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    Mixed-Use Property Near Willow Lake Title is generated by Realmo AI

    3240 AZ-89, Prescott, AZ 86301

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    16.5-acre mixed-use property near downtown Prescott and Willow Lake.

    Type:Mobile Home Park, Multifamily
    Lot size:
    16.50 Acres
    Added:
    Apr 11, 2023
    Days on Market:
    1153
    Last Refresh:
    May 13 at 8:22 pm

    Property Features for 3240 AZ-89

    General Information

    Standard status
    Active
    Lot size
    16.50 Acres
    Property subtype
    Mobile Home Park, Multifamily

    We can help!

    Listing Contact
    John Klocek

    Listing agent John Klocek License #AZ SA657592000

    Listing office ABI Multifamily LLC

    Listing date Apr 11, 2023

    Source Crexi

    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 ABI Multifamily LLC

    HighLights

    • Over 16.5 acres with mixed‑use zoning, offering potential for RV park, glamping, and mixed‑use developments.
    • Direct access to Willow Lake Park and the Granite Dells, perfect for boating, fishing, hiking, and enjoying scenic trails.
    • Includes an updated house and rental unit, a 2.5‑car detached garage, pole barn, and five individually metered RV/trailer spaces.
    • Excellent candidate for a Conservation Easement.
    • Located on State Route 89, providing commercial opportunities and high visibility.
    • Two wells on the property.

    Overview

    Located approximately 10 minutes northeast of Downtown Prescott, the mixed-use property at 3240 & 3246 North State Route 89 spans over 16.5 acres. The property is located about five and a half miles from the heart of Prescott / Courthouse Plaza and Whiskey Row. It features a mix of commercial and residential zoning and fronts the busy State Route 89, offering commercial opportunities and marketing potential for future development. The site abuts city-owned land and the Willow Creek Reservoir, with direct access to Willow Lake Park, which offers boating, fishing, hiking, and picnicking. The property includes a nicely updated house with a 2.5-car detached garage, a pole barn, one additional rental unit, and five individually metered RV / trailer spaces. There are also two wells on the property. The land is characterized by granite rock formations known as “The Granite Dells”. Use permits have been in place in the past for mobile homes. The property is an excellent candidate for a Conservation Easement, as well as for an RV Park. The site is ideal for an RV park, glamping recreation area, mixed-use development, or a myriad of other options.
    Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Map

    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.43
    Latitude
    34.6294

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    FAQs

    What type of property is this?
    Land - 16.5-acre mixed-use property near downtown Prescott and Willow Lake.
    Where is this land located?
    The property is located at 3240 AZ-89 Prescott, AZ.
    What is the asking price?
    The asking price for this property is $2,990,000.
    What are key features of this property?
    This property features: Over 16.5 acres with mixed‑use zoning, offering potential for RV park, glamping, and mixed‑use developments.; Direct access to Willow Lake Park and the Granite Dells, perfect for boating, fishing, hiking, and enjoying scenic trails.; Includes an updated house and rental unit, a 2.5‑car detached garage, pole barn, and five individually metered RV/trailer spaces.
    (602) 714-1400 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Klocek
    Real Estate License ID: AZ SA657592000
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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