Five-Unit Apartment
New
For Sale
$1,490,000
309 N Humphreys Street, Flagstaff, AZ 86001
COMMERCIAL - Flagstaff, AZ
Property Size3,648 SF
Lot Size0.25 Acres
Price / SF$408.44
Days on Market2
Property Features for 309 N Humphreys Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Landscaped
Directions
Route 66, North on Humphreys St to the NW corner of Humphreys St and Cherry Ave
Subdivision
145 - Flagstaff Townsite
Standard status
Active
APN
10009001e
Size
3,648 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SUBDIVISION: FLAGSTAFF TOWNSITE BLOCK: 4B BEG SLY COR LOTS 3 & 4; TH N 68-57-01 W 2.00' TPOB; TH N 20-55-25 E 75.02'; TH
Tax Annual Amount
6991
Legal Description
SUBDIVISION: FLAGSTAFF TOWNSITE BLOCK: 4B BEG SLY COR LOTS 3 & 4; TH N 68-57-01 W 2.00' TPOB; TH N 20-55-25 E 75.02'; TH
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Building Details
Year built
1943
Floors in Building
2
Roof type
Asphalt
Listing Agency:
Linton Real Estate
(928) 779-4411
Listed By:
Bruce Bourne · License #BR102094000
(928) 699-1336
Added: Aug 7
Last Checked: Aug 8 at 10:06AM
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.
Investment Insights
Based on property information with market context.
This 3,648-square-foot apartment property contains five residential units: two 2-bedroom, 1-bath apartments, two 1-bedroom, 1-bath apartments, and one studio. The units are transitioning from a combination of short- and long-term rentals to long-term rentals. Natural gas heating, an asphalt roof, and cable availability are among the documented property features.
Situated on a 0.25-acre corner lot in Historic Downtown Flagstaff, the property includes a paved parking lot and is located at 309 N Humphreys Street. Community Commercial (CC) zoning allows a broad range of commercial and residential uses. Historical operations at the property have included a retail running store, hair salon, attorney’s office, engineering office, and residential apartments, providing a documented mixed-use history.
Situated on a 0.25-acre corner lot in Historic Downtown Flagstaff, the property includes a paved parking lot and is located at 309 N Humphreys Street. Community Commercial (CC) zoning allows a broad range of commercial and residential uses. Historical operations at the property have included a retail running store, hair salon, attorney’s office, engineering office, and residential apartments, providing a documented mixed-use history.
Key Highlights
- Five residential units with two 2‑bedroom, 1‑bath apartments, two 1‑bedroom, 1‑bath apartments, and one studio
- 3,648 square feet on a 0.25‑acre corner lot
- Community Commercial (CC) zoning allows a wide range of 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
$50,318
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
3.38%
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%
$1,006,360
$1.0M
Cap Rate 7%
$718,829
$718.8K
Cap Rate 9%
$559,089
$559.1K
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
$84.9K $23.28/SF
− Vacancy
−$17.8K −$4.89/SF
EGI
$67.1K $18.39/SF
− OpEx
−$16.8K −$4.60/SF
NOI
$50.3K $13.79/SF
Area
Coconino County, AZ
Vacancy
21.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
25.00%
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%
$1,006,360
Cap Rate 7%
$718,829
Cap Rate 9%
$559,089
Alternative Uses
Best Use
Office B
$718.8K
$629.0K – $838.6K
NOI $50,318 @ 7.0% cap · market cap 3.38%
Second Best
Mixed Use
$601.9K
$526.7K – $702.2K
NOI $42,134 @ 7.0% cap · market cap 2.83%
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
Lease Details
5
Residential units
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix includes one- and two-bedroom residences plus a studio apartment.
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 with two 2‑bedroom, 1‑bath apartments, two 1‑bedroom, 1‑bath apartments, and one studio; 3,648 square feet on a 0.25‑acre corner lot; Community Commercial (CC) zoning allows a wide range of commercial and residential uses
