Building Details

Year Built 1943

Listing Agency: Linton Real Estate

Listed By: Bruce Bourne · License #BR102094000 Show Phone

Source: Thebergaminigroup

Added: Aug 17 Changed: Sep 15 Last Checked: Oct 7 at 1:27PM

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Investment Insights

Based on property information with market context.

This 3,648-square-foot apartment property contains five residential units: two two-bedroom, one-bath apartments, two one-bedroom, one-bath apartments, and one studio. The building dates to 1943 and occupies a high-profile corner lot with an expansive paved parking area. Its downtown setting and existing residential configuration provide a defined income-producing format with additional flexibility for future ownership.

Community Commercial (CC) zoning allows a broad range of commercial and residential uses. The property has previously accommodated retail, salon, office, and apartment uses, supporting its adaptable character. Located at 309 N Humphreys St in Flagstaff, the asset combines a five-unit residential layout with paved off-street parking and mixed-use potential in the historic downtown area.

Key Highlights

• Five residential units: two 2‑bedroom, 1‑bath; two 1‑bedroom, 1‑bath; and one studio
• 3,648 square feet with a 1943 year built
• Community Commercial (CC) zoning supports commercial and residential uses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,134

Cap Rate

2.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$842,680 $842.7K

Cap Rate 7%

$601,914 $601.9K

Cap Rate 9%

$468,156 $468.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,648 SF

Gross rent

$76.6K $21.00/SF

− Vacancy

−$9.2K −$2.52/SF

EGI

$67.4K $18.48/SF

− OpEx

−$25.3K −$6.93/SF

NOI

$42.1K $11.55/SF

Area

Coconino County, AZ

Vacancy

12.00%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$842,680

Cap Rate 7%

$601,914

Cap Rate 9%

$468,156

Alternative Uses

Best Use

Mixed Use

$601.9K

$526.7K – $702.2K (±1% cap)

NOI $42,134 @ 7.0% cap · market cap 2.83%

Second Best

Apartment 5plus

$441.1K

$386.0K – $514.6K (±1% cap)

NOI $30,878 @ 7.0% cap · market cap 2.07%

Theoretical Best

Office A

$1.01M

$882.5K – $1.18M (±1% cap)

NOI $70,597 @ 7.0% cap · market cap 4.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Short term rental ...

Suggested Use

Top Pick Big Box & Wholesale Store Furniture & Home Goods (Bike/Boat/Book/etc) Store Storage Facility Electrical Service Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,826

Businesses Nearby

Explore this area Business Placement

Demographics for 86001, AZ

37,093

Population

15,364

Households

2.4

Avg Household Size

27

Median Age

55%

College-Educated

96%

High-School Grad

290.4 sq mi

ZIP Area

128

Density / Sq Mi

$62,587

Median Household Income

$24,346

Median Earnings

$1,505

Median Rent

$570,900

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Historic downtown property with a flexible residential layout, paved off-street parking, and Community Commercial zoning.

Where is this apartment building located?

The property is located at 309 N Humphreys St Flagstaff, AZ.

What is the asking price?

The asking price for this property is $1,490,000.

What are key features of this property?

This property features: Five residential units: two 2‑bedroom, 1‑bath; two 1‑bedroom, 1‑bath; and one studio; 3,648 square feet with a 1943 year built; Community Commercial (CC) zoning supports commercial and residential uses