Office Building with Metal
For Sale
$2,500,000
2290 E Route 66, Flagstaff, AZ 86004
Commercial Sale, Flagstaff, AZ
Property Size7,634 SF
Lot Size0.21 Acres
Price / SF$327.48
Days on Market131
Property Features for 2290 E Route 66
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security System
Directions
Located on historic E Rt 66, between Salsa Brava and Fat Bagels.
Subdivision
400 - Sunnyside
Standard status
Active
APN
10704021
Size
7,634 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
SUBDIVISION: SUNNYSIDE BLOCK: 6 LOT: 11 AND S 38 FT LOT 12 SIXTEENTH: SE QUARTER: NE SECTION: 14 TOWNSHIP: 21N RANGE: 07
Tax Annual Amount
15818
Legal Description
SUBDIVISION: SUNNYSIDE BLOCK: 6 LOT: 11 AND S 38 FT LOT 12 SIXTEENTH: SE QUARTER: NE SECTION: 14 TOWNSHIP: 21N RANGE: 07
Utilities
Utilities
Cable Available
Heating system
Central, Natural Gas
Cooling system
Central Air
Building Details
Year built
1988
Floors in Building
2
Roof type
Metal
Listing Agency:
Realty One Group, Mountain Desert
(928) 774-3392
Listed By:
Lori A Zeoli
(928) 680-7350
Added: Apr 17
Changed: Aug 19
Last Checked: Aug 25 at 5:06AM
MLS# 204106
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.
Converted from a former church into office space, this centrally located Flagstaff office building includes a reception area and an open first-floor layout with private offices upstairs. The building is set up with three separate restrooms and offers central heating (natural gas) and central air cooling. Improvements include two newer AC units, an alarm system, and a metal roof.
The property sits along Route 66 for high visibility and exposure, with cable available. A private, fenced parking lot is located adjacent to the building and provides ample on-site parking for employees and visitors.
An existing lease is in place for two years; tenants can move out if the new owner would like to occupy the entire building. The building was built in 1988 and totals 7,634 square feet.
The property sits along Route 66 for high visibility and exposure, with cable available. A private, fenced parking lot is located adjacent to the building and provides ample on-site parking for employees and visitors.
An existing lease is in place for two years; tenants can move out if the new owner would like to occupy the entire building. The building was built in 1988 and totals 7,634 square feet.
Key Highlights
- Along Route 66 in central Flagstaff with high visibility and exposure
- 7,634 SF office building built in 1988
- Reception area with open concept first floor and private offices upstairs
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
$105,299
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
4.21%
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%
$2,105,980
$2.1M
Cap Rate 7%
$1,504,271
$1.5M
Cap Rate 9%
$1,169,989
$1.2M
Market Conditions
NOI Build-Up for 7,634 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
$177.7K $23.28/SF
− Vacancy
−$37.3K −$4.89/SF
EGI
$140.4K $18.39/SF
− OpEx
−$35.1K −$4.60/SF
NOI
$105.3K $13.79/SF
Area
Coconino County, AZ
Vacancy
21.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
25.00%
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%
$2,105,980
Cap Rate 7%
$1,504,271
Cap Rate 9%
$1,169,989
Alternative Uses
Best Use
Office B
$1.50M
$1.32M – $1.75M
NOI $105,299 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,735 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,124
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Converted office building with reception, private upstairs offices, and three restrooms, plus private fenced parking lot.
Where is this office building located?
The property is located at 2290 E Route 66 Flagstaff, AZ.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Along Route 66 in central Flagstaff with high visibility and exposure; 7,634 SF office building built in 1988; Reception area with open concept first floor and private offices upstairs
