Updated Office
For Sale
$2,500,000
2290 E Rte 66, Flagstaff, AZ 86004
Two-level layout combines reception, open workspace, private offices, and dedicated restrooms.
Property Size7,634 SF
Price / SF$327.48
Days on Market257
Property Features for 2290 E Rte 66
General Information
Standard status
Active
Size
7,634 SF
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
Realty One Group, Mountain Desert
(928) 526-5309
Listed By:
Lori A Zeoli
Source:
Searchflagstaffhouses
Added: Dec 15, 2025
Changed: Aug 28
Last Checked: Aug 25 at 7:39AM
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 Realty One Group, Mountain Desert
Investment Insights
Based on property information with market context.
This 7,634-square-foot office building, constructed in 1988, has been updated for contemporary office use. The layout includes a reception area, open workspace on the first floor, private offices upstairs, and 3 separate restrooms. Two newer AC units, an alarm system, and a metal roof are among the property improvements.
The building fronts Route 66 in central Flagstaff and is surrounded by new commercial development. A private, fenced parking lot sits adjacent to the building. An existing lease has 2 years remaining, with the current tenants able to vacate if an incoming owner elects to use the entire property.
The building fronts Route 66 in central Flagstaff and is surrounded by new commercial development. A private, fenced parking lot sits adjacent to the building. An existing lease has 2 years remaining, with the current tenants able to vacate if an incoming owner elects to use the entire property.
Key Highlights
- 7,634‑square‑foot office building constructed in 1988
- Reception area and open first‑floor workspace
- Private offices located upstairs
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
$105,299
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
4.21%
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%
$2,105,980
$2.1M
Cap Rate 7%
$1,504,271
$1.5M
Cap Rate 9%
$1,169,989
$1.2M
Market Conditions
NOI Build-Up for 7,634 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
$177.7K $23.28/SF
− Vacancy
−$37.3K −$4.89/SF
EGI
$140.4K $18.39/SF
− OpEx
−$35.1K −$4.60/SF
NOI
$105.3K $13.79/SF
Area
Coconino County, AZ
Vacancy
21.00%
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%
$2,105,980
Cap Rate 7%
$1,504,271
Cap Rate 9%
$1,169,989
Alternative Uses
Best Use
Office B
$1.50M
$1.32M – $1.75M
NOI $105,299 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,735 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,124
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level layout combines reception, open workspace, private offices, and dedicated restrooms.
Where is this office building located?
The property is located at 2290 E Rte 66 Flagstaff, AZ.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 7,634‑square‑foot office building constructed in 1988; Reception area and open first‑floor workspace; Private offices located upstairs
