25-Unit Apartment
For Sale
$1,395,000
1221 E 3rd Street, Winslow, AZ 86047
Fully occupied multifamily property with updated unit interiors and recent building-system improvements.
Property Size10,408 SF
Days on Market434
Property Features for 1221 E 3rd Street
General Information
Standard status
Active
Size
10,408 SF
Property subtype
Commercial
Zoning
C66
Occupancy
100%
Additional Details
Multifamily Units
25
Taxes and HOA fees
Annual Taxes
$2,695
Building Details
Building Size
10,408 SF
Year Built
1962
Buildings
2
Listing Agency:
Linton Real Estate
(928) 600-3974
Listed By:
Michelle M Linton
(928) 600-3974
Source:
Sunhaven-realestate
Added: Jun 1, 2025
Changed: Aug 7
Last Checked: Aug 8 at 12:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Linton Real Estate
Investment Insights
Based on property information with market context.
College View Apartments comprises 25 units distributed across two contiguous buildings on two parcels. Built in 1962, the property is fully occupied and includes unit-level renovations completed as apartments turned over, including laminate flooring, new appliances, and cabinetry. Recent capital work also includes gas water heaters, electrical panel upgrades, and new conduit.
Located at 1221 E 3rd Street in Winslow, Arizona, the property carries C66 zoning. Operating information includes 2025 statements and normalized adjustments, while market rent analysis documents additional rent-growth potential. The asset combines a 25-unit configuration with recent improvements to both individual apartments and core building systems.
Located at 1221 E 3rd Street in Winslow, Arizona, the property carries C66 zoning. Operating information includes 2025 statements and normalized adjustments, while market rent analysis documents additional rent-growth potential. The asset combines a 25-unit configuration with recent improvements to both individual apartments and core building systems.
Key Highlights
- 25‑unit multifamily property across two contiguous buildings
- Two parcels included in the property configuration
- Fully occupied with documented rent growth during 2025
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
$73,309
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
5.26%
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%
$1,466,180
$1.5M
Cap Rate 7%
$1,047,271
$1.0M
Cap Rate 9%
$814,544
$814.5K
Market Conditions
NOI Build-Up for 10,408 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
$144.9K $13.92/SF
− Vacancy
−$11.6K −$1.11/SF
EGI
$133.3K $12.81/SF
− OpEx
−$60.0K −$5.76/SF
NOI
$73.3K $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%
$1,466,180
Cap Rate 7%
$1,047,271
Cap Rate 9%
$814,544
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$916.4K – $1.22M
NOI $73,309 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,983 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
120
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 multifamily property with updated unit interiors and recent building-system improvements.
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‑unit multifamily property across two contiguous buildings; Two parcels included in the property configuration; Fully occupied with documented rent growth during 2025
