Historic 17-Unit Apartment
For Sale
Contact for pricing
320 S Cortez Street, Prescott, AZ 86303
Brick-and-concrete building with 17 units, on-site coin laundry, and gated lower-level parking for residents.
Property Size10,000 SF
Lot Size0.34 Acres
Price / SF$328.60
Days on Market70
Property Features for 320 S Cortez Street
General Information
Standard status
Active
Size
10,000 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
17
Building Details
Year Built
1942
Listing Agency:
Delex Realty
(602) 762-4830
Listed By:
Michael Aldridge · License #SA571999000
Source:
Crexi
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 11 at 3:17PM
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 Delex Realty
Investment Insights
Based on property information with market context.
Built in 1919, this brick-and-concrete apartment building offers 17 residential units with a mix of 7 studios and 10 one-bedroom apartments. Some units retain historic character details, including original hardwood flooring. The property includes on-site, coin-operated laundry facilities and a gated lower-level entrance with private parking, supporting resident convenience and controlled access.
Located in downtown Prescott at 320 S. Cortez Street, the complex is described as steps away from Courthouse Square, a destination for shopping, dining, and local events. The central setting is positioned for walkable, downtown living, and the asset also notes mountain and city views from some units.
For buyers seeking a downtown multifamily asset with established on-site amenities, this property combines historic charm with a functional unit count and layout. The building is described as well maintained and includes a history as a rental property. With some units already upgraded, the remaining unit inventory can support continued interior improvements as part of an ownership strategy.
Located in downtown Prescott at 320 S. Cortez Street, the complex is described as steps away from Courthouse Square, a destination for shopping, dining, and local events. The central setting is positioned for walkable, downtown living, and the asset also notes mountain and city views from some units.
For buyers seeking a downtown multifamily asset with established on-site amenities, this property combines historic charm with a functional unit count and layout. The building is described as well maintained and includes a history as a rental property. With some units already upgraded, the remaining unit inventory can support continued interior improvements as part of an ownership strategy.
Key Highlights
- 17‑unit apartment complex at 320 S. Cortez St. (The Pillars) in downtown Prescott, AZ
- Unit mix includes 7 studios and 10 one‑bedroom apartments
- Total interior livable area is approximately 10,000 sq ft on a 0.34‑acre lot
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
$106,590
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
3.24%
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%
$2,131,800
$2.1M
Cap Rate 7%
$1,522,714
$1.5M
Cap Rate 9%
$1,184,333
$1.2M
Market Conditions
NOI Build-Up for 10,000 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
$204.0K $20.40/SF
− Vacancy
−$10.2K −$1.02/SF
EGI
$193.8K $19.38/SF
− OpEx
−$87.2K −$8.72/SF
NOI
$106.6K $10.66/SF
Area
Yavapai County, AZ
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,131,800
Cap Rate 7%
$1,522,714
Cap Rate 9%
$1,184,333
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,590 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.35M
$2.93M – $3.91M
NOI $234,498 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
2,691
Businesses Nearby
Explore this area
Business Placement
Demographics for 86303, AZ
18,201
Population
12,255
Households
1.5
Avg Household Size
61
Median Age
41%
College-Educated
96%
High-School Grad
107.2 sq mi
ZIP Area
170
Density / Sq Mi
$68,656
Median Household Income
$44,428
Median Earnings
$1,309
Median Rent
$502,400
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 - Brick-and-concrete building with 17 units, on-site coin laundry, and gated lower-level parking for residents.
Where is this apartment building located?
The property is located at 320 S Cortez Street Prescott, AZ.
What is the asking price?
The asking price for this property is $3,286,000.
What are key features of this property?
This property features: 17‑unit apartment complex at 320 S. Cortez St. (The Pillars) in downtown Prescott, AZ; Unit mix includes 7 studios and 10 one‑bedroom apartments; Total interior livable area is approximately 10,000 sq ft on a 0.34‑acre lot
