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    Historic Bank Buildout Office Space Title is generated by Realmo AI

    147 N Cortez Street, Prescott, AZ 86301

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    For Lease
    $22 SF/Yr

    COMMERCIAL - Prescott, AZ

    Lot size:
    0.34 Acres
    Added:
    May 30, 2025
    Days on Market:
    370
    Last Refresh:
    Jun 3 at 9:06 am

    Property Features for 147 N Cortez Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    DTB
    Parking
    4
    Parking features
    On Street
    Interior features
    Ceiling Fan(s)
    Standard status
    Active
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    PRESCOTT LOTS 2 4 BLK 9 627/688
    Tax Annual Amount
    19166

    Utilities

    Utilities
    Phone Available
    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1916
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Concrete, Carpet, Laminate
    Building materials
    Block, Floor Plans

    We can help!

    Listing Contact
    Mary Sylvester

    Listing agent Mary Sylvester License #SA70303300

    Listing office Arizona Commercial 122 N. Cortez St. Suite #300, Phoenix, AZ

    Listing date May 30, 2025

    MLS# 1073762

    Copyright © 2026 Prescott Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Built in 1916, originally a Chevrolet, Cadillac, and Oldsmobile dealership
    • Downtown Prescott location in the NOCO District (N Cortez St)
    • Former bank buildout remains, including 2 private offices and a large conference room
    • Bank buildout also includes private restrooms, storage, a break room, and wide open floor space
    • HVAC includes central air with a heat pump
    • Utilities include public water and phone service; flooring includes carpet, laminate, and concrete

    Overview

    Built in 1916, this historic property at 147 N Cortez Street features an existing bank buildout that carries over from its earlier use. The space includes two private offices, a large conference room, private restrooms, storage, a break room, and a wide-open floor area suitable for flexible work and meeting setups. Vault elements remain in place, preserving the character of the original financial layout while offering practical improvements for modern tenant use.

    Located in the NOCO District of Downtown Prescott, the property sits within the DTB zoning designation. The NOCO District revitalization is positioned as a cultural and social hub, creating an active downtown setting for business operations.

    This offering is well-suited for tenants seeking a downtown-ready office environment with built-in infrastructure from a former bank, including enclosed private offices, a dedicated conference space, and restroom access. It may also appeal to professional and service-oriented users who value the intact historic features and a layout that supports both individual work and larger discussions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Country Bank a Division ... Bank haus of themes Resort

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Real Estate Agency Nail Salon Building Supply Daycare Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.468261
    Latitude
    34.543525

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    FAQs

    What type of property is this?
    Office building - Built in 1916 with an existing bank layout, vault, private offices, conference room, and restrooms in downtown.
    Where is this office building located?
    The property is located at 147 N Cortez Street Prescott, AZ.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: Built in 1916, originally a Chevrolet, Cadillac, and Oldsmobile dealership; Downtown Prescott location in the NOCO District (N Cortez St); Former bank buildout remains, including 2 private offices and a large conference room
    (928) 499-4844
    We can help!
    Listing Contact
    Mary Sylvester
    Real Estate License ID: SA70303300
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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.

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