Five-Unit Apartment
309 N Humphreys Street, Flagstaff, AZ 86001
For Sale
$1,490,000
Commercial Sale, Flagstaff, AZ
Property Size3,648 SF
Lot Size0.25 Acres
Price / SF$408.44
Days on Market93
Property Features for 309 N Humphreys Street
General Information
Property type
Property subtype
Lot features
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Heating system
Amenities
paved parking lot
Building Details
Year built
Floors in Building
Roof type
Listing Agency:
Linton Real Estate
(928) 779-4411
Listed By:
Bruce Bourne · License #BR102094000
(928) 699-1336
Added: Aug 7
Changed: Oct 2
Last Checked: Nov 7 at 6:06AM
MLS# 205589
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.
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Investment Insights
Based on property information with market context.
Located at 309 N Humphreys Street in Historic Downtown Flagstaff, this 3648-square-foot apartment property includes five residential units: two two-bedroom, one-bath apartments, two one-bedroom, one-bath apartments, and one studio. The units are transitioning from a combination of short- and long-term rentals to long-term occupancy.
The property occupies 0.25 acres and includes a paved parking lot for off-street parking. Community Commercial (CC) zoning allows a range of commercial and residential uses. The site has previously accommodated retail, salon, office, and residential uses, providing a documented history of varied occupancy. Additional property features include natural gas heating, an asphalt roof, and cable availability.
The property occupies 0.25 acres and includes a paved parking lot for off-street parking. Community Commercial (CC) zoning allows a range of commercial and residential uses. The site has previously accommodated retail, salon, office, and residential uses, providing a documented history of varied occupancy. Additional property features include natural gas heating, an asphalt roof, and cable availability.
Key Highlights
- Five residential units: two 2‑bedroom, 1‑bath apartments, two 1‑bedroom, 1‑bath apartments, and one studio
- 3648 square feet on 0.25 acres
- Community Commercial (CC) zoning allows 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
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
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.
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,826
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Community Commercial zoning supports both residential occupancy and commercial use flexibility.
Where is this apartment building located?
The property is located at 309 N Humphreys Street 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 apartments, two 1‑bedroom, 1‑bath apartments, and one studio; 3648 square feet on 0.25 acres; Community Commercial (CC) zoning allows commercial and residential uses
