Occupied 25-Unit Apartment
For Sale
$1,395,000
1221 E 3rd Street, Winslow, AZ 86047
Commercial Sale, Winslow, AZ
Property Size10,408 SF
Lot Size0.53 Acres
Price / SF$134.03
Days on Market468
Property Features for 1221 E 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
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
10,408 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
2695
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Natural Gas
Cooling system
Multi Units
Building Details
Year built
1962
Floors in Building
2
Roof type
Flat
Listing Agency:
Linton Real Estate
(928) 779-4411
Listed By:
Michelle M Linton
(928) 600-3974
Added: Jun 1, 2025
Changed: Sep 2
Last Checked: Sep 11 at 12:06PM
MLS# 200996
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 multifamily property comprises 25 units across two contiguous apartment buildings on two parcels. The improvements total 10,408 square feet on a 0.53-acre site and date to 1962. Recent work includes replacement gas water heaters, upgraded electrical panels and conduit, and turnover renovations featuring laminate flooring, new appliances, and cabinetry. The property is fully occupied.
Located in Winslow, Arizona, the property has electric and natural-gas heating, multi-unit cooling, a flat roof, and cable availability. Its two-building configuration and completed capital improvements provide a defined physical platform for continued apartment operations.
Located in Winslow, Arizona, the property has electric and natural-gas heating, multi-unit cooling, a flat roof, and cable availability. Its two-building configuration and completed capital improvements provide a defined physical platform for continued apartment operations.
Key Highlights
- 25‑unit multifamily property across two contiguous buildings
- 10,408 square feet on a 0.53‑acre site
- 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
$73,309
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
5.26%
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%
$1,466,180
$1.5M
Cap Rate 7%
$1,047,271
$1.0M
Cap Rate 9%
$814,544
$814.5K
Market Conditions
NOI Build-Up for 10,408 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
$144.9K $13.92/SF
− Vacancy
−$11.6K −$1.11/SF
EGI
$133.3K $12.81/SF
− OpEx
−$60.0K −$5.76/SF
NOI
$73.3K $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%
$1,466,180
Cap Rate 7%
$1,047,271
Cap Rate 9%
$814,544
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$916.4K – $1.22M
NOI $73,309 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,983 @ 7.0% cap · market cap 14.19%
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
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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 - Two-building multifamily property with recent unit upgrades and major building-system 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; 10,408 square feet on a 0.53‑acre site; Fully occupied apartment property
