Five-Unit Apartment
For Sale
$1,490,000
309 N Humphreys Street, Flagstaff, AZ 86001
Commercial Sale, Flagstaff, AZ
Property Size3,648 SF
Lot Size0.25 Acres
Price / SF$408.44
Days on Market36
Property Features for 309 N Humphreys Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Landscaped
Directions
Route 66, North on Humphreys St to the NW corner of Humphreys St and Cherry Ave
Subdivision
145 - Flagstaff Townsite
Standard status
Active
APN
10009001e
Size
3,648 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SUBDIVISION: FLAGSTAFF TOWNSITE BLOCK: 4B BEG SLY COR LOTS 3 & 4; TH N 68-57-01 W 2.00' TPOB; TH N 20-55-25 E 75.02'; TH
Tax Annual Amount
6991
Legal Description
SUBDIVISION: FLAGSTAFF TOWNSITE BLOCK: 4B BEG SLY COR LOTS 3 & 4; TH N 68-57-01 W 2.00' TPOB; TH N 20-55-25 E 75.02'; TH
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Amenities
paved parking lot
Building Details
Year built
1943
Floors in Building
2
Roof type
Asphalt
Listing Agency:
Linton Real Estate
(928) 779-4411
Listed By:
Bruce Bourne · License #BR102094000
(928) 699-1336
Added: Aug 7
Changed: Sep 2
Last Checked: Sep 11 at 11:06AM
MLS# 205589
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.
Located at 309 N Humphreys Street in Historic Downtown Flagstaff, this 3648-square-foot apartment property includes five residential units: two two-bedroom, one-bath apartments, two one-bedroom, one-bath apartments, and one studio. The units are transitioning from a combination of short- and long-term rentals to long-term occupancy.
The property occupies 0.25 acres and includes a paved parking lot for off-street parking. Community Commercial (CC) zoning allows a range of commercial and residential uses. The site has previously accommodated retail, salon, office, and residential uses, providing a documented history of varied occupancy. Additional property features include natural gas heating, an asphalt roof, and cable availability.
The property occupies 0.25 acres and includes a paved parking lot for off-street parking. Community Commercial (CC) zoning allows a range of commercial and residential uses. The site has previously accommodated retail, salon, office, and residential uses, providing a documented history of varied occupancy. Additional property features include natural gas heating, an asphalt roof, and cable availability.
Key Highlights
- Five residential units: two 2‑bedroom, 1‑bath apartments, two 1‑bedroom, 1‑bath apartments, and one studio
- 3648 square feet on 0.25 acres
- Community Commercial (CC) zoning allows commercial and residential uses
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
$42,134
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
2.83%
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%
$842,680
$842.7K
Cap Rate 7%
$601,914
$601.9K
Cap Rate 9%
$468,156
$468.2K
Market Conditions
NOI Build-Up for 3,648 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
$76.6K $21.00/SF
− Vacancy
−$9.2K −$2.52/SF
EGI
$67.4K $18.48/SF
− OpEx
−$25.3K −$6.93/SF
NOI
$42.1K $11.55/SF
Area
Coconino County, AZ
Vacancy
12.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$842,680
Cap Rate 7%
$601,914
Cap Rate 9%
$468,156
Alternative Uses
Best Use
Mixed Use
$601.9K
$526.7K – $702.2K
NOI $42,134 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$441.1K
$386.0K – $514.6K
NOI $30,878 @ 7.0% cap · market cap 2.07%
Theoretical Best
Office A
$1.01M
$882.5K – $1.18M
NOI $70,597 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 86001, AZ
37,093
Population
15,364
Households
2.4
Avg Household Size
27
Median Age
55%
College-Educated
96%
High-School Grad
290.4 sq mi
ZIP Area
128
Density / Sq Mi
$62,587
Median Household Income
$24,346
Median Earnings
$1,505
Median Rent
$570,900
Median Home Value
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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 - Community Commercial zoning supports both residential occupancy and commercial use flexibility.
Where is this apartment building located?
The property is located at 309 N Humphreys Street Flagstaff, AZ.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Five residential units: two 2‑bedroom, 1‑bath apartments, two 1‑bedroom, 1‑bath apartments, and one studio; 3648 square feet on 0.25 acres; Community Commercial (CC) zoning allows commercial and residential uses
