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Multifamily

Morten Avenue

2103 W Morten Ave, Phoenix, AZ 85021

Listing Price: $2,000,000

Cap Rate
6.11%
Number of Units
9
GRM
12.59
Price/Unit
$222,222
Price/Gross SF
$400.00
Gross SF
5,000

Investment Overview

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.

Investment Highlights

  • Located less than four miles from Grand Canyon University
  • Primely positioned for immediate access to some of The Valley's major transportation arteries
  • Ample employment opportunities are found through the nearby I-17 Employment Corridor

Exclusively Listed By

Multifamily

Morten Avenue

Listing Price: $2,000,000

Cap Rate
6.11%
Number of Units
9
GRM
12.59
Price/Unit
$222,222
Price/Gross SF
$400.00
Gross SF
5,000

Investment Highlights

  • Located less than four miles from Grand Canyon University
  • Primely positioned for immediate access to some of The Valley's major transportation arteries
  • Ample employment opportunities are found through the nearby I-17 Employment Corridor

Investment Overview

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.

Exclusively Listed By

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