Address
2103 W Morten Avenue, Phoenix, AZ
Price
$ 2,000,000
Property Attributes
  • MLS#6678858
  • TypeMulti-Family
  • CountyMARICOPA
  • CityPhoenix
  • Zip85021
  • StyleMultiple Dwellings
  • Year Built1982
  • Taxes$ 2490
  • Price$ 2,000,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
Data Source:
Arizona Regional MLS (ARMLSN)
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. 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.

Price History
3/18/2024 Listed $2,000,000

General Features

Sewer Public Sewer
Heating Individual,Electric,Ceiling
Cooling Individual,Electric,Ceiling Fan(s)
Roof Composition
Zoning R-3
Construction Materials Painted,Stucco,Frame - Wood
Year Built 1982
Electric SRP
Tenant Pays Electricity
Tax Year 2024
Percent Ownership Fee Simple
Gross Income 169442.52
OwnerPays Water,Sewer
Community Features No Pool
County Maricopa
Net Operating Income 127686.0
Operating Expense 42512.0
Insurance Expense 3708.0
Property Type Multiple Dwellings
Attached Garage No
MaintenanceExpense 5400.0
Garage Y/N No
Status Active
City Phoenix
Buyer Agent Compensation 2.00
Disclosures None
View Y/N No
High School District Glendale Union High School District
Open Parking Spaces 8.0
Total Units 9
Lot Size Square Feet 0.0
Carport Y/N No
Street Name Morten
Tax Annual Amount 2490.0
Electric Expense 13629.0
Lease Renewal Y/N No
Additional Parcels Y/N No
Lease Considered Y/N No
Rent Control Y/N No
Days on Market 68
Standard Status Active
Elementary School District Washington Elementary District
Tax Lot 116
Cap Rate 6.38
MobileHomeRemainsYN No
Buyer Agent Compensation Type %
New_sp_Financing_co_Conventional5 True
Ownership Fee Simple
Senior Community No

Interior Features

Flooring Carpet,Vinyl
Air Conditioning Y/N Yes
Heating Y/N Yes
Street Suffix Avenue
Electric On Property Y/N No

Exterior Features

Parking Features 1 Space/Unit,Street Parking
Water Source City Franchise
Total Parking 8.0
Lot Size Area 0.0
Number of Buildings 3
Spa No
Lot Dimensions 0.42
Lot Size Acres 0.0
Road Surface Type Asphalt
Covered Spaces 0.0
Crops Included Y/N No
Open Parking Y/N No
Irrigation Water Rights Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 85021

Price
AVG $1.28M
$2M
Taxes
AVG $1,236
$2,490
Visits
AVG 273
210
Data Provided by Inside Real Estate®
Year Built
AVG 1981
1982