Five-Unit Apartment
For Sale
$1,490,000
309 N Humphreys St, Flagstaff, AZ 86001
Historic downtown property with a flexible residential layout, paved off-street parking, and Community Commercial zoning.
Property Size3,648 SF
Price / SF$408.44
Days on Market15
Property Features for 309 N Humphreys St
General Information
Standard status
Active
Size
3,648 SF
Building Details
Year Built
1943
Listing Agency:
Linton Real Estate
(928) 699-1336
Listed By:
Bruce Bourne · License #BR102094000
Source:
Thebergaminigroup
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 3:22PM
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 Linton Real Estate
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.
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 = 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
$42,134
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
2.83%
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%
$842,680
$842.7K
Cap Rate 7%
$601,914
$601.9K
Cap Rate 9%
$468,156
$468.2K
Market Conditions
NOI Build-Up for 3,648 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
$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 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%
$842,680
Cap Rate 7%
$601,914
Cap Rate 9%
$468,156
Alternative Uses
Best Use
Mixed Use
$601.9K
$526.7K – $702.2K
NOI $42,134 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$441.1K
$386.0K – $514.6K
NOI $30,878 @ 7.0% cap · market cap 2.07%
Theoretical Best
Office A
$1.01M
$882.5K – $1.18M
NOI $70,597 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
