Remodeled 19-Unit Apartment
For Sale
$3,450,000
2010 E Rte 66, Flagstaff, AZ 86004
Four updated buildings support an income-producing multifamily asset at a signalized intersection.
Property Size12,864 SF
Lot Size0.89 Acres
Price / SF$268.19
Days on Market526
Property Features for 2010 E Rte 66
General Information
Standard status
Active
Size
12,864 SF
Lot size
0.89 Acres
Property subtype
Commercial
Additional Details
Multifamily Units
19
Building Details
Buildings
4
Listing Agency:
da Vinci Realty
(928) 779-3800
Listed By:
Mark T Belsanti · License #SA104226000
Source:
Searchflagstaffhouses
Added: Mar 24, 2025
Changed: Aug 28
Last Checked: Aug 30 at 5:53PM
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 da Vinci Realty
Investment Insights
Based on property information with market context.
This 19-unit apartment property spans 12,864 square feet across four updated buildings on 0.89 acres. The improvements have been fully remodeled and are currently income-producing, providing an established multifamily configuration at 2010 E Rte 66.
The property occupies a signalized intersection in Flagstaff and carries mixed-use zoning. The stated zoning and site configuration provide a basis to evaluate continued apartment operations alongside potential hospitality, office, or retail applications.
The property occupies a signalized intersection in Flagstaff and carries mixed-use zoning. The stated zoning and site configuration provide a basis to evaluate continued apartment operations alongside potential hospitality, office, or retail applications.
Key Highlights
- 19‑unit apartment property totaling 12,864 square feet
- Four updated buildings on 0.89 acres
- Fully remodeled improvements
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
$148,579
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
4.31%
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%
$2,971,580
$3.0M
Cap Rate 7%
$2,122,557
$2.1M
Cap Rate 9%
$1,650,878
$1.7M
Market Conditions
NOI Build-Up for 12,864 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
$270.1K $21.00/SF
− Vacancy
−$32.4K −$2.52/SF
EGI
$237.7K $18.48/SF
− OpEx
−$89.1K −$6.93/SF
NOI
$148.6K $11.55/SF
Area
Coconino County, AZ
Vacancy
12.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,971,580
Cap Rate 7%
$2,122,557
Cap Rate 9%
$1,650,878
Alternative Uses
Best Use
Mixed Use
$2.12M
$1.86M – $2.48M
NOI $148,579 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$1.56M
$1.36M – $1.81M
NOI $108,887 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$3.56M
$3.11M – $4.15M
NOI $248,947 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 86004, AZ
38,451
Population
16,550
Households
2.3
Avg Household Size
37
Median Age
44%
College-Educated
95%
High-School Grad
914.5 sq mi
ZIP Area
42
Density / Sq Mi
$77,486
Median Household Income
$42,659
Median Earnings
$1,611
Median Rent
$464,100
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 - Four updated buildings support an income-producing multifamily asset at a signalized intersection.
Where is this apartment building located?
The property is located at 2010 E Rte 66 Flagstaff, AZ.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 19‑unit apartment property totaling 12,864 square feet; Four updated buildings on 0.89 acres; Fully remodeled improvements
