8939 8Th StPhoenix, AZ 85020

Property Details for 8939 8Th St

Year built

1947

Property size (Sq ft)

4,558 SF

Property type

Apartment buildings

Description

This exceptional 8-unit apartment building in Phoenix, Arizona, presents a compelling investment opportunity. Boasting a 100% occupancy rate, the property features six one-bedroom and two two-bedroom, one-bathroom units. A recently added office/storage unit (convertible to a studio) complements the existing units. Extensive renovations completed in 2024 include updated bathrooms in all seven residential units, each costing approximately $12,000. The property also benefits from a newly installed brick patio with TV and power outlets (2019), a security gate (2015), a new brick wall for enhanced privacy, and new mailboxes (August 2024). Additional features include an on-site laundry facility and two storage units. The building sits on a 14,257 square foot lot and totals 4,558 square feet. Built in 1947, the single-story building underwent significant upgrades in 2024. The property's financial performance is strong, with a current cap rate of 7.27% and a pro-forma cap rate of 7.37%, and a pro-forma NOI of $108,701. Located in the desirable Sunnyslope neighborhood, this property offers convenient access to John C. Lincoln Hospital, North Mountain Park, and State Route 51. The asking price is $1,475,000, representing a price per unit of $184,375 and a price per square foot of $323.61. The property is zoned R-4 Multiple Family Residence and is offered fee simple. All information should be verified by the buyer.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.5672

Longitude

-112.062

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