15456 W MORNING GLORY Street Goodyear, AZ 85338
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Centerra
MLS Listing ID 6967518
Year Built 2005
Annual Tax Amount $1,924
Tax Year 2025
Source Arizona Regional Multiple Listing Service (ARMLS)
Property Description
This income-producing single-family residence offers investors a rare opportunity to acquire a stabilized asset leased to an established assisted care operator. A **new five-year lease** has just been executed, providing immediate income stability along with **annual rent increases** throughout the primary lease term.
The lease begins at **$5,600 per month** and and increases each year, reaching $6,000 per month by the fifth year.
The tenant is responsible for all operating costs associated with the property, including utilities, maintenance, landscaping, and repairs. Own True 7.5% Cap Rate | Long-Term Lease Stability
This well-positioned single-family residence offers investors a rare opportunity to acquire a stabilized, income-producing property leased to an established assisted care operator under a NN (Double NN) lease structure. The tenant has recently executed a new 5-year lease, providing immediate income certainty and built-in rent growth.
The current lease begins at $5,600 per month, with annual scheduled increases as follows:
Year 2: $5,700/month
Year 3: $5,800/month
Year 4: $5,900/month
Year 5: $6,000/month
Under the NN lease structure, the tenant is responsible for property taxes, insurance, and HOA fees, while the landlord retains ownership of a professionally operated residential asset with predictable cash flow. This investment delivers a true 7.5% cap rate, supported by contractual rent increases and a mission-critical use tenant.
Investment Highlights
Single-family home leased to assisted care operator
NN lease structure with landlord paying taxes, insurance, and HOA
New 5-year lease in place with two 5-year options
Scheduled annual rent increases throughout the lease term
Strong, stabilized income stream
True 7.5% cap rate
Passive ownership profile with long-term upside
This offering is ideal for investors seeking reliable cash flow, reduced management intensity, and long-term lease security backed by a needs-based tenant.
Actual Projected Operating Income (NOI) by Year
Sales Price: $825,000
Cap Rate: 7.5% (True)
Year 1 NOI (Base Year)
Cap Rate Calculation:
$825,000 × 7.5% = $61,875 NOI
Annual Rent Schedule
Year 1: $5,600/mo = $67,200/yr
Year 2: $5,700/mo = $68,400/yr
Year 3: $5,800/mo = $69,600/yr
and increases each year, reaching $6,000 per month by the fifth year. The lease also includes two additional five-year renewal options, offering long-term income continuity and reduced turnover risk.
The tenant is responsible for all operating costs associated with the property, including utilities, maintenance, landscaping, and repairs. Ownership responsibilities are limited to property taxes, insurance, and HOA fees, creating a streamlined ownership structure with reduced management intensity.
Offered at $825,000, the property delivers a 7.5% capitalization rate, supported by contractual rent growth and a needs-based tenant use that remains resilient across market cycles.
This offering is well-suited for investors seeking predictable cash flow, long-term tenancy, and minimal operational involvement in a residential asset.
Buyer to verify all facts, figures, lease terms, and expense responsibilities during due diligence.Year 4: $5,900/mo = $70,800/yr
Year 5: $6,000/mo = $72,000/yr
Based on Year 1 NOI and contractual rent increases (with operating expenses assumed stable), projected NOI trends as follows:
YEAR ANNUAL RENT PROJECTED NOI
Year 1 $67,200 $61,875
Year 2 $68,400 $63,075
Year 3 $69,600 $64,275
Year 4 $70,800 $65,475
Year 5 $72,000 $66,675
NOI growth is driven by scheduled rent increases while maintaining a predictable expense profile.
Buyer to verify all Due Diligence, Facts and Figures
Location
State AZ
County Maricopa
Community Centerra
Area Maricopa
Zoning residential
Interior
Heating Individual, Heat Pump
Cooling Ceiling Fan(s), Heat Pump
Flooring Ceramic Tile
Appliance Built-In Range, Disposal, Dishwasher, Refrigerator, Microwave, W/D Hookup
Exterior
Parking Features Paved, Garage Door Opener
Community Features Other
Roof Type Tile
Garage Yes
Private Pool No
Building
Sewer Public Sewer
Water Master Meter, City Franchise
New Construction No
Schools
School District Agua Fria Union High School District
Others
Senior Community No
Tax ID 500-04-655
Acceptable Financing Other (See Remarks), No Carry, Conventional
Disclosures Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
Listing Terms Other (See Remarks), No Carry, Conventional
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