Exceptional Absolute NNN Investment | Actual 7.83% Year 2 Cap Rate Acquire an eight-apartment Phoenix property leased to a single tenant under an Absolute NNN master lease. Offered at $1,625,000, the property produces Year-2 base rent of $10,600 per month, or $127,200 annually, supporting a 7.83% cap rate. The initial lease expires August 31, 2030 and provides scheduled increases plus two five-year renewal options. The unit mix is six one-bedroom and two two-bedroom apartments, with on-site laundry and three storage rooms. Tenant tax and insurance reimbursements are separate from the base-rent income used in the cap-rate presentation. Seller financing is not available. Please do not disturb occupants; contact Linda Gerchick, CCIM, for the offering and due-diligence process. 8939 N 8th Street offers investors the opportunity to acquire a fully leased, eight-unit multifamily property operating under a five-year Absolute NNN master lease with an established tenant. The lease provides predictable income, annual rent increases and minimal landlord responsibilities. 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. The property is fully occupied. Please do not disturb the residents or contact the tenant directly. Contact Linda Gerchick, CCIM, for additional information, due-diligence documents or to arrange a private property tour. Buyer to independently verify all facts, figures, lease terms and property information. Seller financing is not available.