Fully Leased Multifamily
214 N Arizona Avenue Prescott, AZ 86301
For Sale
$3,750,000
MULTI_FAMILY - Prescott, AZ
Property Size11,600 SF
Lot Size0.64 Acres
Price / SF$323.28
Days on Market155
Property Features for 214 N Arizona Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-M
Exterior features
Handicap Access
Accessibility
Accessible Approach with Ramp
Standard status
Active
APN
Multi
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Parcel 114-04-011 - Lots 9 and 11, Block 17, Joslin-Whipple SubdivisionParcel 114-04-012 - Lot 13 and the South 5 feet of lot 11, Block 17, of Whipple HeightsParcel 114-04-018 - The East 50 feet of Lots 18 and 20, Block 17, Whipple Heights
Tax Annual Amount
6330
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Evaporative Cooling, Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1992
Number of units
12
Flooring type
Laminate, Tile, Carpet
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Commercial Advisors of Prescott
(928) 925-2023
Listed By:
Nick Malouff · License #SA670765000
(928) 925-2023
Added: Feb 24
Changed: Jul 29
Last Checked: Jul 29 at 10:06PM
MLS# 1079801
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.
Investment Insights
Based on property information with market context.
This fully leased 12-unit plus office multifamily portfolio is offered as a three-parcel property totaling approximately 0.64 acres with +/-11,600 SF of improvements. The portfolio is 100% leased to a licensed treatment operator under a modified NNN lease structure.
Current rent is $20,800 per month, increasing 4% upon renewal, producing $249,600 in annual income post-renewal. The tenant reimburses operating expenses and pays property taxes directly, supporting a stable, low-management cash flow profile. The property is zoned MF-M, offering long-term flexibility for continued multifamily use or redevelopment.
The offering is located at 214 N Arizona Avenue in Downtown Prescott, Arizona.
Current rent is $20,800 per month, increasing 4% upon renewal, producing $249,600 in annual income post-renewal. The tenant reimburses operating expenses and pays property taxes directly, supporting a stable, low-management cash flow profile. The property is zoned MF-M, offering long-term flexibility for continued multifamily use or redevelopment.
The offering is located at 214 N Arizona Avenue in Downtown Prescott, Arizona.
Key Highlights
- Fully leased 12‑unit + office multifamily portfolio in Downtown Prescott under a modified NNN lease structure
- Three parcels totaling approximately 0.64 acres with +/-11,600 SF of improvements
- Current rent of $20,800/month increases 4% upon renewal, targeting $249,600 in annual income post‑renewal
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $236.6k | $20.40 |
| − Vacancy | −$11.8k | −$1.02 |
| EGI | $224.8k | $19.38 |
| − OpEx | −$101.2k | −$8.72 |
| NOI | $123.6k | $10.66 |
11,600 SF · lease $20.40/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,644 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.89M
$3.40M – $4.53M
NOI $272,018 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit multifamily portfolio with an office, fully leased under a modified NNN structure with operating expenses and taxes handled by the tenant.
Where is this apartment building located?
The property is located at 214 N Arizona Avenue Prescott, AZ.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Fully leased 12‑unit + office multifamily portfolio in Downtown Prescott under a modified NNN lease structure; Three parcels totaling approximately 0.64 acres with +/-11,600 SF of improvements; Current rent of $20,800/month increases 4% upon renewal, targeting $249,600 in annual income post‑renewal
