8340 N 86th Ln, Peoria, AZ 85345, USA
8340 N 86th Ln, Peoria, AZ 85345, USA
$ 700,000.00
- Property ID: 907332
- MLS #: 6528484
- Post Updated: 2023-03-07 07:36:34
- Type: Single Family - Detached
- Status: Active
- Year built: 1999
- Bedrooms: 6
- Bathrooms: 3
- Area: 2073.00 sq ft
- Lot Sqft: 8003.00 sq ft
- Lot Acres: 0.1840
- Listing Office Name: Realty ONE Group
- Listing Member Name: Geoffrey Adams
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Rooms
- Bathroom Features: Countertops/Master: Other (See Remarks)
- Kitchen Features: Dishwasher,Range/Oven Elec,Refrigerator
- Dining Areas: Other (See Remarks)
Description
Residential Adult Care Facility This excellent cash flow investment property delivers a 5 year lease with a good credit tenant paying $3700/mo for phase 1 of the lease and $6000/mo for phase 2. Expenses are around $412/mo yielding a $39,456 net operating income to start and a 5.64% capitalization rate at the list price. Phase 2 of lease begins if the landlord completes the HOA approved addition to the property taking the bedroom count from 6 to 10 bedrooms. Contractor estimated costs for the addition ranges from $110,000 to $150,000. Upon completion NOI increases to around $65,000/yr and cap rate on purchase and improvements pencils out between 7% and 8% for the remainder of the lease.
View on map / Neighborhood
- Directions: South on 87th Ave to Echo Ln; East(left) on Echo Ln to 86th Ln; South(right) on 86th Ln to the Property (on the right).
- Cross Street: 87th Ave & Olive
Utilities
- Electric: Electric Company: SRP
- Water: City Water
- Sewer: Sewer - Public
Legal and Taxes
- Tax Municipality: Peoria
- Tax Year: 2022
- Taxes: $ 1,229.00
- County: Maricopa
- Legal Info: Lot Number: 59
- Legal Info: Range: 1E
- Legal Info: Section: 34
- Legal Info: Township: 3N
Interior Features
- Interior Features: Fire Sprinklers
- Laundry: Inside,Wshr/Dry HookUp Only
- Fireplace: No Fireplace
Exterior Features
- Roof: Tile
- Cooling: Ceiling Fan(s),Refrigeration
- Pool: None No Pool
- Spa: None
- Style: Detached
Lot Features
- Fence: Block
- Lot Size Source: County Assessor
- List Price/SqFt: 337.67
School Information
- Elementary School: Cotton Boll School
- Middle School: Cotton Boll School
- High School: Raymond S. Kellis
Other Details
- Floors: 1
- # of Stories: 1
- Special Conditions: N/A
- Builder/New Constr.: UNK
- Main Heating: Electric
- Basement: N
- Landscape: Gravel/Stone Back,Gravel/Stone Front
- Construction: Frame - Wood
- Horse Property: N
- # of Carport Spaces: 0.00
- # of Garage Spaces: 0.00
- # of Slab Parking Spaces: 2.00
- # of Total Covered Spaces: 0.00
- Subdivision: BUTLER PLACE
- Source of SqFt: County Assessor
- HOA Y/N: Y
- HOA Fee: $ 160.00
- HOA Paid (Freq): Monthly
- Assoc Amenities: Prof Managed
- HOA Transfer Fee: $ 175.00
- HOA Name: Butler Place HOA
- Association Fee Included: Common Area Maint
- New Financing: Cash