One-Bedroom Residential Income
For Sale
$205,000
1880 E Morten Ave #214, Phoenix, AZ 85020
Gated condominium community with mountain views, a heated pool, two spas, and convenient freeway access.
Property Size704 SF
Price / SF$291.19
Days on Market15
Property Features for 1880 E Morten Ave #214
General Information
Standard status
Active
Size
704 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Amenities
gated community
heated community pool
spas
in-unit washer/dryer
Building Details
Year Built
1990
Listing Agency:
Revinre
(602) 353-7034
Listed By:
House of AZ
(602) 353-7034
Source:
Houseofarizona
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 30 at 4:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Revinre
Investment Insights
Based on property information with market context.
This 704-square-foot, one-bedroom, one-bath condominium was built in 1990 and features an open layout with an in-unit laundry area and newer side-by-side washer and dryer. The residence is within a gated community with mountain views and shared recreational amenities, including a heated pool and two spas.
Located near the 51 Freeway in North Central Phoenix, the property is across from the Hilton Phoenix Resort at The Peak. The surrounding area provides access to hiking trails, shopping, dining, and Sky Harbor Airport.
Located near the 51 Freeway in North Central Phoenix, the property is across from the Hilton Phoenix Resort at The Peak. The surrounding area provides access to hiking trails, shopping, dining, and Sky Harbor Airport.
Key Highlights
- 704 SF one‑bedroom, one‑bath condominium
- Gated community with mountain views
- Heated community pool and two spas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,211
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$164,220
$164.2K
Cap Rate 7%
$117,300
$117.3K
Cap Rate 9%
$91,233
$91.2K
Market Conditions
NOI Build-Up for 704 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$15.9K $22.56/SF
− Vacancy
−$953 −$1.35/SF
EGI
$14.9K $21.21/SF
− OpEx
−$6.7K −$9.54/SF
NOI
$8.2K $11.66/SF
Area
Phoenix, AZ
Vacancy
6.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$164,220
Cap Rate 7%
$117,300
Cap Rate 9%
$91,233
Alternative Uses
Best Use
Apartment 5plus
$117.3K
$102.6K – $136.9K
NOI $8,211 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,448
Businesses Nearby
Explore this area
Business Placement
Demographics for 85020, AZ
34,534
Population
18,231
Households
1.9
Avg Household Size
43
Median Age
43%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,924
Density / Sq Mi
$78,412
Median Household Income
$48,230
Median Earnings
$1,389
Median Rent
$400,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated condominium community with mountain views, a heated pool, two spas, and convenient freeway access.
Where is this residential income property located?
The property is located at 1880 E Morten Ave #214 Phoenix, AZ.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 704 SF one‑bedroom, one‑bath condominium; Gated community with mountain views; Heated community pool and two spas
