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For sale
  • Price cut: $50K (7/16)
    $750,000

    15456 W MORNING GLORY Street, Goodyear, AZ 85338

    --beds
    --baths
    --sqft
    : 
    $4,516/mo
    Get pre-qualified
    Multi Family
    Built in 2005
    -- sqft lot
    $-- Zestimate®
    $--/sqft
    $-- HOA

    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
    193 days
    |
    208
    |
    8
    |

    Zillow last checked:

    Listing updated:

    Listed by:

    Linda S Gerchick 602-688-9279,

    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
      Video & virtual tour

      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: 1/13/2026
      • Cumulative days on market: 193 days
      • Listing terms: Other (See Remarks),No Carry,Conventional
      • Ownership: Fee Simple
      • Electric utility on property: Yes
      • Road surface type: Asphalt

        Estimated market value

        Not available

        Estimated sales range

        Not available

        Not available

        Price history

        DateEventPrice
        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: ARMLS #5168535 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

        Monthly payment

        Est. payment

        Payment breakdown

        Explore the cost of this home by adjusting the details. Changes won't be saved.
        All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
        HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
        Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
        See how much you could borrow to make a competitive offer.

        Climate risks

        Neighborhood: 85338

        Getting around

        23 / 100
        Car-Dependent
        36 / 100
        Somewhat Bikeable

        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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