Absolute NNN — Zero Landlord Expense Exposure

WHY THIS WORKS FOR INVESTORS

• Gerchick Real Estate is pleased to present 1927 E Crocus Drive, a stabilized single-tenant residential investment secured by a five-year Absolute NNN lease that commenced January 1, 2026, and runs through December 2030. The tenant pays $5,200 per month in Year 1, with monthly base rent increasing by $100 at the start of each lease year. The lease includes two additional five-year renewal options, a personal guarantee and a tenant First Right of Refusal. The tenant also reimburses property taxes and insurance and pays utilities, pool service, property upkeep and ongoing maintenance. Offered at $695,000, the property generates $62,400 in Year-1 NOI, representing an 8.98% actual cap rate. Annual NOI increases to $67,200 by Year 5, producing a 9.67% forward cap rate. More than $40,000 in recent renovations and capital improvements reduces near-term capital exposure and supports the property’s continued long-term use.
• INVESTMENT AND LEASE HIGHLIGHTS • $695,000 offering price • $62,400 Year-1 NOI • 8.98% actual Year-1 cap rate • 9.67% Year-5 forward cap rate • Five-year lease through December 2030 • $100 monthly base-rent increase each lease year • $324,000 total base rent/NOI during the initial term • Two additional five-year renewal options • Personal guarantee • Tenant First Right of Refusal • Tenant reimburses property taxes and insurance • Tenant pays utilities, pool service, upkeep and ongoing maintenance • More than $40,000 in recent renovations and capital improvements • Predictable income growth without operational repositioning
• PROPERTY DESCRIPTION 1927 E Crocus Drive is a two-story, single-tenant residential investment located in North Phoenix’s Paradise Valley Village area. The approximately 2,019-square-foot property is situated on an approximately 9,448-square-foot lot and is configured with six bedrooms and six bathrooms. The property features spacious living areas, an updated kitchen, renovated bathrooms, an attached three-car garage, a private fenced swimming pool and functional indoor and outdoor gathering areas. More than $40,000 in recent renovations and capital improvements includes updated GE appliances, renovated bathrooms, new flooring, interior doors, baseboards, interior and exterior paint, lighting, ceiling fans, an upgraded front door, a new sliding door and a replaced pool-pump motor. The property is leased to a single tenant under an Absolute NNN structure, providing immediate income, contractual rent growth and limited day-to-day landlord responsibility.

PRIME NORTH PHOENIX LOCATION

• 1927 E Crocus Drive is located in Phoenix’s established Paradise Valley Village area, surrounded by residential neighborhoods, mountain recreation, healthcare facilities, educational institutions and major retail corridors. REGIONAL CONNECTIVITY The property offers convenient access to State Route 51, Loop 101 and Interstate 17, providing connections throughout the Phoenix metropolitan area. Its North Phoenix location places it within convenient reach of Scottsdale, Downtown Phoenix, the Deer Valley employment corridor and major business centers across the Valley. EMPLOYMENT AND ESSENTIAL SERVICES Nearby employment and service centers include HonorHealth facilities, Abrazo Scottsdale Campus, Paradise Valley Community College and businesses throughout the Deer Valley and North Scottsdale corridors. Retail, grocery, dining and daily services are available along Cave Creek Road, Bell Road and the Loop 101 corridor.
• OUTDOOR RECREATION Lookout Mountain Park and the surrounding Phoenix Mountain Preserve trail system are located nearby and offer hiking, walking trails, desert open space and elevated Valley views. North Mountain Park, Shadow Mountain and additional Phoenix preserve areas provide further recreational access. INVESTMENT POSITIONING The combination of regional accessibility, established neighborhoods, employment access, healthcare, education, essential services and outdoor recreation supports the property’s continued residential use. For an investor, the location complements the existing long-term lease and contractual income structure without relying on speculative rent growth or future repositioning.