SCOTTSDALE 85258 PRICE REDUCED — MCCORMICK RANCH LEASEHOLD — $635,000 — ADDRESS IS OPEN, LEASE PACKAGE IS OPEN, NOTHING IS HIDDEN
Let me be straight with you, because two buyers have already come and gone on this one.
This is a land lease. Not a lien, not a cloud, not something that cleans up at closing. The house sits on leased dirt with 50 years of term left, and if your model does not have a line for ground rent, this deal is not for you and I would rather you know that in the first paragraph than after you have tied up my contract.
Still reading? Good. Because the buyers who actually understand leasehold in Scottsdale are the ones who have been quietly buying these for years, and this is the cheapest entry in 85258 by a wide margin.
PROPERTY
ADDRESS: 8442 N 72ND PL, SCOTTSDALE, AZ 85258
TYPE: SINGLE FAMILY RESIDENCE, SINGLE LEVEL, BRIARWOOD VI, MCCORMICK RANCH CORRIDOR
SQUARE FEET: 2,626
BEDS/BATHS: 3-4 CONFIGURATION, 2.5 BATHS
YEAR BUILT: 1985
LOT: 7,146 SQFT
POOL: YES, NEEDS FULL RESURFACE AND EQUIPMENT
GARAGE: YES
CONDITION: FULL COSMETIC SCOPE PLUS POOL, NO KNOWN STRUCTURAL
TITLE: OPEN, COMMITMENT ISSUED, LIEN PAYOFFS IN PROCESS
THE GROUND LEASE, IN PLAIN ENGLISH
RECORDED RESIDENTIAL GROUND LEASE RUNNING THROUGH DECEMBER 31, 2076, APPROXIMATELY 50 YEARS REMAINING
CURRENT GROUND RENT IS $575 PER MONTH PLUS APPLICABLE SALES TAX
RENT RESETS AT TRANSFER TO 0.1 PERCENT OF SALE PRICE PER MONTH. AT $635,000 THAT IS $635 PER MONTH. NO ESCALATOR SURPRISES, THE FORMULA IS THE FORMULA
LEASE EXPRESSLY PERMITS AND SUBORDINATES TO FIRST POSITION INSTITUTIONAL FINANCING UP TO 80 PERCENT LTV
LESSOR HAS VERBALLY QUOTED APPROXIMATELY $240,000 TO BUY THE LAND AND CONVERT TO FEE SIMPLE. THAT IS A QUOTE ONLY. IT IS NOT A RECORDED OPTION AND IT IS NOT GUARANTEED
THE PROPERTY IS ALSO CONDOMINIUM PLATTED. THE TITLE COMMITMENT REFLECTS A SINGLE FAMILY RESIDENCE ON THE LAND. VERIFY HOW YOUR LENDER AND YOUR APPRAISER WILL TREAT BOTH THE LEASEHOLD AND THE CONDO PLAT BEFORE YOU WRITE
FULL RECORDED LEASE PACKAGE AND TITLE COMMITMENT GO OUT ON REQUEST, NO GATE, NO POF REQUIRED
TWO WAYS TO PLAY IT
BUY THE DIRT: $635,000 PLUS THE APPROXIMATE $240,000 FEE PURCHASE PUTS YOU AT $875,000 ALL IN BEFORE REHAB, AND YOU OWN IT OUTRIGHT
KEEP THE LEASE: HOLD THE LEASEHOLD, UNDERWRITE $635 PER MONTH AS AN OPERATING LINE ITEM, KEEP THE $240,000 IN YOUR POCKET AND DEPLOY IT SOMEWHERE ELSE
RENTAL FALLBACK IF YOU WANT TO HOLD INSTEAD OF FLIP, COMPARABLE RENTS IN THE POCKET EST $4,200 PLUS PER MONTH
CLOSED COMPS IN 85258 — RAW, PULL YOUR OWN AND CHECK ME
7278 E ECHO LN — $1,850,000 — CLOSED 3/18/2026 — 2,925 SQFT — 127 DOM
7380 E VAQUERO DR — $1,850,000 — CLOSED 4/30/2026 — 3,112 SQFT — 44 DOM
8542 N WOODLAND CT — $1,550,000 — CLOSED 4/24/2026 — 2,662 SQFT — 143 DOM — CLOSEST MATCH ON SIZE, VINTAGE, SINGLE LEVEL, POOL AND GARAGE
7495 E SUNNYVALE DR — $1,595,000 — PENDING 5/13/2026 — 2,564 SQFT — 71 DOM
THESE COMPS ARE FEE SIMPLE DETACHED SALES. THE SUBJECT IS LEASEHOLD. I AM GIVING YOU THE RAW CLOSED DATA AND THE LEASE DOCUMENTS AND LETTING YOU ADJUST IT YOURSELF. ANY WHOLESALER WHO HANDS YOU A FINISHED ARV ON A LAND LEASE IS SELLING YOU A NUMBER, NOT A DEAL.
WHY THIS IS STILL AVAILABLE
Two buyers before you could not get comfortable with the lease. That is the whole story. It is not condition, it is not title, it is not a payoff problem. It is a leasehold in a market full of people who only buy fee simple. If leasehold is in your wheelhouse, you are competing against a very short list.
JNA DYNAMIC HOLDINGS LLC HOLDS AN EQUITABLE INTEREST IN THIS PROPERTY VIA PURCHASE CONTRACT AND IS MARKETING ITS INTEREST IN THAT CONTRACT, NOT THE REAL PROPERTY ITSELF. JNA DYNAMIC HOLDINGS LLC IS NOT A LICENSED REAL ESTATE BROKERAGE IN THE STATE OF ARIZONA AND IS NOT REPRESENTING ANY PARTY AS AN AGENT. ALL INFORMATION INCLUDING SQUARE FOOTAGE, COMPARABLE SALES, RENT ESTIMATES AND LEASE TERMS IS DEEMED RELIABLE BUT NOT GUARANTEED. THE SUBJECT IS A LEASEHOLD INTEREST AND IS CONDOMINIUM PLATTED. COMPARABLE PROPERTIES CITED DIFFER FROM THE SUBJECT IN OWNERSHIP STRUCTURE. BUYER TO INDEPENDENTLY VERIFY ALL INFORMATION INCLUDING REMAINING LEASE TERM, GROUND RENT ADJUSTMENT, FINANCING ELIGIBILITY AND FEE PURCHASE AVAILABILITY DIRECTLY WITH THE LESSOR AND WITH TITLE PRIOR TO CLOSE OF ESCROW
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ARV $1,550,000
From the listing
The seller picked no comps. Investimate’s own value for this home is $1,311,000.
