Phoenix, AZ 85006,2222 E GARFIELD Street
Phoenix, AZ 85006,2222 E GARFIELD Street
Phoenix, AZ 85006,2222 E GARFIELD Street
Phoenix, AZ 85006,2222 E GARFIELD Street
Phoenix, AZ 85006,2222 E GARFIELD Street
Phoenix, AZ 85006,2222 E GARFIELD Street
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$ 1,395,000
Est. payment | /mo

$ 1,395,000
Est. payment | /mo

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

**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.
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

Parking Features Paved Parking, Free, >1 Space Per Unit, Street Parking

Community Features Other, See Remarks, No Pool

Roof Type Composition,Rolled/Hot Mop

Total Parking Spaces 6

Building

Sewer Public Sewer

Water City Franchise, Master Meter

New Construction No

Schools

Elementary Schools Creighton Elementary School

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

Arizona Regional MLS (ARMLS)
Listed by Gerchick Real Estate

GET MORE INFORMATION

Michelle Noma

REALTOR® | Lic# BR632845000

+1(480) 639-8502

5355 E High St. Unit 129, Phoenix, AZ, 85054

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2222 E GARFIELD Street