Corner Residential Income
For Sale
$213,000
1840 E MORTEN Avenue 138, Phoenix, AZ 85020
Downstairs condominium with community pool access and several recent interior and mechanical updates.
Property Size724 SF
Days on Market16
Property Features for 1840 E MORTEN Avenue 138
General Information
Standard status
Active
Size
724 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$826
Amenities
community pool
Building Details
Building Size
724 SF
Year Built
1985
Listing Agency:
Keller Williams Integrity First Realty
Listed By:
Charleen Feyereisen
(480) 620-1387
Source:
Alexiabertsatos
Added: Sep 3
Changed: Sep 15
Last Checked: Sep 16 at 10:55PM
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 Keller Williams Integrity First Realty
Investment Insights
Based on property information with market context.
This 1985-built, one-bedroom, one-bath downstairs corner condominium is located within Mountain Park Condominiums. The kitchen includes pull-out drawers and Lazy Susan racks for organized storage. Recent improvements include a new toilet, white plantation shutters, a new A/C air handler, and energy-efficient bedroom windows.
Residents have access to a community pool, while the property is situated near SR-51, shopping, dining, Phoenix Mountain Preserve, and Dreamy Draw Park. The condominium configuration and low-maintenance setting support use as a primary residence, a lock-and-leave home, or an investment property.
Residents have access to a community pool, while the property is situated near SR-51, shopping, dining, Phoenix Mountain Preserve, and Dreamy Draw Park. The condominium configuration and low-maintenance setting support use as a primary residence, a lock-and-leave home, or an investment property.
Key Highlights
- Downstairs corner condominium with 1 bedroom and 1 bath
- Built in 1985 within Mountain Park Condominiums
- Kitchen includes pull‑out drawers and Lazy Susan racks
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
$8,444
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
3.96%
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%
$168,880
$168.9K
Cap Rate 7%
$120,629
$120.6K
Cap Rate 9%
$93,822
$93.8K
Market Conditions
NOI Build-Up for 724 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
$16.3K $22.56/SF
− Vacancy
−$980 −$1.35/SF
EGI
$15.4K $21.21/SF
− OpEx
−$6.9K −$9.54/SF
NOI
$8.4K $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%
$168,880
Cap Rate 7%
$120,629
Cap Rate 9%
$93,822
Alternative Uses
Best Use
Apartment 5plus
$120.6K
$105.6K – $140.7K
NOI $8,444 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.3K
$191.9K – $255.9K
NOI $15,351 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,431
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Downstairs condominium with community pool access and several recent interior and mechanical updates.
Where is this residential income property located?
The property is located at 1840 E MORTEN Avenue 138 Phoenix, AZ.
What is the asking price?
The asking price for this property is $213,000.
What are key features of this property?
This property features: Downstairs corner condominium with 1 bedroom and 1 bath; Built in 1985 within Mountain Park Condominiums; Kitchen includes pull‑out drawers and Lazy Susan racks
