End-Unit Residential Income
For Sale
$289,000
1840 E MORTEN Avenue 227, Phoenix, AZ 85020
The two-bedroom, two-bathroom condo includes a private balcony, vaulted ceilings, and a wood-burning fireplace.
Property Size969 SF
Days on Market10
Property Features for 1840 E MORTEN Avenue 227
General Information
Standard status
Active
Size
969 SF
Property subtype
Apartment
Site & Location
Neighborhood
Camelback East
Highway Access
Yes
Units
Unit Mix
1 x 2 bed/2 bath
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,262
Amenities
pool access
assigned covered carport parking
inside laundry
private balcony
Building Details
Building Size
969 SF
Year Built
1985
Listing Agency:
HomeSmart
Listed By:
Philias Turcotte
(480) 707-9799
Source:
Alexiabertsatos
Added: Oct 19
Changed: Oct 26
Last Checked: Oct 28 at 1:54PM
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-built, end-unit condo has two bedrooms and two bathrooms, with a private balcony and vaulted ceilings. A wood-burning fireplace sits in the living room, and wood-plank vinyl flooring extends throughout. The home also has a stacked washer and dryer, ample storage, and assigned covered carport parking with space for a bicycle. Residents have access to a pool.
The property is at 1840 E Morten Avenue in Phoenix. Dreamy Draw and Piestewa Peak trails are within walking distance, with Aunt Chilada’s and the Peak Resort nearby. Shopping, dining, and nightlife are also in the surrounding area, and the 51 Freeway provides access across town.
The property is at 1840 E Morten Avenue in Phoenix. Dreamy Draw and Piestewa Peak trails are within walking distance, with Aunt Chilada’s and the Peak Resort nearby. Shopping, dining, and nightlife are also in the surrounding area, and the 51 Freeway provides access across town.
Key Highlights
- Two‑bedroom, two‑bathroom end‑unit condo
- Private balcony with a mountain view
- Vaulted ceilings and a wood‑burning fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,302
Cap Rate
3.91%
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 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.5K
$256.8K – $342.4K
NOI $20,546 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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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 - The two-bedroom, two-bathroom condo includes a private balcony, vaulted ceilings, and a wood-burning fireplace.
Where is this residential income property located?
The property is located at 1840 E MORTEN Avenue 227 Phoenix, AZ.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom end‑unit condo; Private balcony with a mountain view; Vaulted ceilings and a wood‑burning fireplace
