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    423 ELM St, Page, AZ 86040

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    For Sale
    $899,000

    Multi Family, 2 story above ground, Triplex - Page, AZ

    Type:Multi Family
    Property size:
    8,988 SF
    Lot size:
    0.21 Acres
    Price / SF:
    $100/SF
    Added:
    May 23, 2026
    Days on Market:
    4
    Last Refresh:
    May 26 at 3:06 pm

    Property Features for 423 ELM St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Zoning
    Multi-family
    Bedrooms
    12
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Window Coverings, Flooring- Carpet, Flooring- Vinyl
    Exterior features
    Curb & Gutter
    Appliances
    Garbage Disposer, Range, Refrigerator
    Standard status
    Active
    APN
    800-12-019
    Size
    8,988 SF
    Lot size
    0.21 Acres

    Utilities

    Heating system
    Baseboard
    Cooling system
    Evaporative Cooling

    Building Details

    Year built
    1972
    Number of units
    6
    Flooring type
    Carpet, Vinyl
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Stacy Prince
    Stacy Prince

    Listing agent Stacy Prince License #BR045230000

    Listing office Prince Realty P.O. Box 2330, Page, AZ

    Listing date May 23, 2026

    MLS# 1606480 Listing URL

    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.

    HighLights

    • High income potential from a 4‑plex and separate duplex configuration.
    • Total of 12 bedrooms and 6 full/6 half bathrooms.
    • Remodeled units with new flooring and bathrooms.
    • Newer roof (replaced a few years ago).
    • All electric units with evaporative cooling.
    • Separate parking areas for the 4‑plex and duplex.

    Overview

    This property features a fourplex at the front and a duplex at the rear. The units are two stories. Each unit has two bedrooms upstairs with a full bath. The downstairs area includes a living room, a dining/kitchen area, and a half bath. In total, there are 12 bedrooms, 6 full baths, and 6 half baths. Parking is available in the front for the fourplex and in the rear for the duplex. The property is all electric and uses evaporative cooling. The roof was replaced a few years ago. Most of the units have been remodeled with new flooring and bathrooms. All water heaters have been replaced. The property is located in Page, Arizona, within Coconino County, and sits on a 0.21-acre lot. The property size is 8988 square feet. This multi-family property is zoned for multi-family use and is suitable as a residential income property.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $845.3K
    NOI $76,079 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.09M
    NOI $76,079 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.52M
    NOI $76,079 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $145.6k $16.20
    − Vacancy −$7.3k −$0.81
    EGI $138.3k $15.39
    − OpEx −$62.2k −$6.93
    NOI $76.1k $8.46
    8,988 SF · lease $16.20/SF/yr · vacancy 5.00% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $1.09M
    $951.0K – $1.27M (±1% cap)
    NOI $76,079 @ 7.0% cap · market cap 8.46%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.48M
    $2.17M – $2.90M (±1% cap)
    NOI $173,938 @ 7.0% cap · market cap 19.35%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Pet Store Pet Store & Service Pet Grooming Service Tattoo & Piercing Shop Catering Service Supermarket Restaurant Restaurant Restaurant Tanning Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Page
    County
    Coconino
    State
    Arizona
    Longitude
    -111.4628408
    Latitude
    36.9148057

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    FAQs

    What type of property is this?
    Apartment building - Two buildings with multiple units, remodeled with new flooring.
    Where is this apartment building located?
    The property is located at 423 ELM St Page, AZ.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: High income potential from a 4‑plex and separate duplex configuration.; Total of 12 bedrooms and 6 full/6 half bathrooms.; Remodeled units with new flooring and bathrooms.
    (928) 645-3707
    We can help!
    Listing Contact
    Stacy Prince
    Stacy Prince
    Real Estate License ID: BR045230000
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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.

    More about this property
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