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    141 S Mccormick St Prescott, AZ 86303

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    For Sale
    $4,500,000

    Fully occupied mixed-use property near Courthouse Square.

    Property size:
    27,690 SF
    Lot size:
    37,461.60 Acres

    Property Features for 141 S Mccormick St

    General Information

    Standard status
    Active
    Zoning
    DTB
    Size
    27,690 SF
    Lot size
    37,461.60 Acres

    We can help!

    Listing Contact
    Matthew Fish
    Matthew Fish
    Source: Crexi

    Listing Agency: Arizona Property Brokerage Listing Agent: Matthew Fish

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

    Learn more

    Overview

    Downtown Prescott Investment Opportunity

    This downtown Prescott investment presents a prime opportunity for investors seeking steady cash flow and a diverse tenant mix. The property is 100% occupied and located just two blocks from the iconic Courthouse Square, situated in a highly walkable, demand-driven downtown business district that attracts residents and visitors year-round. The property is comprised of 42 units, covered private parking, and a restaurant building, spread across five parcels and two well-maintained buildings. There are 72 grade-level parking spaces. Historically low vacancy rates demonstrate the property's resilience and enduring appeal. One of Prescott's most popular dining destinations enhances the site, drawing consistent foot traffic and contributing to a robust tenant mix. The multi-tenant office component already houses a range of professional services including legal, financial, medical, and development services, ensuring diversified income streams and reduced risk. The property offers multiple upside opportunities including rental rate optimization, rightsizing expenses, opportunities for redevelopment or reconfiguration to maximize unit counts, and potential for capital improvements that enhance property value, commanding higher rents, and tenant appeal. The downtown location ensures strong market demand with a growing population, thriving tourism, and a burgeoning local economy. The property size is 27690 square feet.
    Location Intelligence

    Current Use by Public Records

    Swan Therapeutic Massage Alternative Medicine Practice Lucas Flood Insurance Agency The Law Firm of Mike ... Law Firm Community Legal Services Law Firm Willison Law, PC Law Firm

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Center Real Estate Agency Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.4725572
    Latitude
    34.5404406

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    FAQs

    What type of property is this?
    Mixed-use property - Fully occupied mixed-use property near Courthouse Square.
    Where is this mixed-use property located?
    The property is located at 141 S Mccormick St Prescott, AZ.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - Prime downtown Prescott location, just two blocks from Courthouse Square.; - 100% occupied with a diverse tenant mix, including a popular restaurant, ensuring steady cash flow.; - 42 units across five parcels and two well-maintained buildings.
    (480) 309-1089
    Request Owner's contact information
    141 S Mccormick St Prescott, AZ 86303
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    Prescott, AZ 86303
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    141 S Mccormick St Prescott, AZ 86303
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    Listing Contact
    Matthew Fish
    Matthew Fish
    Real Estate License ID: BR626105000
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