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    8939 8Th St Phoenix, AZ 85020

    For Sale
    $1,475,000

    Prime location, renovated, high occupancy.

    Property size:
    4,558 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    366
    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.

    Property Features for 8939 8Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    4,558 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1947/2024
    Buildings
    3
    Stories
    1
    Units
    8

    HighLights

    • Eight‑unit apartment complex with six one‑bedroom and two two‑bedroom units.
    • One unit currently serves as an office/storage space, easily convertible to a studio.
    • All bathrooms recently renovated (2024) with new fixtures and finishes; approximately $12,000 invested per unit.
    • One unit underwent a complete renovation including wall and floor replacement.
    • On‑site laundry facilities for tenant use.
    • Two storage units included on the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Park Park & Ride Beautiful Boutique Boutique

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.062145
    Latitude
    33.5672007

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    FAQs

    What type of property is this?
    Multifamily property - Prime location, renovated, high occupancy.
    Where is this multifamily property located?
    The property is located at 8939 8Th St Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $1,475,000.
    What are key features of this property?
    This property features: Eight-unit apartment complex with six one-bedroom and two two-bedroom units.; One unit currently serves as an office/storage space, easily convertible to a studio.; All bathrooms recently renovated (2024) with new fixtures and finishes; approximately $12,000 invested per unit.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8939 8Th St Phoenix, AZ 85020
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