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    Renovated Office Space Near Courthouse Title is generated by Realmo AI

    122 N Cortez St Suite 102, Prescott, AZ 86301

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    For Lease
    $24 SF/Yr

    COMMERCIAL - Prescott, AZ

    Type:Office
    Lot size:
    0.34 Acres
    Added:
    Apr 7, 2025
    Days on Market:
    403
    Last Refresh:
    May 14 at 11:06 am

    Property Features for 122 N Cortez St Suite 102

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    DTB
    Parking features
    On Street
    Interior features
    Elevator(s), Fire/Smoke Detector
    Exterior features
    Handicap Access
    Accessibility
    Accessible Approach with Ramp, Accessible Elevator Installed
    Standard status
    Active
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    PRESCOTT LOTS 13 15 BLK 8
    Tax Annual Amount
    26611

    Utilities

    Utilities
    Phone Available
    Heating system
    Zoned, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1976
    Floors in Building
    4
    Number of units
    30
    Flooring type
    Laminate, Concrete, Carpet
    Building materials
    Engineered, Floor Plans, Work in Progress
    Roof type
    Membrane

    We can help!

    Listing Contact
    Mary Sylvester

    Listing agent Mary Sylvester License #SA70303300

    Listing office Arizona Commercial 122 N. Cortez St. Suite #300, Phoenix, AZ

    Listing date Apr 7, 2025

    MLS# 1072126

    Copyright © 2026 Prescott Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Recently renovated 2,279 sq. ft. office space.
    • Prime location, short walk to Courthouse Square.
    • Comprehensive remodel with updated interior and exterior.
    • Striking glass double‑door entrance.
    • Spacious bullpen/reception area.
    • Handicap access and accessible elevator.

    Overview

    Suite 102 is located on the first floor of a recently renovated 3-story office building. The suite offers 2,279 square feet of office space. It is located a short walk from Courthouse Square. The suite features a glass double-door entrance, a spacious bullpen or reception area, and three private offices. The building has undergone a comprehensive remodel, including updated interior and exterior paint, new electrical systems, and modern flooring. The space features a contemporary design and functional layout.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Debra Rock, LCSW Crisis Center Track Down Inc Law Firm Bulleri Network Services Telecommunications Service Project Insight Inc Social Service Agency Jerald Pet (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Real Estate Agency Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.469114
    Latitude
    34.542696

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      Prime Prescott Commercial Space Available

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    FAQs

    What type of property is this?
    Office units - Prime office space in renovated building, walking distance to Courthouse.
    Where is this office units located?
    The property is located at 122 N Cortez St Suite 102 Prescott, AZ.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: Recently renovated 2,279 sq. ft. office space.; Prime location, short walk to Courthouse Square.; Comprehensive remodel with updated interior and exterior.
    (928) 499-4844
    We can help!
    Listing Contact
    Mary Sylvester
    Real Estate License ID: SA70303300
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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