Historic Office Building with Bank
New
For Sale
$3,150,826
147 N Cortez Street, Prescott, AZ 86301
Flexible office layout with private rooms, meeting areas, support spaces, and open work areas in downtown Prescott.
Property Size12,501 SF
Price / SF$252.05
Days on Market3
Property Features for 147 N Cortez Street
General Information
Standard status
Active
Size
12,501 SF
Property subtype
Commercial/Industrial
Zoning
NOCO District
Taxes and HOA fees
Annual Taxes
$19,170
Amenities
multiple private offices
conference room areas
private restrooms
storage
break room
expansive open areas
former bank vault
Building Details
Year Built
1990
Buildings
1
Listing Agency:
Rent Right Management Solutions
(928) 771-0308
Listed By:
Cody Anne Yarnes · License #SA576662000
(928) 848-1188
Source:
Exitrealty
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 4:06AM
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 Rent Right Management Solutions
Investment Insights
Based on property information with market context.
This 12,501-square-foot office building at 147 N Cortez Street retains an existing bank-oriented layout with multiple private offices, conference areas, private restrooms, storage, a break room, and broad open areas. A former bank vault remains within the building, adding a distinctive feature to the commercial interior.
The property is positioned in downtown Prescott within the NOCO District near E Willis Street. Its walkable setting includes nearby restaurants, retail businesses, and professional services, supporting a range of office and business configurations within an established downtown environment.
The property is positioned in downtown Prescott within the NOCO District near E Willis Street. Its walkable setting includes nearby restaurants, retail businesses, and professional services, supporting a range of office and business configurations within an established downtown environment.
Key Highlights
- 12,501‑square‑foot office building at 147 N Cortez Street
- Existing layout includes private offices and conference areas
- Private restrooms, storage, and break room remain in place
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
$181,817
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
5.77%
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%
$3,636,340
$3.6M
Cap Rate 7%
$2,597,386
$2.6M
Cap Rate 9%
$2,020,189
$2.0M
Market Conditions
NOI Build-Up for 12,501 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
$291.0K $23.28/SF
− Vacancy
−$48.6K −$3.89/SF
EGI
$242.4K $19.39/SF
− OpEx
−$60.6K −$4.85/SF
NOI
$181.8K $14.54/SF
Area
Yavapai County, AZ
Vacancy
16.70%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
25.00%
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%
$3,636,340
Cap Rate 7%
$2,597,386
Cap Rate 9%
$2,020,189
Alternative Uses
Best Use
Office B
$2.60M
$2.27M – $3.03M
NOI $181,817 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.19M
$3.66M – $4.89M
NOI $293,146 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 86301, AZ
25,115
Population
13,863
Households
1.8
Avg Household Size
57
Median Age
37%
College-Educated
96%
High-School Grad
33.4 sq mi
ZIP Area
752
Density / Sq Mi
$71,962
Median Household Income
$33,989
Median Earnings
$1,580
Median Rent
$495,100
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout with private rooms, meeting areas, support spaces, and open work areas in downtown Prescott.
Where is this office building located?
The property is located at 147 N Cortez Street Prescott, AZ.
What is the asking price?
The asking price for this property is $3,150,826.
What are key features of this property?
This property features: 12,501‑square‑foot office building at 147 N Cortez Street; Existing layout includes private offices and conference areas; Private restrooms, storage, and break room remain in place
