8-Unit Apartment Building with
For Sale
$1,895,000
2420 North West Street, Flagstaff, AZ 86004
Single-level units with Community Commercial Zoning create an updated apartment property near shopping, restaurants, stores, and schools.
Property Size6,300 SF
Price / SF$300.79
Days on Market328
Property Features for 2420 North West Street
General Information
Standard status
Active
Size
6,300 SF
Property subtype
Multi-Family / Multi-Plex
Zoning
Community Commercial
Net Operating Income
$101,900
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$4,565
Amenities
Yes
MLS
.00
Building Details
Year Built
1972
Buildings
1
Stories
1
Listing Agency:
da Vinci Realty
(928) 607-8026
Listed By:
Rosa J Leonardis · License #SA646837000
(928) 607-8026
Source:
Compass
Added: Oct 8, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:01PM
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 da Vinci Realty
Investment Insights
Based on property information with market context.
This 8-unit apartment property at 2420 North West Street in Flagstaff, Arizona, contains 6300 SF across single-level residences. Each unit has been updated, and the property includes a newer roof, new exterior paint, and a newly upgraded electrical panel. Built in 1972, the asset is positioned for multifamily ownership with Community Commercial Zoning supporting additional future-use flexibility.
The property is near shopping, stores, restaurants, and schools in Flagstaff. According to the FEMA Flood Map, the site is not located in a designated Flood Zone. The combination of unit-level updates, recent exterior work, and upgraded electrical infrastructure provides a clear physical profile for investors evaluating an established apartment asset.
The property is near shopping, stores, restaurants, and schools in Flagstaff. According to the FEMA Flood Map, the site is not located in a designated Flood Zone. The combination of unit-level updates, recent exterior work, and upgraded electrical infrastructure provides a clear physical profile for investors evaluating an established apartment asset.
Key Highlights
- 8‑unit apartment property with 6300 SF
- Each unit is single level and updated
- Community Commercial Zoning
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
$53,326
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
2.81%
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%
$1,066,520
$1.1M
Cap Rate 7%
$761,800
$761.8K
Cap Rate 9%
$592,511
$592.5K
Market Conditions
NOI Build-Up for 6,300 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
$102.1K $16.20/SF
− Vacancy
−$5.1K −$0.81/SF
EGI
$97.0K $15.39/SF
− OpEx
−$43.6K −$6.93/SF
NOI
$53.3K $8.46/SF
Area
Coconino County, AZ
Vacancy
5.00%
Lease Rate
$16.20 /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%
$1,066,520
Cap Rate 7%
$761,800
Cap Rate 9%
$592,511
Alternative Uses
Best Use
Apartment 5plus
$761.8K
$666.6K – $888.8K
NOI $53,326 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,919 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,291
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Single-level units with Community Commercial Zoning create an updated apartment property near shopping, restaurants, stores, and schools.
Where is this apartment building located?
The property is located at 2420 North West Street Flagstaff, AZ.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 8‑unit apartment property with 6300 SF; Each unit is single level and updated; Community Commercial Zoning
