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
New Construction Yes
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
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