$2,000,000
Phoenix, AZ 85021
MLS# 6678858
1 / 9
Property Description
Located just south of the 21st Avenue and Northern Avenue intersection, Morten Avenue (''the property'') has the extreme advantage of Grand Canyon University being less than four miles away. The property is also primely positioned for immediate access to some of The Valley's major transportation arteries. The Interstate 17 (I-17) ,as well as access to the Valley Metro Light Rail are both less than half a mile away, providing effortless transportation and reasonable commute times to destinations all across the Phoenix metro. Ample employment opportunities are found through the nearby I-17 Employment Corridor, boasting more than 43,000 employees across ±1,200 businesses.
Details
Maps
Contract Info
Current Price: $2,000,000
List Price: $2,000,000
Status: Active
List Date: 2024-03-18
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
House Number: 2103
Compass: W
Street Name: Morten
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85021
Country: USA
County Code: Maricopa
Assessor's Map #: 22
Assessor's Parcel #: 39
Add'l Parcels: No
Assessor Number: 157-22-039
Legal: VISTA INCOME ESTATES 2
Tax Municipality: Phoenix
Taxes: 2490
Tax Year: 2024
Marketing Name: Morten Avenue
General Property Description
Lot Size Dimensions: 0.42
Year Built: 1982
Uncvrd Parking Spcs: 8
Total # of Units: 9
# of Buildings: 3
Zoning: R-3
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Geo Lat: 33.547787
Geo Lon: -112.104208
Status Change Info
Status Change Date: 2024-03-18
Legal Info
Lot Number: 116
Income & Expenses
Annual Elec Exp: 13629
Annual Ins Exp: 3708
Annual Landscape Exp: 1575
Annual Legal & Acctg: 1800
Annual Maint Exp: 5400
Annual Mgmt Exp: 8510
Owner Association: No
Annual Rplcmnt Rsrvs: 2700
Annual Other Expense: 2700
Operating Exp: 42512
Gross Annual Sch Inc: 167678
Other Income: 12580
Vacancy Allowance: 0.06
Adjusted Gross Inc: 169442.52
Net Operating Income: 127686
Pmt & Rate Info
Cap Rate: 6.38
Equity: 2000000
Showing Notification Methods
Showing Service: Aligned Showings
Efficiency Units
# Efficiency Units: 2
Avg Rent: 1375
Avg SqFt: 250
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3
Avg Rent: 1497
Avg SqFt: 500
# Baths: 3
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1547
Avg SqFt: 750
# Baths: 4
Property Features
Project Type: 5 - 12 Units
Construction: Frame - Wood
Const - Finish: Painted; Stucco
Roofing: Comp Shingle
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Amenities: No Pool
Exterior Amenities: Desert Landscaping
Interior Amenities: Unfurnished
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Microwave
Heating: Ceiling; Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: Street Parking; 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Lockbox Type: None
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Supplements
Additionally, the property sits between Chirstown Spectrum Mall - an iconic Phoenix retail center featuring Harkins Theaters, Walmart, and Target - and Metrocenter Mall, which is currently undergoing a $1 Billion redevelopment.
Developed in 1982, Morten Avenue is a 9-unit multifamily community with a diverse unit mix featuring studio (±22%), one-bedroom (±33%), and two-bedroom (±45%) floorplans averaging ±556 square feet. Future ownership will have the opportunity to capitalize on below market rents already proven in the immediate area.
Listing Office: Marcus & Millichap
Last Updated: March - 18 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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