1927 E CROCUS Drive Phoenix, AZ 85022
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Subdivision Cave Creek Unit 3
MLS Listing ID 6971140
Year Built 1986
Annual Tax Amount $2,590
Tax Year 2025
Lot Dimensions irr
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
This is a rare, fully leased, NNN investment opportunity ideal for investors seeking predictable cash flow with zero day-to-day landlord responsibilities. The property is a 4-bedroom, 3-bathroom home with a pool, operating successfully as a licensed transitional housing facility with a strong, experienced tenant and documented operating history.
The Seller has invested approximately $40,000 in recent upgrades, resulting in a modern, well-maintained, and highly functional property. With the tenant fully in place and operations stabilized, this offering is perfect for a truly passive investor. Important to see supplement The property is secured by a 5-year NNN lease at $5,200 per month, with annual rent escalations of $1,200 per year in Years 2 through 5, providing built-in income growth. The lease also includes two (2) additional 5-year renewal options, offering long-term stability and downside protection.
Landlord Responsibilities: NONE.
The tenant is responsible for prorated property taxes, insurance, utilities, pool maintenance, property upkeep, and all operational expenses, allowing ownership to enjoy hands-off income with no management burden.
Backed by a tenant with a very strong track record, this investment delivers durable cash flow, annual rent growth, and long-term lease securityan ideal solution for investors prioritizing stability, simplicity, and predictability.
Why This Works for Investors
Fully leased, stabilized NNN investment
Annual rent escalations already built into the lease
Two 5-year renewal options for long-term income
Experienced, credit-worthy tenant with a strong operating history
No landlord responsibilities truly passive ownership
Recent capital improvements already completed
Immediate cash flow with upside
escalations are $100/month each year (=$1,200/year), then the rent schedule is:
Year 1: $5,200/mo
Year 2: $5,300/mo
Year 3: $5,400/mo
Year 4: $5,500/mo
Year 5: $5,600/mo
Assuming this is true NNN (rent H NOI because tenant covers the expenses), here are the cap rates on a $850,000 price:
Cap Rate by Year (Price = $850,000)
Year Monthly Rent Annual NOI Cap Rate
1 $5,200 $62,400 7.34%
2 $5,300 $63,600 7.48%
3 $5,400 $64,800 7.62%
4 $5,500 $66,000 7.76%
5 $5,600 $67,200 7.91%
Location
State AZ
County Maricopa
Community Cave Creek Unit 3
Area Maricopa
Zoning R-3
Interior
Heating Individual, Heat Pump
Cooling Ceiling Fan(s), Heat Pump, Individual
Flooring Ceramic Tile
Appliance Free-Standing Range, Disposal, Dishwasher, Refrigerator, Microwave, W/D Hookup
Exterior
Parking Features Garage Door Opener, >1 Space Per Unit, On Street
Community Features No Pool
Roof Type Tile
Garage Yes
Private Pool No
Building
Sewer Public Sewer
Water Individual Meter
New Construction No
Schools
School District Paradise Valley Unified District
Others
Senior Community No
Tax ID 214-50-196
Acceptable Financing No Carry, Conventional
Disclosures Seller Prop Disc Stm, Sch of Personal Prop
Listing Terms No Carry, Conventional
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