10 Beds
10 Beds
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Ford Tract
MLS Listing ID 7061722
Bedrooms 10
Year Built 1987
Annual Tax Amount $4,198
Tax Year 2025
Lot Dimensions IRR
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
The tenant has demonstrated exceptional reliability by consistently paying rent on time, carefully maintaining the property and investing its own funds into exterior painting and landscaping. These tenant-funded improvements have further enhanced the property's curb appeal and long-term value. Financial Highlights
Asking Price: $1,625,000
Actual Year 2 Cap Rate: 7.83%
Year 2 Base Rent: $10,600 per month
Annual Base Rent: $127,200
Annual Tax and Insurance Reimbursements: $12,577.32
Total Annual Lease Payment: $139,777.32
Scheduled Annual Base-Rent Increase: $1,200
Price Per Unit: $203,125
September 1, 2026 payment received
Lease Highlights
Five-year Absolute NNN master lease
Initial lease term: September 1, 2025 through August 31, 2030
Approximately four years remain on the initial lease term
Base rent increases by $100 per month at the beginning of each remaining lease year
Two additional five-year renewal options
Personal guarantee
First right of refusal
Tenant responsible for property taxes, insurance, utilities, maintenance and day-to-day property operations
Property Details
The property contains eight residential units consisting of:
Six one-bedroom/one-bathroom units
Two two-bedroom/one-bathroom units
On-site laundry room
Three separate storage rooms
Appliances in every unit
Gated access and privacy wall
Attractive paver patio with television and electrical outlets
Approximately 4,461 square feet of building area
The former office has been converted into the eighth residential unit, creating a complete eight-unit residential configuration with no remaining office space.
Renovations and Improvements
The property underwent extensive interior renovations in 2024, including improvements to the apartment interiors and bathrooms. Additional property improvements include:
Exterior painting completed by the tenant
Landscaping improvements completed by the tenant
Updated apartment interiors
Renovated bathrooms
Security gate
Privacy wall
Paver patio
Updated mailboxes
Well-maintained common areas
Investment Opportunity
This offering combines an Absolute NNN lease, an actual 7.83% Year 2 cap rate, contractual rent growth and a tenant that actively reinvests in the property. A recent appraisal supports the asking price, providing additional documentation for prospective investors.
Location
State AZ
County Maricopa
Community Ford Tract
Area Maricopa
Zoning R-4
Interior
Heating Individual, Heat Pump, Electric
Cooling Ceiling Fan(s), Heat Pump, Individual
Flooring Carpet
Appliance Free-Standing Range, Other, Disposal, Refrigerator, Microwave, Washer/Dryer
Exterior
Parking Features Other, Paved, Free, >1 Space Per Unit, On Street
Community Features Other, See Remarks, Barbecue, Manager Res/Office, No Pool
Roof Type Composition,Foam,Rolled/Hot Mop
Private Pool No
Building
Sewer Public Sewer
Water Master Meter, City Franchise
New Construction No
Schools
High Schools Sunnyslope High School
School District Glendale Union High School District
Others
Senior Community No
Tax ID 160-03-012-A
Acceptable Financing No Carry, Conventional
Disclosures Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
Listing Terms No Carry, Conventional
Virtual Tour https://tours.arizonarealtours.com/2369490?idx=1
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.
NEARBY SCHOOL & BUSINESS
20860 N. Tatum Blvd., Phoenix, AZ 85050, United States