801 Dunlap Ave, Phoenix, AZ 85020
- Commercial real estate
Current Use by Public Records
- Commercial real estate
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.
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Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.062368
- Latitude
- 33.5674736
