Three-Unit Multifamily
For Sale
$749,900
2912 N Main Street, Flagstaff, AZ 86004
Residential Income, Flagstaff, AZ
Property Size2,496 SF
Price / SF$300.44
Days on Market63
Property Features for 2912 N Main Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Pets allowed
Dogs OK, Cats OK
Fencing
Fenced
Appliances
Refrigerators
Directions
On Main Street between Cedar Ave. and Dortha.
Subdivision
400 - Sunnyside
Standard status
Active
APN
10908156
Size
2,496 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
SUBDIVISION: SUNNYSIDE NORTH ANNEX UNIT 10 LOT: 54 SIXTEENTH: NW QUARTER: SE SECTION: 11 TOWNSHIP: 21N RANGE: 07E SIXTEE
Tax Annual Amount
1844
Legal Description
SUBDIVISION: SUNNYSIDE NORTH ANNEX UNIT 10 LOT: 54 SIXTEENTH: NW QUARTER: SE SECTION: 11 TOWNSHIP: 21N RANGE: 07E SIXTEE
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Electric (Heating)
Building Details
Year built
1951
Number of units
3
Flooring type
Wood floors
Roof type
Asphalt
Listing Agency:
Realty One Group, Mountain Desert
Listed By:
Jillian Asplund
(928) 774-3392
Added: Jul 27
Changed: Sep 13
Last Checked: Sep 27 at 1:06PM
MLS# 205638
Copyright © 2026 Northern Arizona Multiple Listing Service. 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.
Built in 1951, this 2,496-square-foot multifamily property contains three residential units and is configured for rental use. The building includes wood flooring, refrigerators, an asphalt roof, fencing, and heating supplied through natural gas and electric systems. Some mechanical systems have been updated, supporting a lower-maintenance operating profile.
The property is occupied by long-term tenants and can also accommodate an owner-occupant arrangement with one unit retained for personal use while the remaining units are rented. Cable service is available at the property.
The property is occupied by long-term tenants and can also accommodate an owner-occupant arrangement with one unit retained for personal use while the remaining units are rented. Cable service is available at the property.
Key Highlights
- Three‑unit building with 2,496 square feet
- Long‑term tenants occupy the property
- Built in 1951 with some newer mechanical systems
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
$22,785
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
3.04%
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%
$455,700
$455.7K
Cap Rate 7%
$325,500
$325.5K
Cap Rate 9%
$253,167
$253.2K
Market Conditions
NOI Build-Up for 2,496 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
$34.4K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.6K $13.04/SF
− OpEx
−$9.8K −$3.91/SF
NOI
$22.8K $9.13/SF
Area
Coconino County, AZ
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$455,700
Cap Rate 7%
$325,500
Cap Rate 9%
$253,167
Alternative Uses
Best Use
Multifamily LT 5
$325.5K
$284.8K – $379.8K
NOI $22,785 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$301.8K
$264.1K – $352.1K
NOI $21,127 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$690.0K
$603.8K – $805.1K
NOI $48,303 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,123
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit income property with wood flooring, fenced grounds, and a mix of natural gas and electric heating.
Where is this triplex located?
The property is located at 2912 N Main Street Flagstaff, AZ.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Three‑unit building with 2,496 square feet; Long‑term tenants occupy the property; Built in 1951 with some newer mechanical systems
