E. Miller Elementary School
Public District KG-5
2.3 mi
•2021 W Alice Ave
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $47,910. Most Phoenix, AZ residents have annual incomes between $35k-100k. The majority of families are single, no kids. Typical level of education for residents in this area is high school diploma.
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Frequently asked questions
About 801 E Dunlap Ave
This home is located at 801 E Dunlap Ave in Phoenix, AZ and zip code 85020 in the North Mountain neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since September 6, 2024 and is currently priced at $1,495,000.
Over 185 listings were sold over their listed price in February 2025 in Phoenix, AZ. In the same period over 657 listings were sold below the listed price and 322 listings were sold for the listed price. The inventory of homes for sale in Phoenix, AZ between January and February 2025 increased by 11.5%. The median list price of listings available in February 2025 was $456,254, while the average time on the real estate market was 71 days.