Two-Bedroom Residential Income
For Sale
$215,000
1333 E Morten Avenue 210, Phoenix, AZ 85020
Corner condo in a gated community with a private balcony, covered carport, and access to a community pool.
Property Size809 SF
Days on Market72
Property Features for 1333 E Morten Avenue 210
General Information
Standard status
Active
Size
809 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$914
Amenities
community pool
gated community
private balcony
full-size stacked washer and dryer
Building Details
Building Size
809 SF
Year Built
1985
Listing Agency:
Cambridge Properties
(602) 672-0341
Listed By:
Joseph C Hallatt
(602) 672-0341
Source:
Alexiabertsatos
Added: Jun 13
Changed: Aug 23
Last Checked: Aug 22 at 11:42AM
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 Cambridge Properties
Investment Insights
Based on property information with market context.
This corner condominium includes two bedrooms and one bathroom within a practical residential layout. Recent interior improvements include fresh paint and new carpet, while a private balcony adds outdoor space. The unit also has a full-size stacked washer and dryer and a covered one-car carport.
The home is part of Ventana, a gated community with a pool. Its North Central Phoenix setting places it near restaurants, shopping, parks, hiking, and major freeways. The property was built in 1985 and is presented as suitable for a primary residence, second home, or investment property.
The home is part of Ventana, a gated community with a pool. Its North Central Phoenix setting places it near restaurants, shopping, parks, hiking, and major freeways. The property was built in 1985 and is presented as suitable for a primary residence, second home, or investment property.
Key Highlights
- Two‑bedroom, one‑bath corner condominium
- Gated Ventana community with pool access
- Fresh interior paint and new carpet
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
$9,436
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
4.39%
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%
$188,720
$188.7K
Cap Rate 7%
$134,800
$134.8K
Cap Rate 9%
$104,844
$104.8K
Market Conditions
NOI Build-Up for 809 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
$18.3K $22.56/SF
− Vacancy
−$1.1K −$1.35/SF
EGI
$17.2K $21.21/SF
− OpEx
−$7.7K −$9.54/SF
NOI
$9.4K $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%
$188,720
Cap Rate 7%
$134,800
Cap Rate 9%
$104,844
Alternative Uses
Best Use
Apartment 5plus
$134.8K
$118.0K – $157.3K
NOI $9,436 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.1K
$214.4K – $285.9K
NOI $17,154 @ 7.0% cap · market cap 7.98%
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
1,762
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Corner condo in a gated community with a private balcony, covered carport, and access to a community pool.
Where is this residential income property located?
The property is located at 1333 E Morten Avenue 210 Phoenix, AZ.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath corner condominium; Gated Ventana community with pool access; Fresh interior paint and new carpet
