801 Dunlap Ave Phoenix, AZ 85020

Property Details for 801 Dunlap Ave

Year built

1980

Property type

Commercial real estate

Description

This fully leased, eight-unit apartment building in Phoenix, Arizona presents a compelling investment opportunity. The property, built in 1980 and extensively renovated in 2023, boasts a 100% occupancy rate and a strong net operating income (NOI) of $121,353, yielding an 8.12% cap rate. The asking price is $1,495,000. The property operates under a triple-net (NNN) lease, meaning the tenant covers all expenses including taxes, insurance, and maintenance, providing predictable cash flow for the owner. Recent renovations exceeding $200,000 include new bathrooms with tile showers, updated flooring, new appliances, fresh interior and exterior paint, enhanced security features (steel fence, new exterior doors, and surveillance cameras), upgraded kitchen cabinets, improved laundry facilities, and updated hot water heaters and AC units (within the last five years). The two-story building sits on a single lot, zoned R-4, and offers a stable income stream from a long-term master lease with a reputable tenant. This stabilized investment property offers minimal management responsibilities and significant potential for long-term appreciation in the thriving Phoenix market. All financial figures and lease terms should be independently verified by the buyer.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.062368

Latitude

33.5674736