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    1512 Varsity Dr Prescott, AZ

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    For Sale
    $7,800,000

    16-acre multifamily development site with proposed 435 apartment units.

    Lot size:
    16.50 Acres

    Property Features for 1512 Varsity Dr

    General Information

    Lot size
    16.50 Acres

    Source: SVN | Desert Commercial Advisors Agent Carrick Sears CCIM MBA

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Multifamily Development Site Near Highway

    This 16-acre site is intended for multifamily development, with a proposed project of 435 apartment units. The property is located in a highly sought-after area with highway frontage along Hwy 89. Situated within the planned community of Prescott Lakes, the location offers proximity to the Prescott Lakes Golf Course and its amenities. The area is experiencing rapid growth and features a mix of retail, office, and commercial uses. The site offers views of Watson Lake. The seller is open to JV options.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    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
    -112.4685025
    Latitude
    34.5400242

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    FAQs

    What type of property is this?
    Land - 16-acre multifamily development site with proposed 435 apartment units.
    Where is this land located?
    The property is located at 1512 Varsity Dr Prescott, AZ.
    What is the asking price?
    The asking price for this property is $7,800,000.
    What are key features of this property?
    This property features: - 16-acre multifamily development site approved for 435 apartment units; - Excellent views of Watson Lake; - Prime location within Prescott Lakes planned community with highway frontage along Hwy 89
    (602) 327-0325
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    1512 Varsity Dr Prescott, AZ
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    Realmo Value Estimation

    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.

    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.

    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
    1512 Varsity Dr Prescott, AZ
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