25-Unit Apartment
For Sale
$1,395,000
1221 E 3rd Street, Winslow, AZ 86047
Residential Income, Winslow, AZ
Property Size5,984 SF
Price / SF$233.12
Days on Market438
Property Features for 1221 E 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Refrigerators
Directions
From 1-40 and Park Drive, South on Park Drive to N Berry Ave, left on 2nd Street to Alder. There are 2 buildings, 1220 E 2nd Street, and 1221 E 3rd Street.
Subdivision
20 - Winslow
Standard status
Active
APN
10334003b
Size
5,984 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
TAYLOR ADDN:LOTS 1 & 2, BLOCK 2 OUT OF 103-34-003 FOR '98 ROLL
Tax Annual Amount
1561
Legal Description
TAYLOR ADDN:LOTS 1 & 2, BLOCK 2 OUT OF 103-34-003 FOR '98 ROLL
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Natural Gas
Cooling system
Multi Units
Building Details
Year built
1962
Number of units
25
Roof type
Asphalt
Listing Agency:
Linton Real Estate
(928) 779-4411
Listed By:
Michelle M Linton
(928) 600-3974
Added: Jul 1, 2025
Changed: Sep 2
Last Checked: Sep 11 at 12:06PM
MLS# 201628
Copyright © 2026 Northern Arizona Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property comprises 25 units distributed across two contiguous buildings on two parcels. Built in 1962, the asset includes refrigerator appliances, electric and natural-gas heating, multi-unit cooling, asphalt roofing, and cable availability. Unit improvements have been completed during turnover, including laminate flooring, new appliances, and cabinetry. Recent property work also includes gas water-heater replacement and upgrades to electrical panels and conduit.
The property is located at 1221 E 3rd Street in Winslow, Arizona, within Navajo County and ZIP Code 86047. Occupancy is reported at 100%, providing an established operating profile for the multifamily asset.
The property is located at 1221 E 3rd Street in Winslow, Arizona, within Navajo County and ZIP Code 86047. Occupancy is reported at 100%, providing an established operating profile for the multifamily asset.
Key Highlights
- 25‑unit multifamily property across two contiguous buildings
- Two parcels included in the offering
- Fully occupied apartment property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,148
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$842,960
$843.0K
Cap Rate 7%
$602,114
$602.1K
Cap Rate 9%
$468,311
$468.3K
Market Conditions
NOI Build-Up for 5,984 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$83.3K $13.92/SF
− Vacancy
−$6.7K −$1.11/SF
EGI
$76.6K $12.81/SF
− OpEx
−$34.5K −$5.76/SF
NOI
$42.1K $7.04/SF
Area
Navajo County, AZ
Vacancy
8.00%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$842,960
Cap Rate 7%
$602,114
Cap Rate 9%
$468,311
Alternative Uses
Best Use
Apartment 5plus
$602.1K
$526.9K – $702.5K
NOI $42,148 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,829 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
25
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Demographics for 86047, AZ
14,168
Population
4,932
Households
2.9
Avg Household Size
36
Median Age
8%
College-Educated
81%
High-School Grad
1,676.3 sq mi
ZIP Area
8
Density / Sq Mi
$50,062
Median Household Income
$29,846
Median Earnings
$875
Median Rent
$113,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with two connected buildings, updated unit interiors, and recent electrical and water-heater improvements.
Where is this apartment building located?
The property is located at 1221 E 3rd Street Winslow, AZ.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 25‑unit multifamily property across two contiguous buildings; Two parcels included in the offering; Fully occupied apartment property
