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    141 S Mccormick St Prescott, AZ 86303

    View on Map
    Sponsored
    For Sale
    $4,500,000

    SINGLE_FAMILY - Prescott, AZ

    Type:Office
    Lot size:
    0.86 Acres
    Days on Market:
    4
    Last Refresh:
    Mar 15 at 12:06 am

    Property Features for 141 S Mccormick St

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    Security features
    Security, Security Lighting
    Zoning
    DTB
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bathroom 4
    Bathrooms
    5
    Parking
    72
    Parking features
    On Street
    Interior features
    Elevator(s), Fire/Smoke Detector, Security/Alarm
    Exterior features
    Handicap Access
    Accessibility
    Accessible Approach with Ramp, Accessible Elevator Installed
    Lot size
    0.86 Acres

    Utilities

    Utilities
    Phone Available
    Heating system
    Zoned, Heat Pump (Heating), Electric (Heating), Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1990
    Floors in Building
    3
    Number of units
    42
    Flooring type
    Concrete, Tile, Carpet
    Building materials
    Frame, Stucco
    Roof type
    Rolled Hot Mop, Membrane

    We can help!

    Listing Contact
    Donald S Teel

    Arizona Commercial LLC

    Listing agent Donald S Teel (928) 777-8100

    Listing date Mar 12, 2026

    MLS# 1075827

    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.

    Learn more

    Property Insight Report

    Overview

    Downtown Prescott Investment Opportunity

    This downtown Prescott investment property, located two blocks from the Courthouse Square, offers a prime opportunity for investors. The property is comprised of 42 units, covered private parking, and a restaurant building, spread across five parcels and two well-maintained buildings. It features 72 grade-level parking spaces. The property is 100% occupied and located in a walkable downtown business district. One of Prescott's popular dining destinations enhances the site, drawing consistent foot traffic. The multi-tenant office component houses a range of professional services, including legal, financial, medical, and development services. The property offers opportunities including rental rate optimization, rightsizing expenses, opportunities for redevelopment or reconfiguration to maximize unit counts, and potential for capital improvements. The downtown location ensures strong market demand. The property sits on a 0.86-acre lot. Intended uses for the property include office buildings, restaurants, and retail. The property is located in Yavapai County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Swan Therapeutic Massage Alternative Medicine Practice Lucas Flood Insurance Agency The Law Firm of Mike ... Law Firm Community Legal Services Law Firm Willison Law, PC Law Firm

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Center Real Estate Agency Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.472563
    Latitude
    34.540368

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    FAQs

    What type of property is this?
    Office building - Prime investment property near Courthouse Square with diverse tenant mix.
    Where is this office building located?
    The property is located at 141 S Mccormick St Prescott, AZ.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - Prime downtown Prescott location, two blocks from Courthouse Square.; - 100% occupied with a diverse tenant mix, including a popular restaurant.; - Significant upside potential by bringing lease rates to market value, increasing the cap rate to 12%.
    (928) 777-8100
    Request Owner's contact information
    141 S Mccormick St Prescott, AZ 86303
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    Prescott, AZ 86303
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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.

    More about this property
    141 S Mccormick St Prescott, AZ 86303
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    We can help!
    Listing Contact
    Donald S Teel
    Real Estate License ID: SA031726000
    (928) 777-8100 (928) 515-1223
    Learn more
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