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Sold for $700,000
  • $700,000

    15456 W MORNING GLORY Street, Goodyear, AZ 85338

    --beds
    --baths
    --sqft
    Multi Family
    Built in 2005
    -- sqft lot
    $716,600 Zestimate®
    $--/sqft
    $1,992 Estimated rent

    Home value

    $716,600

    $681,000 - $752,000

    $1,992/mo

    Zestimate® history
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    What's special

    8.25% Cap Rate on Stabilized Assisted Living Investment ACTUAK Proven 3-Year Operator Just Renewed for 5 More Years $61,883 NOI Operating Income $67,200 Gross Annual Income with Escalations Through 2030 NN Lease Structure - Owner Pays Only Taxes, Insurance & $50 per month HOA Tenant Paid January through July 2026 Built-In Rent Increases Locked Through 2030 Low Expense Ratio - Strong Yield Profile Growing Goodyear Senior Housing Demand Important to reveiw supplimental information! EXECUTIVE SUMMARY 7.50% Cap Rate | NN Leased Residential Investment | 5-Year Lease This offering consists of a single-family residence leased to an established care operator under a long-term lease structure. The property is being offered as a real estate investment only. The operating business, license, and care operations are not included in the sale. The tenant has successfully operated at the property for approximately three years and executed a new five-year lease beginning January 12, 2026, providing renewed contractual income stability and built-in rent growth. The property is offered at $825,000, delivering a true 7.50% cap rate based on verified income and actual operating expenses. Income Overview Base Rent: $5,600 per month Annualized Rent: $67,200 Scheduled increases: Year 2: $5,700/month Year 3: $5,800/month Year 4: $5,900/month Year 5: $6,000/month The tenant has paid January, February, and March 2026 under the new lease term, confirming continued operational performance. Operating Expenses (Actual) Insurance: $2,793 Property Taxes (2025): $1,924 HOA: $600 Total Annual Expenses: $5,317 NOI Operating Income (Year 1): $61,883 Investment Highlights Single-tenant residential income property Proven three-year operating history at location Newly executed 5-year lease (January 2026) Contractual annual rent increases True 7.50% cap rate based on actual expenses Low expense structure Predictable cash flow profile Needs-based tenant use Valuation & Underwriting Consideration This asset should be evaluated based on its income performance and lease structure. As a single-family residence leased to an operator, traditional owner-occupied comparable home sales may not fully reflect the investment value of the property. This opportunity is well suited for investors seeking stable yield, limited management intensity, and long-term lease security supported by a needs-based tenant. Buyer to verify all Facts and Figures

    Zillow last checked:

    Listing updated:

    Listed by:

    Linda S Gerchick 602-688-9279,

    Gerchick Real Estate

    Bought with:

    Linda S Gerchick, BR114848000

    Gerchick Real Estate

    Source: ARMLS,MLS#: 6967518MLS Logo

    Facts & features

    Interior

    Heating
    • Individual, Heat Pump
    Cooling
    • Ceiling Fan(s), Heat Pump, Individual
    Appliances
    • Included: Built-In Range, Disposal, Dishwasher, Refrigerator, Microwave
    • Laundry: W/D Hookup
    Features
    • Flooring: Ceramic Tile, Vinyl

    Property

    Parking
    • Total spaces: 2
    • Parking features: Attached, Paved, Garage Door Opener
    • Has attached garage: Yes
    • Covered spaces: 2
    Features
    • Exterior features: Sidewalk(s)
    Details
    • Parcel number: 50004655
    • Zoning: residential

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Multi Family
    Materials
    • Wood Frame, Painted, Stucco
    • Roof: Tile
    Condition
    • Year built: 2005

    Utilities & green energy

    • Electric: APS, Master Meter, Individual Meter
    • Sewer: Public Sewer
    • Water: Individual Meter, Master Meter, City Franchise

    Community & HOA

    Community
    • Features: Other, Play Area
    • Security: Security Lights, Security Alarm(s)
    • Subdivision: CENTERRA
    Location
    • Region: Goodyear

    Financial & listing details

    • Tax assessed value: $318,200
    • Annual tax amount: $1,924
    • Date on market: 1/27/2026
    • Cumulative days on market: 225 days
    • Listing terms: Other (See Remarks),No Carry,Conventional
    • Ownership: Fee Simple
    • Electric utility on property: Yes
    • Road surface type: Asphalt

    Price history

    DateEventPrice
    9/9/2026Sold$700,000-6.7%
    Source: ARMLS #6967518 Report a problem
    8/27/2026Pending sale$750,000
    Source: ARMLS #6967518 Report a problem
    7/16/2026Price change$750,000-6.3%
    Source: ARMLS #6967518 Report a problem
    4/9/2026Price change$800,000-3%
    Source: ARMLS #6967518 Report a problem
    1/13/2026Listed for sale$825,000+26.9%
    Source: ARMLS #6967518 Report a problem
    8/18/2023Sold$650,000-7%
    Source: ARMLS #6545038 Report a problem
    8/15/2023Pending sale$699,000
    Source: ARMLS #6545038 Report a problem
    7/28/2023Listing removed$699,000
    Source: ARMLS #6545038 Report a problem
    7/14/2023Price change$699,000-4.9%
    Source: ARMLS #6545038 Report a problem
    4/16/2023Listed for sale$735,000+83.8%
    Source: ARMLS #6545038 Report a problem
    1/25/2022Sold$400,000+111.6%
    Source: Public Record Report a problem
    10/14/2014Sold$189,000
    Source: Public Record Report a problem
    9/9/2014Listed for sale$189,000+40%
    Source: Welcome Home Realty #5168535 Report a problem
    9/17/2008Sold$135,000-30%
    Source: Public Record Report a problem
    8/16/2005Sold$192,948
    Source: Public Record Report a problem

    Public tax history

    YearProperty taxesTax assessment
    2025$1,669 +7.6%$31,820 -11.4%
    2024$1,551 +0.9%$35,920 +169.2%
    2023$1,538 -10.4%$13,345 -39.5%
    2022$1,717 +8%$22,050 +11.3%
    2021$1,590 +0.8%$19,810 +6.7%
    2020$1,577 +0.1%$18,560 +9.4%
    2019$1,575 $16,970 +7.7%
    2018$1,575 +1.3%$15,750 +12%
    2017$1,554 +2.7%$14,060 +4.9%
    2016$1,514 -1.2%$13,400 +5.3%
    2015$1,532 $12,720 +36.5%
    2014-- $9,320 +19.2%
    2013-- $7,820 -8%
    2012-- $8,500 -5.1%
    2011-- $8,960 -17.1%
    2010-- $10,810 -31.7%
    2009-- $15,820 -25.9%
    2008-- $21,350 +6%
    2007-- $20,150 +176.8%
    2006-- $7,280 +145.9%
    2005-- $2,960
    2004-- $2,960 +178.2%
    2003-- $1,064
    Find assessor info on the county website

    Neighborhood: 85338

    Nearby schools

    GreatSchools rating
    Schools provided by the listing agent
    • District: Avondale Elementary District

    Source: ARMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.

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    Estimated market value
    $716,600
    Get a cash offer in 3 minutes
    Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
    Estimated market value
    $716,600