Four-Unit Flex
For Sale
$439,000
506 Hancock Road, Bullhead City, AZ 86442
CommercialSale, Bullhead City, AZ
Property Size3,664 SF
Lot Size0.20 Acres
Price / SF$119.81
Days on Market150
Property Features for 506 Hancock Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C2 General Commercial
Parking
8
Subdivision
Riviera Mobile Gardens
Directions
Arizona Bullhead City to Hancock Road west, building is 2.5 miles on the southside of the street.
Standard status
Active
APN
219-04-026A
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
RIVIERA MOBILE GARDENS UNIT 3 TRACT 1007 LOTS 604 & 605 T20N R23W SEC 24 & T20N R22W SEC 19
Tax Annual Amount
1887
Legal Description
RIVIERA MOBILE GARDENS UNIT 3 TRACT 1007 LOTS 604 & 605 T20N R23W SEC 24 & T20N R22W SEC 19
Utilities
Sewer type
Public Sewer
Building Details
Year built
1994
Floors in Building
1
Number of units
3
Building materials
Block
Listing Agency:
Achieve Realty
(928) 444-3825
Listed By:
Carrie Miller · License #BR634316000
(928) 768-9101
Added: Apr 13
Changed: Aug 25
Last Checked: Sep 9 at 7:06PM
MLS# 038182
Copyright © 2026 Momentum MLS. 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.
Built in 1994, this block construction flex property contains 3,664 interior square feet arranged across 4 units. Each unit includes storage, office space, and a private bath, with electric service separately metered for the occupants. The property is zoned GC2 and is served by public sewer.
The 0.2-acre site is located at 506 Hancock Road in Bullhead City, with paved city-maintained street access and streetlights along a four-lane roadway. The surrounding area is mostly residential, and the building has one neighboring property to the east and an unimproved lot to the west. The property is near the Colorado River, shopping, and Bullhead Laughlin International Airport.
The 0.2-acre site is located at 506 Hancock Road in Bullhead City, with paved city-maintained street access and streetlights along a four-lane roadway. The surrounding area is mostly residential, and the building has one neighboring property to the east and an unimproved lot to the west. The property is near the Colorado River, shopping, and Bullhead Laughlin International Airport.
Key Highlights
- 3,664 interior square feet in a block building constructed in 1994
- 4 units with month‑to‑month tenants
- Each unit includes storage, office space, and a private bath
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
$35,559
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
8.10%
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%
$711,180
$711.2K
Cap Rate 7%
$507,986
$508.0K
Cap Rate 9%
$395,100
$395.1K
Market Conditions
NOI Build-Up for 3,664 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
$47.5K $12.96/SF
− Vacancy
−$5.7K −$1.54/SF
EGI
$41.8K $11.42/SF
− OpEx
−$6.3K −$1.71/SF
NOI
$35.6K $9.71/SF
Area
Mohave County, AZ
Vacancy
11.90%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
15.00%
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%
$711,180
Cap Rate 7%
$507,986
Cap Rate 9%
$395,100
Alternative Uses
Best Use
Office B
$580.6K
$508.0K – $677.4K
NOI $40,643 @ 7.0% cap · market cap 9.26%
Second Best
Warehouse
$508.0K
$444.5K – $592.7K
NOI $35,559 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$818.1K
$715.8K – $954.4K
NOI $57,264 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 86442, AZ
34,171
Population
19,581
Households
1.7
Avg Household Size
53
Median Age
14%
College-Educated
85%
High-School Grad
28.2 sq mi
ZIP Area
1,212
Density / Sq Mi
$45,486
Median Household Income
$28,702
Median Earnings
$1,000
Median Rent
$174,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - GC2-zoned commercial building with month-to-month tenants, separate electric meters, and private baths for each unit.
Where is this flex space located?
The property is located at 506 Hancock Road Bullhead City, AZ.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 3,664 interior square feet in a block building constructed in 1994; 4 units with month‑to‑month tenants; Each unit includes storage, office space, and a private bath
