Cave Creek | Phoenix, AZ Real Estate Search

Newest Cave Creek | Phoenix, AZ Listings

$625,000
6 Beds 6 Baths 7060894 MLS
9.74% Day-One Cap Rate--Exceptional Yield for a Single-Family Investment Absolute NNN Lease Structure--Tenant Reimburses Property Taxes and Insurance Contractual Annual Rent Increases Throughout the Initial Five-Year Lease Term Projected Cap Rate Increases to Approximately 10.43% by Year Five Newly Executed Lease Provides Contractual Rental Income Through December 2030 Tenant's Lease Obligations Are Supported by a Personal Guarantee More Than $40,000 in Recent Renovations and Capital Improvements Predictable Rental Income Backed by Phoenix Residential Real Estate Built-In Income Growth Without Renovation, Repositioning, or Intensive Management Rare Combination of a Double-Digit Forward Cap Rate and Residential Real Estate ABSOLUTE NNN SINGLE-TENANT INVESTMENT 5-Year Lease | Built-In Rental Growth | 9.74% Year 1 Cap Rate POSITIONING Bond-Like Income Secured by Real Estate Absolute Triple NNN lease structure Newly executed 5-year lease commencing January 1, 2026 Personal guarantee Two additional 5-year renewal options Monthly base rent increases by $100 each year Tenant's first right of refusal ASKING PRICE: $695,000 EXECUTIVE SUMMARY Gerchick Real Estate is pleased to present a fully stabilized, single-tenant Absolute NNN investment secured by a newly executed 5-year lease. In addition to base rent, the tenant reimburses the landlord for property taxes and insurance, creating a predictable and largely passive income stream. This investment offers: Immediate cash flow Contractual annual rent growth Minimal landlord responsibility Personal guarantee Long-term renewal potential Strong initial and forward yields The property's value is driven by its contractual income stream. This is not an owner-occupant comparable-sale opportunity--it is a yield-focused real estate acquisition. FINANCIAL OVERVIEW Year 1 Income Base Rent: $5,200 per month NNN Reimbursements: $440.25 per month Total Monthly Income: $5,640.25 Total Annual Income: $67,683 Year 1 Cap Rate Purchase Price: $695,000 $67,683 ÷ $695,000 = 9.74% YEAR 1 CAP RATE: 9.74% FORWARD YIELD GROWTH Lease Year Annual Income Yield on Original Purchase Price Year 1 $67,683 9.74% Year 2 $68,883 9.91% Year 3 $70,083 10.08% Year 4 $71,283 10.26% Year 5 $72,483 10.43% By Year 5, the annual yield increases to approximately 10.43% based on the original $695,000 purchase price. FIVE-YEAR CASH-FLOW PROJECTION Assuming an all-cash purchase at $695,000: Lease Year Projected Gross Income Year 1 $67,683 Year 2 $68,883 Year 3 $70,083 Year 4 $71,283 Year 5 $72,483 Total $350,415 TOTAL PROJECTED FIVE-YEAR GROSS INCOME: $350,415 The projected five-year gross income equals approximately 50.42% of the purchase price, providing investors with the potential to recover more than half of the original acquisition cost through gross income during the initial lease term alone. LEASE ABSTRACT Lease commencement: January 1, 2026 Initial lease term: 5 years Renewal options: Two additional 5-year terms Base-rent increases: $100 per month annually Guarantee: Personal guarantee First right of refusal: Provided to tenant Property taxes: Reimbursed by tenant Property insurance: Reimbursed by tenant Lease structure: Absolute NNN INVESTMENT THESIS Why This Asset Performs Attractive 9.74% initial cap rate Contractual annual rent increases Forward yield exceeding 10% beginning in Year 3 Personal guarantee helps reduce investment risk Minimal ongoing management burden Annual increases provide a hedge against inflation Strong Phoenix location Potential for future cap-rate compression Contractual income secured by underlying real estate Two additional 5-year renewal options This structure may appeal to private investors, 1031 exchange buyers, family offices, and yield-focused purchasers seeking stable real estate income without the management demands of a traditional residential rental. BUYER REQUIREMENTS The Seller recognizes that traditional residential appraisal methodology may not fully reflect the value of the property's contractual income stream. All offers must: Be submitted as an all-cash purchase; or Waive the appraisal contingency; and Include acceptable proof of funds This is an income-driven acquisition. DISCLAIMER All information contained herein has been obtained from sources deemed reliable but is not guaranteed. Buyer shall independently verify all information, including but not limited to lease terms, rental income, reimbursements, expenses, property condition, zoning, square footage, and all other material facts.

1927 E Crocus Drive, Phoenix

Courtesy of Gerchick Real Estate. 602-688-9279 Selling Office: Gerchick Real Estate.

$545,000
4 Beds 3 Baths 7005704 MLS
Welcome to 2119 E Crocus Dr, a beautifully maintained tri-level home nestled in the desirable Cave Creek subdivision with no HOA. Situated in a cul-de-sac on a spacious NE/SE-facing lot, this property offers stunning surrounding mountain views and exceptional versatility both inside and out. This 4-bedroom, 2.5-bathroom home features a functional and inviting layout with all bedrooms located on the third level for added privacy. The primary suite includes a charming clawfoot standalone tub along with a separate shower, creating a relaxing retreat. On the main level, the kitchen showcases a unique blend of honey oak upper cabinets and maple lower cabinets, complemented by granite countertops and matching GE appliances. Throughout the home, you'll find a seamless combination of tile and oak hardwood flooring, offering both durability and warmth. The lower-level family room provides flexible living space and is currently configured as a dog grooming area, complete with a dedicated mini-split A/C system and a cozy wood-burning fireplace--perfect for customizing to your needs. Recent upgrades include all new dual-pane windows installed within the last year, enhancing energy efficiency and comfort. Step outside to your private backyard oasis, where you can enjoy breathtaking Arizona sunsets under the covered patio or take a dip in the pool. Garden enthusiasts will appreciate the separate greenhouse, while a storage shed provides ample space for tools and equipment. Additional highlights include RV parking with a 30-amp hookup and dump station--ideal for adventurers or guests. This unique property truly has it all--space, functionality, upgrades, and incredible outdoor amenities--all in a prime Phoenix location.

2119 E Crocus Drive, Phoenix

Courtesy of HomeSmart. 602-230-7600

$700,000
4 Beds 3 Baths 6991050 MLS
This expansive 3,062 sq. ft. home has been lightly lived in by a single, owner occupant of 35 years, contributing to its well-maintained condition and move-in ready appeal. The interior has been refreshed with new flooring, fresh paint, new lighting, and new ceiling fans throughout. The floor plan is designed for flexibility, featuring two large living areas and two dedicated eating areas including a dining room with an Arcadia door that opens to a balcony overlooking the backyard. The kitchen is bright and functional, centered around a large island with windows that look directly out over the pool. The home's 4-bedroom layout includes a substantial mother-in-law suite or secondary sitting room, complete with an additional walk-in closet and direct exterior exit--perfect for guests, home office or multi-generational living. The large primary bedroom serves as a spacious retreat with mountain views. The backyard features mature trees, refreshing pool, relaxing spa, and a gazebo for shaded entertaining. Situated on a generous lot, the property includes a large side yard and a convenient RV gate, offering plenty of room for toys and outdoor activities. No HOA! Key updates over the years include a new roof, HVAC with air scrubber, a resurfaced pool with Pebble Tec and a professional expansion that increased the home's square footage. Walk to Hidden Hills Elementary and Lookout Mountain Park w/Smart Play Areas, Tennis, Workout Stations & Volleyball. Enjoy hiking the numerous trails at Lookout Mountain. Centrally located with easy access to downtown Phoenix, Kierland Commons, Scottsdale Quarter, Desert Ridge, restaurants, 51, 101 and I17 freeways.

1843 E Sheena Drive, Phoenix

Courtesy of HomeSmart. 6024048110 Selling Office: Real Broker.

$585,000
3 Beds 2 Baths 6967171 MLS
Tastefully updated and thoughtfully designed, this light and bright home sits on a generously sized lot with an expansive backyard ideal for entertaining and everyday enjoyment. Vaulted ceilings enhance the open floorplan, creating an airy, spacious feel throughout the main living areas. The expansive kitchen features new white cabinetry, quartz countertops, & a large center island, seamlessly opening to the family room highlighted by a beautifully tiled floor-to-ceiling fireplace. Two spacious living areas provide flexible options for relaxing or hosting, while fresh interior & exterior paint, along with new lighting, fans & fixtures, add a clean, modern touch. Both bathrooms have been fully remodeled with stylish finishes, while white cabinetry continues the cohesive design throughout. Step outside to the backyard, featuring newly installed sod, a covered patio, a paved walkway to the gazebo, and a sparkling poolperfect for Arizona living. Additional features include garage storage racks for added organization. This move-in-ready home blends comfort, style, and functionality in every detail. Walk to Hidden Hills Elementary and Lookout Mountain & Park w/Smart Play Areas, Hiking, Tennis, Workout Stations & Volleyball. Centrally located with easy access to downtown Phoenix, Kierland Commons, Scottsdale Quarter, Desert Ridge, restaurants, 51, 101 and I17 freeways.

1909 E Redfield Road, Phoenix

Courtesy of HomeSmart. 6024048110 Selling Office: West USA Realty.

$615,000
4 Beds 3 Baths 6949034 MLS
Welcome to an inviting North Phoenix retreat where beautiful updates, warm character, and peaceful desert scenery come together effortlessly. Located in a desirable neighborhood near Lookout Mountain Park & Shadow Mountain, this home offers the advantage of being close to some of the area's best outdoor recreation. Step inside and you'll immediately feel the charm and spaciousness this home offers. Tongue-and-groove vaulted ceilings create a striking architectural backdrop, while the fireplace adds a cozy focal point. The custom wet bar brings an element of fun and makes the living space ideal for gatherings or relaxed evenings at home. The remodeled kitchen blends contemporary style with everyday function. Bright white cabinetry, modern hardware, quartz countertops nearly new stainless steel appliances, a cooktop range, built-in microwave & dishwasher give the space a fresh, modern feel. Refrigerator, washer, and dryer all stay, making move-in simple. Downstairs bedroom has access to the updated bathroom making it perfect for guests! Upstairs, both bathrooms have been tastefully updated. The primary suite stands out for its generous size, peaceful feel, AND has three spacious closets. A separate sitting area adds flexibility for reading, relaxing, or use as a personal retreat. The primary bath features a separate soaking tub and shower. The backyard is where this home truly shines. Designed for privacy and enjoyment, the outdoor space includes a sparkling pool, relaxing spa, and incredible mountain views that change beautifully throughout the day. It's a wonderful place to unwind, entertain, or simply enjoy the peaceful desert surroundings. Key improvements include newer upstairs flooring, a heat pump/AC installed in 2008, roof approximately 7 years old, and a transferable OneGuard home warranty for added confidence. Nearby Lookout Mountain Park enhances the home's appeal even further. Known for its scenic trails, panoramic valley views, open space, and desert beauty, offering plenty of opportunities for outdoor activities, whether you enjoy hiking, photography, or simply being surrounded by nature. Residents enjoy easy access to scenic trails, open desert landscapes, tennis courts, parks, and convenient nearby shopping and services. Additional recreation such as tennis courts and a nearby golf course area make the location even more convenient. With its inviting style, thoughtful upgrades, private outdoor retreat, and access to some of North Phoenix's most desirable natural spaces, this home delivers comfort, character, and exceptional value. Furnishings may be available on a separate bill of sale.

14269 N 22nd Street, Phoenix

Courtesy of Century 21 Arizona Foothills. 623-322-3311 Selling Office: Libertas Real Estate.

$580,000
5 Beds 3 Baths 6840220 MLS
Stunning! Exceptionally Modernized 5-Bedroom Tri-Level Home in North Central Phoenix - No HOA! Location, location, location! This beautifully updated home offers exceptional living in a charming NO HOA neighborhood in North Central Phoenix. Just steps from Lookout Mountain Park, this property boasts the perfect blend of comfort, style, and convenience. Step through the double front doors into a bright and airy living space with soaring cedar wood-beamed ceilings, creating a warm and inviting ambiance. The spacious living and dining rooms flow seamlessly into the downstairs family room, featuring a cozy gas fireplace and direct access to the backyard—ideal for entertaining. The lower level also includes a versatile bedroom/office and a bath. Upstairs, you'll find the primary suite along w/ three generously sized secondary bedrooms. This home is brimming with quality updates, including: All custom window coverings; Plantation shutters and roller shades throughout, Vinyl wood plank flooring, new baseboards, an updated kitchen with quartz countertops, refinished cabinets, and newer appliances (range & Bosch dishwasher less than 1 year old). Freshly painted interior and exterior (including all doors), all-new ceiling fans, light fixtures, and wiring on the first floor. An updated electrical panel and replaced outlets brought up to code, two new HVAC systems (2024), Nuvo water softener, filtered water loop/RO, and new water line for the refrigerator. Bathroom upgrades with travertine showers, granite counters, and brushed nickel hardware. The outdoor space is an entertainer's dream, featuring: A lush backyard with mature landscaping, a covered patio with a retractable screen door, Motorized sunblock fabric roll-down cover (98% UV protection), and a mister system for those warm Arizona days. There is a second brick patio with a built-in fire pit, perfect for gatherings. Additional upgrades include: New roof (2022), updated landscaping with a new irrigation system, new garage door opener, 3 google nest security cameras, video doorbell, ADT security system and electronic door locks. This home is ideally located near Highway 51. You'll enjoy quick access to top-rated restaurants, shopping, entertainment, and the airport. Plus, with Lookout Mountain Park just a short walk away, you'll have hiking trails, pickleball courts, a playground, and volleyball right at your fingertips. This meticulously maintained, move-in-ready home is truly a rare find. Don't miss your chance to explore this amazing home today!

2101 E Ludlow Drive, Phoenix

Courtesy of eXp Realty. 888-897-7821 Selling Office: HomeSmart.

$505,000
4 Beds 2 Baths 6654579 MLS
As you step into this meticulously maintained single-level haven, a sense of warmth envelops you, whether you're cozying up by the crackling wood-burning fireplace or gathering with loved ones in the inviting family room. This stunning 4-bedroom, 2-bathroom home boasts 1,812 square feet of stylish living space. Luxury vinyl plank flooring underfoot adds a touch of character, while plush carpeting in the bedrooms ensures comfort. The open floor plan seamlessly connects the living room, dining area, and kitchen, creating a perfect space for family gatherings and entertaining. On chilly nights, gather around the inviting fireplace. Step outside to your private fenced-in backyard, an oasis for barbeques, playtime, or simply soaking up the sunshine. Both bathrooms sparkle with updated granite vanities and oversized tiles, adding a touch of luxury to your daily routine. Living at 2006 E Sharon Drive means waking up to the soothing sounds of nature at Look Out Mountain Park, just a short walk away. Here, you can enjoy tennis, volleyball, hiking trails, and more, igniting your adventurous spirit. For families with young learners, Hidden Hills Elementary is conveniently located just across the street. Experience the freedom and flexibility of living in a community that is free from HOA restrictions. With a 2-car garage and all appliances included, this move-in-ready home awaits to become your sanctuary.

2006 E Sharon Drive, Phoenix

Courtesy of Perk Prop Real Estate. 480-830-5695 Selling Office: Keller Williams Realty Sonoran Living.

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Cave Creek | Phoenix, AZ Homes for Sale

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