Flagstaff Multifamily Portfolio
For Sale
Contact for pricing
315 N Bonito St & 601 W Dale Ave, Flagstaff, AZ 86001
Rare 12-unit portfolio in Flagstaff's walkable core.
Property Size13,972 SF
Price / SF$304.18
Days on Market185
Property Features for 315 N Bonito St & 601 W Dale Ave
General Information
Standard status
Active
Size
13,972 SF
Property subtype
Multifamily
Investment Type
Value Add
Building Details
Year Built
1966
Units
12
Listing Agency:
Kelly & Call Commercial
(928) 440-5450
Listed By:
Kevin Call · License #AZ SA665484000
Source:
Crexi
Added: Feb 25
Changed: Aug 28
Last Checked: Aug 26 at 12:02AM
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 Kelly & Call Commercial
Investment Insights
Based on property information with market context.
This portfolio consists of three 4-plex apartment buildings, totaling 12 units, situated in Flagstaff's walkable core. The properties are located minutes from downtown, surrounded by residential areas, parks, schools, and daily conveniences. The units offer stable income with potential for rent growth and value-add improvements. The location is ideal for long-term investors seeking durable demand in a resilient infill market with limited competitive supply. The pro forma assumes selective interior improvements across certain units to support rent growth and long-term positioning. These improvements are typical for assets of this vintage and may include cosmetic and functional updates at the discretion of new ownership. Actual renovation scope, timing, and costs will vary based on buyer strategy. Pro forma performance is intended to illustrate potential upside and does not imply a required or guaranteed improvement plan. The total property size is 13972 square feet.
Key Highlights
- Rare 12‑unit portfolio in Flagstaff's desirable core.
- Stable income with potential for rent growth.
- Located in a walkable, renter‑supported neighborhood near downtown, parks, and schools.
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
$127,546
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
3.00%
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%
$2,550,920
$2.6M
Cap Rate 7%
$1,822,086
$1.8M
Cap Rate 9%
$1,417,178
$1.4M
Market Conditions
NOI Build-Up for 13,972 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
$192.8K $13.80/SF
− Vacancy
−$10.6K −$0.76/SF
EGI
$182.2K $13.04/SF
− OpEx
−$54.7K −$3.91/SF
NOI
$127.5K $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%
$2,550,920
Cap Rate 7%
$1,822,086
Cap Rate 9%
$1,417,178
Alternative Uses
Best Use
Multifamily LT 5
$1.82M
$1.59M – $2.13M
NOI $127,546 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,266 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$3.86M
$3.38M – $4.51M
NOI $270,390 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,012
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?
Quadplex - Rare 12-unit portfolio in Flagstaff's walkable core.
Where is this quadplex located?
The property is located at 315 N Bonito St & 601 W Dale Ave Flagstaff, AZ.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Rare 12‑unit portfolio in Flagstaff's desirable core.; Stable income with potential for rent growth.; Located in a walkable, renter‑supported neighborhood near downtown, parks, and schools.
