Remodeled 19-Unit Apartment
For Sale
$3,450,000
2010 E Rte 66, Flagstaff, AZ 86004
Commercial Sale, Flagstaff, AZ
Property Size12,864 SF
Lot Size0.90 Acres
Price / SF$268.19
Days on Market543
Property Features for 2010 E Rte 66
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
East On Route 66. Corner of Route 66 and Arrowhead
Subdivision
460 - E Rt 66 Industrial
Standard status
Active
APN
10706002e
Size
12,864 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SIXTEENTH: NW QUARTER: SE SECTION: 14 TOWNSHIP: 21N RANGE: 07E BEG AT INTERSECT NWLY R/W HWY 66 & SWLY R/W ARROWHEAD AVE
Tax Annual Amount
9520
Legal Description
SIXTEENTH: NW QUARTER: SE SECTION: 14 TOWNSHIP: 21N RANGE: 07E BEG AT INTERSECT NWLY R/W HWY 66 & SWLY R/W ARROWHEAD AVE
Listing Agency:
da Vinci Realty
(928) 779-3800
Listed By:
Mark T Belsanti · License #SA104226000
(928) 254-1770
Added: Mar 21, 2025
Changed: Aug 19
Last Checked: Sep 14 at 5:06AM
MLS# 200078
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.
The property comprises 19 apartment units across four updated buildings, totaling 12,864 square feet. The improvements have been fully remodeled, creating a cohesive multifamily configuration suitable for continued residential operation.
Located at 2010 E Rte 66 in Flagstaff, the property sits at a high-traffic, signalized intersection. Mixed-use zoning provides a broader land-use framework than a strictly residential designation, while the four-building layout organizes the asset into distinct structures.
Located at 2010 E Rte 66 in Flagstaff, the property sits at a high-traffic, signalized intersection. Mixed-use zoning provides a broader land-use framework than a strictly residential designation, while the four-building layout organizes the asset into distinct structures.
Key Highlights
- 19‑unit apartment property with 12,864 square feet
- Four updated buildings across the property
- Fully remodeled improvements
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
$108,887
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
3.16%
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%
$2,177,740
$2.2M
Cap Rate 7%
$1,555,529
$1.6M
Cap Rate 9%
$1,209,856
$1.2M
Market Conditions
NOI Build-Up for 12,864 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
$208.4K $16.20/SF
− Vacancy
−$10.4K −$0.81/SF
EGI
$198.0K $15.39/SF
− OpEx
−$89.1K −$6.93/SF
NOI
$108.9K $8.46/SF
Area
Coconino County, AZ
Vacancy
5.00%
Lease Rate
$16.20 /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%
$2,177,740
Cap Rate 7%
$1,555,529
Cap Rate 9%
$1,209,856
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.81M
NOI $108,887 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.56M
$3.11M – $4.15M
NOI $248,947 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
19
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 86004, AZ
38,451
Population
16,550
Households
2.3
Avg Household Size
37
Median Age
44%
College-Educated
95%
High-School Grad
914.5 sq mi
ZIP Area
42
Density / Sq Mi
$77,486
Median Household Income
$42,659
Median Earnings
$1,611
Median Rent
$464,100
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 - Four updated buildings offer a cohesive multifamily asset with mixed-use zoning at a signalized intersection.
Where is this apartment building located?
The property is located at 2010 E Rte 66 Flagstaff, AZ.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 19‑unit apartment property with 12,864 square feet; Four updated buildings across the property; Fully remodeled improvements
