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

    502 Western Ave Prescott, AZ 86301

    Sponsored
    For Sale
    $1,500,000

    MULTI_FAMILY - Prescott, AZ

    Property size:
    4,283 SF
    Lot size:
    0.17 Acres
    Days on Market:
    4
    Last Refresh:
    Jan 24 at 8:06 pm

    Property Features for 502 Western Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MF-M
    Rooms
    Bathroom 3, Bathroom 5, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 2
    Bedrooms
    6
    APN
    1
    Exterior features
    Fence, Handicap Access, Laundry Facilities, Balcony, Sprinkler/Drip
    Fencing
    Fenced
    Accessibility
    Accessible Approach with Ramp
    Size
    4,283 SF
    Lot size
    0.17 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1960
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Carpet, Wood, Tile
    Building materials
    Block, Frame, Stucco
    Roof type
    Asphalt, Rolled Hot Mop

    We can help!

    Listing Contact
    Amy Kay Davis

    Realty ONE Group Mountain Desert (928) 680-7350

    Listing agent Amy Kay Davis (928) 440-2522

    Listing date Jan 21, 2026

    MLS# 1078679 Listing URL

    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

    Prescott Multi-Unit Investment Opportunity

    This multi-family property in downtown Prescott, Arizona, presents a rare investment opportunity. Zoned MF-H, the property features three residential units situated across two buildings, totaling approximately 4,283 square feet. The primary residence, located at 502 Western Avenue, is a 2,808 square foot concrete home with ADA accessibility, elevator access, and a two-car garage. The main level includes a bedroom with a fireplace, family room, laundry, storage, bath, a large safe, and elevator access. The upper level offers two bedrooms, two baths, a spacious open living area with a fireplace, and a kitchen, plus third-floor storage. Flooring, paint, and appliances were updated in 2020. The Summit Avenue structure totals approximately 1,475 square feet and includes two additional residential units, updated in 2015. One unit offers two bedrooms, one 3/4 bath, a living area, laundry, and a private patio. The second unit is a studio apartment with a kitchenette, 3/4 bath, and laundry. The 0.17-acre property was previously licensed for short-term rental use and was later permitted for short or long-term residential occupancy accommodating up to 14 people. Multiple structures are located on one parcel, offering strong income potential and flexible use for investors or owner-occupants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Who Dat Prescott ... Rehabilitation Center

    Suggested Use

    Restaurant Law Firm Realty agency Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.475305
    Latitude
    34.544246

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    FAQs

    What type of property is this?
    Multifamily property - Three residential units in downtown Prescott with income potential.
    Where is this multifamily property located?
    The property is located at 502 Western Ave Prescott, AZ.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: - Rare downtown Prescott multi-unit property with MF-H zoning, offering strong income potential.; - Main residence (2,808 sq ft) features ADA accessibility and **elevator access**.; - Includes three residential units across two buildings totaling approximately 4,283 sq ft.
    (928) 350-5759
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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
    502 Western Ave Prescott, AZ 86301
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    We can help!
    Listing Contact
    Amy Kay Davis
    (928) 350-5759
    Learn more
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