25-Unit Apartment
For Sale
$1,395,000
1221 E 3rd Street, Winslow, AZ 86047
MULTI_FAMILY - Winslow, AZ
Property Size5,984 SF
Price / SF$233.12
Days on Market417
Property Features for 1221 E 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Refrigerators
Directions
From 1-40 and Park Drive, South on Park Drive to N Berry Ave, left on 2nd Street to Alder. There are 2 buildings, 1220 E 2nd Street, and 1221 E 3rd Street.
Subdivision
20 - Winslow
Standard status
Active
APN
10334003b
Size
5,984 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
TAYLOR ADDN:LOTS 1 & 2, BLOCK 2 OUT OF 103-34-003 FOR '98 ROLL
Tax Annual Amount
1561
Legal Description
TAYLOR ADDN:LOTS 1 & 2, BLOCK 2 OUT OF 103-34-003 FOR '98 ROLL
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Natural Gas
Cooling system
Multi Units
Building Details
Year built
1962
Number of units
25
Roof type
Asphalt
Listing Agency:
Linton Real Estate
(928) 779-4411
Listed By:
Michelle M Linton
(928) 600-3974
Added: Jul 1, 2025
Changed: Aug 1
Last Checked: Aug 21 at 6:06AM
MLS# 201628
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.
College View Apartments is a fully occupied 25-unit multifamily investment spanning two contiguous buildings across two parcels in the heart of Winslow, Arizona. The property includes apartment units with a mix of heating sources, including electric heat and natural gas. The roof is asphalt, and cable service is available.
Built in 1962, College View Apartments has seen recent capital improvements that include new gas water heaters, updated electrical panels and conduit, and unit-level upgrades completed at turnover. Unit upgrades referenced include laminate flooring, new appliances, and cabinetry.
With two buildings on two parcels, this configuration may be well suited for operators seeking a straightforward, manageable property layout with ongoing unit turn process and documented recent improvements.
Built in 1962, College View Apartments has seen recent capital improvements that include new gas water heaters, updated electrical panels and conduit, and unit-level upgrades completed at turnover. Unit upgrades referenced include laminate flooring, new appliances, and cabinetry.
With two buildings on two parcels, this configuration may be well suited for operators seeking a straightforward, manageable property layout with ongoing unit turn process and documented recent improvements.
Key Highlights
- 25 units in two contiguous buildings across two parcels
- Fully occupied apartment property
- Built in 1962 with asphalt roof
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
$42,148
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
3.02%
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%
$842,960
$843.0K
Cap Rate 7%
$602,114
$602.1K
Cap Rate 9%
$468,311
$468.3K
Market Conditions
NOI Build-Up for 5,984 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
$83.3K $13.92/SF
− Vacancy
−$6.7K −$1.11/SF
EGI
$76.6K $12.81/SF
− OpEx
−$34.5K −$5.76/SF
NOI
$42.1K $7.04/SF
Area
Navajo County, AZ
Vacancy
8.00%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
45.00%
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%
$842,960
Cap Rate 7%
$602,114
Cap Rate 9%
$468,311
Alternative Uses
Best Use
Apartment 5plus
$602.1K
$526.9K – $702.5K
NOI $42,148 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,829 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Demographics for 86047, AZ
14,168
Population
4,932
Households
2.9
Avg Household Size
36
Median Age
8%
College-Educated
81%
High-School Grad
1,676.3 sq mi
ZIP Area
8
Density / Sq Mi
$50,062
Median Household Income
$29,846
Median Earnings
$875
Median Rent
$113,700
Median Home Value
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 - Fully occupied 25-unit apartment property with electric and natural gas heating and recent unit-turnover upgrades.
Where is this apartment building located?
The property is located at 1221 E 3rd Street Winslow, AZ.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 25 units in two contiguous buildings across two parcels; Fully occupied apartment property; Built in 1962 with asphalt roof
