Historic 17-Unit Apartment
For Sale
$3,286,000
320 S Cortez Street, Prescott, AZ 86303
Residential Income, Prescott, AZ
Property Size10,000 SF
Lot Size0.34 Acres
Price / SF$328.60
Days on Market81
Property Features for 320 S Cortez Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residential
Bedrooms
17
Bathrooms
17
Rooms
Bedroom 5, Bathroom 15, Bathroom 11, Bathroom 8, Bathroom 3, Bedroom 11, Bedroom 9, Bedroom 17, Bathroom 6, Bedroom 7, Bedroom 16, Bedroom 2, Bathroom 12, Bedroom 6, Bathroom 1, Bedroom 8, Bedroom 1, Bedroom 12, Bedroom 15, Bathroom 13, Bedroom 13, Bedroom 14, Bathroom 14, Bathroom 7, Bathroom 5, Bathroom 9, Bathroom 2, Bedroom 10, Bathroom 4, Bathroom 10, Bathroom 16, Bedroom 4, Bedroom 3, Bathroom 17
Exterior features
Laundry Facilities
Subdivision
Prescott Original Township
Directions
From the Court house Plaza, on the corner of Gurley st and Cortez street. Go South on Cortez street approximately .3 of a mile and you will see the building on the right side of Cortez street.
Standard status
Active
APN
7
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PRESCOTT ORIGINAL TOWNSITE PER MP 4/22 LOT 7 & 9 BLK 26 LESS THE N 8' OF THE E 52.2'
Tax Annual Amount
2950
Legal Description
PRESCOTT ORIGINAL TOWNSITE PER MP 4/22 LOT 7 & 9 BLK 26 LESS THE N 8' OF THE E 52.2'
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Baseboard
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
on-site laundry
gated parking
historic details
mountain views
city views
Building Details
Year built
1942
Number of units
17
Flooring type
Wood, Tile, Vinyl, Laminate
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Delex Realty
(602) 910-3002
Listed By:
Michael A Aldridge · License #SA571999000
(602) 762-4830
Added: Jun 3
Changed: Aug 22
Last Checked: Aug 22 at 7:06AM
MLS# 1082558
Copyright © 2026 Prescott Area Association of Realtors®. 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.
Historic 17-unit apartment building with classic architectural character and durable brick construction. The property offers a unit mix of 7 studios and 10 one-bedroom apartments. Flooring varies across the building, including wood, vinyl, tile, and laminate, and some units retain original hardwood flooring. Heating is electric baseboard and the roof is asphalt. Cooling is provided via ceiling fans.
Outside, the building sits on a 0.34-acre lot, and includes on-site coin-operated laundry facilities. There is also a gated lower-level entrance with private parking. Utilities include cable availability, and the water source is public.
With approximately 10,000 sq ft of total interior livable area, this is a multi-family asset designed for in-place operations, with some units already upgraded and room to continue renovations over time.
Outside, the building sits on a 0.34-acre lot, and includes on-site coin-operated laundry facilities. There is also a gated lower-level entrance with private parking. Utilities include cable availability, and the water source is public.
With approximately 10,000 sq ft of total interior livable area, this is a multi-family asset designed for in-place operations, with some units already upgraded and room to continue renovations over time.
Key Highlights
- 17 total units: 7 studios and 10 one‑bedroom apartments
- On‑site coin‑operated laundry facilities
- Gated lower‑level entrance with private parking
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 17-unit building with coin-operated laundry, gated parking, and a mix of studios and one-bedrooms.
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 total units: 7 studios and 10 one‑bedroom apartments; On‑site coin‑operated laundry facilities; Gated lower‑level entrance with private parking
