4-Plex and Back Duplex
For Sale
$869,000
423 ELM St, Page, AZ 86040
Multi Family, 2 story above ground, Triplex, Page, AZ
Property Size8,988 SF
Lot Size0.21 Acres
Price / SF$96.68
Days on Market95
Property Features for 423 ELM St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
12
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 9, Bathroom 4, Bathroom 8, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 9, Bedroom 6, Bedroom 8, Bathroom 5, Bathroom 7, Bedroom 11, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 3, Bedroom 7, Bedroom 10, Bedroom 12
Interior features
Window Coverings, Flooring- Carpet, Flooring- Vinyl
Appliances
Garbage Disposal, Refrigerator, Water Heater- Electric, Water Heater- Propane, Oven/Range- Electric
Subdivision
Page Townsite
Lot features
Curb & Gutter
Standard status
Active
APN
800-12-019
Size
8,988 SF
Lot size
0.21 Acres
Utilities
Heating system
Baseboard
Building Details
Year built
1972
Floors in Building
2
Number of units
6
Roof type
Shingle
Architectural style
Other
Listing Agency:
Prince Realty
(928) 645-3707
Listed By:
Stacy Prince · License #BR045230000
(928) 645-3707
Added: May 23
Changed: Aug 24
Last Checked: Aug 25 at 1:06AM
MLS# 1606480
Copyright © 2026 Page Lake Powell MLS. 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 multi-family property consists of a 4-plex in the front and a separate duplex in the back. The units are two-story configurations, with two bedrooms and a full bath upstairs. Downstairs features a living area and a dining/kitchen area, along with a 1/2 bath. In total, the property includes 12 bedrooms and 6 full baths plus 6 1/2 baths. The units are all-electric and use evaporative cooling. The roof was replaced a few years ago, and water heaters have been replaced throughout. Many units have been remodeled with new flooring and bathrooms.
Parking is available at the front for the 4-plex and in the rear for the duplex.
This is a residential income property zoned for multi-family use.
Parking is available at the front for the 4-plex and in the rear for the duplex.
This is a residential income property zoned for multi-family use.
Key Highlights
- 4‑plex in front plus separate duplex in back, configured as 2‑story units
- Total of 12 bedrooms and 6 full baths, plus 6 1/2 baths overall across the units
- Each unit has 2 bedrooms upstairs with a full bath; downstairs includes living area and dining/kitchen plus a 1/2 bath
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
$76,079
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
8.75%
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%
$1,521,580
$1.5M
Cap Rate 7%
$1,086,843
$1.1M
Cap Rate 9%
$845,322
$845.3K
Market Conditions
NOI Build-Up for 8,988 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
$145.6K $16.20/SF
− Vacancy
−$7.3K −$0.81/SF
EGI
$138.3K $15.39/SF
− OpEx
−$62.2K −$6.93/SF
NOI
$76.1K $8.46/SF
Area
Coconino County, AZ
Vacancy
5.00%
Lease Rate
$16.20 /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%
$1,521,580
Cap Rate 7%
$1,086,843
Cap Rate 9%
$845,322
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.03M – $1.37M
NOI $82,049 @ 7.0% cap · market cap 9.44%
Second Best
Apartment 5plus
$1.09M
$951.0K – $1.27M
NOI $76,079 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$2.48M
$2.17M – $2.90M
NOI $173,938 @ 7.0% cap · market cap 20.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
636
Businesses Nearby
Explore this area
Business Placement
Demographics for 86040, AZ
10,179
Population
4,801
Households
2.1
Avg Household Size
34
Median Age
24%
College-Educated
90%
High-School Grad
887.9 sq mi
ZIP Area
11
Density / Sq Mi
$82,544
Median Household Income
$47,070
Median Earnings
$1,009
Median Rent
$124,600
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?
Duplex - A multi-family property featuring a 4-plex and a separate duplex with all-electric systems and updated units.
Where is this duplex located?
The property is located at 423 ELM St Page, AZ.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: 4‑plex in front plus separate duplex in back, configured as 2‑story units; Total of 12 bedrooms and 6 full baths, plus 6 1/2 baths overall across the units; Each unit has 2 bedrooms upstairs with a full bath; downstairs includes living area and dining/kitchen plus a 1/2 bath
