8939 N 8TH Street

8939 N 8th Street offers investors the opportunity to acquire a fully leased, eight-unit multifamily property operating under a five-year Absolute NNN master lease with an established tenant. The lease provides predictable income, annual rent increases and minimal landlord responsibilities.

The tenant has demonstrated exceptional reliability by consistently paying rent on time, carefully maintaining the property and investing its own funds into exterior painting and landscaping. These tenant-funded improvements have further enhanced the property's curb appeal and long-term value. Financial Highlights Asking Price: $1,625,000

Actual Year 2 Cap Rate: 7.83%

Year 2 Base Rent: $10,600 per month

Annual Base Rent: $127,200

Annual Tax and Insurance Reimbursements: $12,577.32

Total Annual Lease Payment: $139,777.32

Scheduled Annual Base-Rent Increase: $1,200

Price Per Unit: $203,125

September 1, 2026 payment received

Lease Highlights Five-year Absolute NNN master lease

Initial lease term: September 1, 2025 through August 31, 2030

Approximately four years remain on the initial lease term

Base rent increases by $100 per month at the beginning of each remaining lease year

Two additional five-year renewal options

Personal guarantee

First right of refusal

Tenant responsible for property taxes, insurance, utilities, maintenance and day-to-day property operations

Property Details The property contains eight residential units consisting of:

Six one-bedroom/one-bathroom units

Two two-bedroom/one-bathroom units

On-site laundry room

Three separate storage rooms

Appliances in every unit

Gated access and privacy wall

Attractive paver patio with television and electrical outlets

Approximately 4,461 square feet of building area

The former office has been converted into the eighth residential unit, creating a complete eight-unit residential configuration with no remaining office space.

Renovations and Improvements The property underwent extensive interior renovations in 2024, including improvements to the apartment interiors and bathrooms. Additional property improvements include:

Exterior painting completed by the tenant

Landscaping improvements completed by the tenant

Updated apartment interiors

Renovated bathrooms

Security gate

Privacy wall

Paver patio

Updated mailboxes

Well-maintained common areas

Investment Opportunity This offering combines an Absolute NNN lease, an actual 7.83% Year 2 cap rate, contractual rent growth and a tenant that actively reinvests in the property. A recent appraisal supports the asking price, providing additional documentation for prospective investors.