2222 E GARFIELD Street Phoenix, AZ 85006
UPDATED:
11/01/2024 07:47 PM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Subdivision Bumbalow Heights
MLS Listing ID 6688201
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1958
Annual Tax Amount $1,971
Tax Year 2024
Lot Dimensions 6764
Property Description
*Hands-Off Investment on a Triple Net Lease*Introducing an exceptional investment opportunity in the heart of the Roosevelt Historical District, offering a fully renovated, hands-off investment property with an established tenant under a pure triple net lease (NNN). This 4-unit property, meticulously upgraded, is leased to a single tenant who covers 100% of all expenses, making this a hassle-free investment that promises consistent cash flow. With a cap rate of over 7.5%, this property offers an attractive income-generating opportunity. The Property will be occupied on 11/1/2024 with a three year lease and rental bumps year two and three.
Buyer should read the additional information here. Buyer to verify all facts **Investment Opportunity: Prime Real Estate with High Potential**
*Hands-Off Investment on a Triple Net Lease*
Introducing an exceptional investment opportunity in the heart of the Roosevelt Historical District, offering a fully renovated, hands-off investment property with an established tenant under a pure triple net lease (NNN). This 4-unit property, meticulously upgraded, is leased to a single tenant who covers 100% of all expenses, making this a hassle-free investment that promises consistent cash flow. With a cap rate of over 7.5%, this property offers an attractive income-generating opportunity. The Property will be occupied on 11/1/2024 with a three year lease and rental bumps year two and three.
**Property Overview:**
- **Unit Mix**:
- 1 x 3 Bedroom, 2 Bath
- 2 x 2 Bedroom, 1 Bath
- 1 x 1 Bedroom, 1 Bath
- **Complete Renovation**: The property has undergone a full gut and remodel, presenting a contemporary and attractive living space for tenants.
- **Key Upgrades**:
- All-new plumbing, electric systems, and reinforced roof joists
- New air conditioning units, flooring, and exterior stucco
- Modern dual pane windows and new exterior doors for security and energy efficiency
- Fresh concrete walkways and parking spaces, ensuring convenience for tenants
- New ceiling fans in living rooms and all bedrooms for comfort
- New landscaping to enhance curb appeal
- Stylish new cabinets, bathrooms, stainless steel appliances, and quartz countertops
**Investment Highlights:**
1. **Turnkey Investment**: With renovations completed and permits finalized, the property is ready to generate immediate rental income.
2. **Versatile Unit Mix**: A diverse selection of unit sizes to accommodate families, professionals, and individuals, enhancing occupancy rates.
3. **High-Quality Renovation**: Every detail of the renovation was completed with precision, offering durability and ensuring tenant satisfaction.
4. **Modern Amenities**: Tenants will enjoy the convenience of modern appliances, attractive finishes, and energy-efficient features.
5. **High Cap Rate**: With a cap rate of over 7.5%, this property provides a strong income stream and attractive investment potential.
**Investment Strategy:**
- **Immediate Income**: Rental income begins upon acquisition.
- **Long-Term Growth**: Located in a thriving area, this property is positioned for future appreciation.
- **Hassle-Free Management**: The NNN lease structure means the tenant handles all expenses, including maintenance, taxes, and insurance, while you enjoy passive income.
Don't miss this opportunity to invest in a hands-off, income-generating property that's ready to deliver returns from day one.
Location
State AZ
County Maricopa
Community Bumbalow Heights
Zoning R-4
Direction East on Roosevelt to 22 Street and Turn South-Property in on the West side of the street
Interior
Heating Individual, Heat Pump
Cooling Individual, Heat Pump, Electric, Ceiling Fan(s)
Flooring Ceramic Tile
Appliance Other (See Remarks), F/S Oven/Range, Microwave, Washer/Dryer
Exterior
Garage Paved Parking, Free, >1 Space Per Unit, Street Parking
Community Features Other, See Remarks, No Pool
Waterfront No
Roof Type Composition,Rolled/Hot Mop
Total Parking Spaces 6
Building
Sewer Public Sewer
Water City Franchise, Master Meter
Schools
Elementary Schools Creighton Elementary School
School District Phoenix Union High School District
Others
Senior Community No
Tax ID 116-03-014
Acceptable Financing Other (See Remarks), No Carry, Conventional
Listing Terms Other (See Remarks), No Carry, Conventional
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved.