UNDER CONTRACT-2222 E Garfield Phoenix AZ 85006-$1,395,000 -Preleased on an Absolute NNN Lease at 7.88% Cap Rate-Totally Remodeled

2222 E Garfield Phoenix AZ 85006-Remodeled from the ground up 4 plex $1,395,000-Preleased for an ABSOLUTE NNN Lease at a 7.88% Cap Rate

The Property

*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. Contact us today to learn more about this prime real estate offering and secure your investment in a high-demand market.

Virtual Tour-Check it out!

If you‘re interested in exploring the features of this property without leaving the comfort of your home, I highly recommend checking out the virtual tour. By clicking on the link provided, you’ll have the opportunity to experience a 360-degree view of the property, giving you a more immersive and interactive perspective. So why not take advantage of this convenient and innovative tool and discover what this property has to offer?

Location

The Garfield Historic District contains primarily modest bungalows and Period Revival style homes but it also includes a noteworthy concentration of older turn-of-the-century structures, including the largest concentration of “Pyramid Cottages” in Phoenix. The neighborhood provides a sampling of architectural styles from the earliest vernacular homes in Phoenix to the early Ranch-style homes that would become prevalent following World War II. Garfield was developed from 1883 to 1955. The neighborhood was one of the first additions to the original Phoenix townsite. It is also an excellent example of a “streetcar subdivision,” where residential development was directly related to the establishment of a streetcar line through the neighborhood. Before becoming a residential area, the Garfield Historic District was part of an extensive agricultural tract. The area was farmed by John T. Dennis, a pioneer settler who emigrated from Ohio in 1868. As Phoenix grew, Dennis saw the value of his land for future residential development. The original subdivision was platted with a rectilinear street grid clearly based on the original townsite layout. The Dennis Addition was recorded with Maricopa County on Nov. 16, 1883, and was annexed into Phoenix in 1899.Many municipal improvements stimulated development in the Dennis Addition during the late 1800s. The first city well and pumping plant was located on a block of land at the northeast corner of 9th and Van Buren streets. One vernacular brick building related to the pumping station is still standing at the northwest corner of Verde Park near the corner of 9th and Polk streets. The Phoenix Street Railway built the first powerhouse just to the west of the pumping plant. In 1895, the Phoenix Street Railway extended their streetcar line through the Dennis Addition. Called the Brill Line, it ran along Pierce Street to 10th Street and then north to the Brill Addition, which was located just north of the Dennis Addition. Both Dennis and Frederick Brill, the owner of the Brill Addition, were investors in the extension of the line. Virtually all of the early streetcar lines were backed by large landholders in order to promote land sales in the new subdivisions. The Dennis Addition itself was subdivided repeatedly in the following decades. The growth of the neighborhood as a solid residential area in the 1920s encouraged the establishment of local businesses and other institutions. Six of the seven churches located in the Garfield neighborhood were constructed between 1925 and 1931. Commercial establishments and small businesses also flourished at that time, particularly at the corner of 10th and Pierce streets where the streetcar line turned north.

$1,395,000

Sale Price

$109,971

Effective Rental Income

Tenant Pays ALL Expenses

Operating Expenses

$109,971

Net Operating Income

7.88%

Actual Cap Rate

Offering Memorandum and Marketing Flyer

To access the Offering Memorandum or the one page Flyer, simply click on the button located below. From there, you’ll be able to download the document in PDF format.

Our Offering Memorandum is an essential resource for anyone who is considering investing in our opportunity. It includes all the necessary information, such as the investment terms, potential risks, financial projections, and more. By reviewing this document, you’ll have a complete understanding of what the investment entails.

If you have any questions or would like to learn more about our investment opportunity, please don’t hesitate to reach out to us. We’re always happy to answer any questions and provide you with the information you need to make an informed decision.

Thank you for considering our investment opportunity, and we hope to hear from you soon!

One Page Flyer-See Flyer Offering Memorandum-Check it out!