Poolside Residential Income
For Sale
$340,000
1840 E MORTEN Avenue 231, Phoenix, AZ 85020
Two-bedroom condominium with balcony access, vaulted ceilings, fireplace, and views toward a landscaped courtyard and pool.
Property Size969 SF
Days on Market93
Property Features for 1840 E MORTEN Avenue 231
General Information
Standard status
Active
Size
969 SF
Property subtype
Apartment
Site & Location
Neighborhood
Camelback East
Highway Access
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,111
Amenities
pool
courtyard
fireplace
balcony
Building Details
Building Size
969 SF
Year Built
1985
Listing Agency:
HomeSmart
Listed By:
Rob Madden
(480) 888-1234
Source:
Alexiabertsatos
Added: Aug 3
Changed: Oct 31
Last Checked: Nov 1 at 1:32PM
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 HomeSmart
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Investment Insights
Based on property information with market context.
This 1985 condominium is configured with two bedrooms and includes an upstairs balcony overlooking the community pool and landscaped courtyard. Vaulted ceilings, expansive windows, and a fireplace shape the main living areas, while the oversized primary suite provides additional room within the residence. The second bedroom can accommodate guests, a home office, or another personal-use arrangement.
The property is located near the Phoenix Mountain Preserve, dining, parks, and SR-51, placing outdoor recreation, neighborhood amenities, and regional roadway access within the surrounding area. Its pool-and-courtyard setting adds a defined outdoor component to the residential income property.
The property is located near the Phoenix Mountain Preserve, dining, parks, and SR-51, placing outdoor recreation, neighborhood amenities, and regional roadway access within the surrounding area. Its pool-and-courtyard setting adds a defined outdoor component to the residential income property.
Key Highlights
- Two‑bedroom condominium with an oversized primary suite
- Upstairs balcony overlooking the pool and landscaped courtyard
- Vaulted ceilings, generous windows, and a fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,302
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$226,040
$226.0K
Cap Rate 7%
$161,457
$161.5K
Cap Rate 9%
$125,578
$125.6K
Market Conditions
NOI Build-Up for 969 SF
Gross rent
$21.9K $22.56/SF
− Vacancy
−$1.3K −$1.35/SF
EGI
$20.5K $21.21/SF
− OpEx
−$9.2K −$9.54/SF
NOI
$11.3K $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 Rate 5%
$226,040
Cap Rate 7%
$161,457
Cap Rate 9%
$125,578
Alternative Uses
Best Use
Apartment 5plus
$161.5K
$141.3K – $188.4K
NOI $11,302 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.5K
$256.8K – $342.4K
NOI $20,546 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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 - Two-bedroom condominium with balcony access, vaulted ceilings, fireplace, and views toward a landscaped courtyard and pool.
Where is this residential income property located?
The property is located at 1840 E MORTEN Avenue 231 Phoenix, AZ.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two‑bedroom condominium with an oversized primary suite; Upstairs balcony overlooking the pool and landscaped courtyard; Vaulted ceilings, generous windows, and a fireplace
