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    The Largest CRE Database in the US with Over 1 Million Listings

    320 S Cortez St Prescott, AZ 86303

    Sponsored
    For Sale
    $3,286,000

    MULTI_FAMILY - Prescott, AZ

    Lot size:
    0.34 Acres
    Days on Market:
    120
    Last Refresh:
    Jan 28 at 7:06 am

    Property Features for 320 S Cortez St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    residential
    Rooms
    Bedroom 17, Bedroom 2, Bathroom 8, Bathroom 7, Bedroom 16, Bathroom 6, Bedroom 12, Bathroom 2, Bathroom 1, Bedroom 4, Bathroom 14, Bedroom 9, Bedroom 7, Bathroom 4, Bedroom 8, Bathroom 10, Bathroom 5, Bedroom 15, Bedroom 11, Bathroom 9, Bedroom 13, Bathroom 3, Bedroom 3, Bedroom 5, Bedroom 14, Bedroom 6, Bathroom 11, Bedroom 1, Bathroom 15, Bedroom 10, Bathroom 16, Bathroom 13, Bathroom 12, Bathroom 17
    Bedrooms
    17
    APN
    7
    Exterior features
    Laundry Facilities
    Lot size
    0.34 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Baseboard, Electric (Heating)
    Cooling system
    Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1942
    Number of units
    17
    Flooring type
    Tile, Wood, Laminate, Vinyl
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Michael A Aldridge

    Delex Realty, LLC 003

    Listing agent Michael A Aldridge (602) 762-4830

    Listing date Oct 1, 2025

    MLS# 1076780

    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

    Historic Prescott Apartment Complex

    Located in downtown Prescott, Arizona, the Pillars is a historic 17-unit apartment complex built in 1919. The property, situated at 320 S. Cortez Street, is a well-maintained building with classic architectural features. The unit mix includes 7 studios and 10 one-bedroom apartments. Some units retain original hardwood flooring. The property includes on-site, coin-operated laundry facilities and a gated lower-level entrance with private parking. The brick-and-concrete building is located on a 0.34-acre lot. Some units have mountain and city views. The complex is located steps away from Prescott's Courthouse Square, offering convenient access to shopping, dining, and local events. The property offers a reliable revenue source and significant upside potential for a new owner through strategic enhancements and market-rate adjustments. Some units have already been upgraded, and with an opportunity to continue renovations, a new owner can further increase property value and rental income. The total interior livable area is approximately 10,000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Village Apartment Apartment Building Pillars Apartment Building Prescott Advertising Property Maintenance

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Realty agency Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.46925
    Latitude
    34.537343

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    FAQs

    What type of property is this?
    Apartment building - Historic 17-unit apartment complex in downtown Prescott, Arizona.
    Where is this apartment building located?
    The property is located at 320 S Cortez St Prescott, AZ.
    What is the asking price?
    The asking price for this property is $3,286,000.
    What are key features of this property?
    This property features: - Prime Downtown Prescott Location: Steps from Courthouse Square with walkable access to amenities.; - Proven Income Stream with Upside Potential through renovations.; - Historic Charm and Unique Appeal: Built in 1919 with some original hardwood floors.
    (602) 762-4830
    Request Owner's contact information
    320 S Cortez 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
    320 S Cortez St Prescott, AZ 86303
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    We can help!
    Listing Contact
    Michael A Aldridge
    Real Estate License ID: SA571999000
    (602) 762-4830
    Learn more
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