12-Unit Multifamily
For Sale
$3,750,000
214 N Arizona Avenue, Prescott, AZ 86301
Residential Income, Prescott, AZ
Property Size11,600 SF
Lot Size0.64 Acres
Price / SF$323.28
Days on Market178
Property Features for 214 N Arizona Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-M
Exterior features
Handicap Access
Accessibility
Accessible Approach with Ramp
Subdivision
Joslin Whipple
Lot features
Landscaped
Directions
From Gurley Street in Downtown Prescott, head north on Arizona Avenue. Property consists of three parcels located between Willis Street and N Arizona Avenue, addressed as 710 E Willis St and 212 & 214 N Arizona Ave.
Standard status
Active
APN
Multi
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Parcel 114-04-011 - Lots 9 and 11, Block 17, Joslin-Whipple SubdivisionParcel 114-04-012 - Lot 13 and the South 5 feet of lot 11, Block 17, of Whipple HeightsParcel 114-04-018 - The East 50 feet of Lots 18 and 20, Block 17, Whipple Heights
Tax Annual Amount
6330
Legal Description
Parcel 114-04-011 - Lots 9 and 11, Block 17, Joslin-Whipple SubdivisionParcel 114-04-012 - Lot 13 and the South 5 feet of lot 11, Block 17, of Whipple HeightsParcel 114-04-018 - The East 50 feet of Lots 18 and 20, Block 17, Whipple Heights
Utilities
Utilities
Natural Gas Available
Heating system
Electric (Heating), Heat Pump (Heating), Natural Gas
Cooling system
Ceiling Fan(s), Heat Pump, Evaporative Cooling, Central Air
Water source
Public
Building Details
Year built
1992
Number of units
12
Flooring type
Laminate, Tile, Carpet
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Commercial Advisors of Prescott
(928) 925-2023
Listed By:
Nick Malouff · License #SA670765000
(928) 925-2023
Added: Feb 24
Changed: Aug 21
Last Checked: Aug 21 at 3:06PM
MLS# 1079801
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.
Investment Insights
Based on property information with market context.
This multifamily asset includes 12 residential units and office space distributed across three parcels in downtown Prescott. The improvements contain approximately 11,600 SF on a 0.64-acre assemblage, with frame construction, laminate, tile, and carpet flooring, plus public water service. The property was built in 1992 and includes accessible approach features and an asphalt roof.
A licensed treatment operator occupies the property under a modified NNN lease, with the tenant responsible for operating expense reimbursements and direct payment of property taxes. MF-M zoning provides a basis for continued multifamily use or redevelopment, while the downtown Prescott setting places the portfolio within the city’s 86301 postal area.
A licensed treatment operator occupies the property under a modified NNN lease, with the tenant responsible for operating expense reimbursements and direct payment of property taxes. MF-M zoning provides a basis for continued multifamily use or redevelopment, while the downtown Prescott setting places the portfolio within the city’s 86301 postal area.
Key Highlights
- 12‑unit multifamily asset with office space across three parcels
- Approximately 0.64 acres with +/-11,600 SF of improvements
- 100% leased to a licensed treatment operator
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
$123,644
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
3.30%
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%
$2,472,880
$2.5M
Cap Rate 7%
$1,766,343
$1.8M
Cap Rate 9%
$1,373,822
$1.4M
Market Conditions
NOI Build-Up for 11,600 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
$236.6K $20.40/SF
− Vacancy
−$11.8K −$1.02/SF
EGI
$224.8K $19.38/SF
− OpEx
−$101.2K −$8.72/SF
NOI
$123.6K $10.66/SF
Area
Yavapai County, AZ
Vacancy
5.00%
Lease Rate
$20.40 /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%
$2,472,880
Cap Rate 7%
$1,766,343
Cap Rate 9%
$1,373,822
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,644 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.89M
$3.40M – $4.53M
NOI $272,018 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,401
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
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 income property with office space and a modified NNN lease structure in downtown Prescott.
Where is this apartment building located?
The property is located at 214 N Arizona Avenue Prescott, AZ.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 12‑unit multifamily asset with office space across three parcels; Approximately 0.64 acres with +/-11,600 SF of improvements; 100% leased to a licensed treatment operator
