6-Unit Apartment
508 S Cortez Street, Prescott, AZ 86303
For Sale
New
$949,998
Residential Income, Prescott, AZ
Property Size5,482 SF
Lot Size0.17 Acres
Price / SF$173.29
Days on Market5
Property Features for 508 S Cortez Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Rooms
Exterior features
Subdivision
Directions
Standard status
APN
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Heating system
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Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Additional Structures
Listing Agency:
Rent Right and Home Right
(928) 771-0308
Listed By:
Cody Anne Yarnes · License AZ SA576662000
(928) 925-4006
Added: Nov 10
Last Checked: Nov 13 at 11:06PM
MLS# 1086274
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.
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Investment Insights
Based on property information with market context.
This 6-unit apartment property contains approximately 5,482 square feet, with three 2-bedroom/1-bath units and three 1-bedroom/1-bath units. The building dates to 1976 and sits on a 0.17-acre lot. Interior and building features include frame construction, laminate, carpet and vinyl flooring, natural gas heat, central air, ceiling fans, laundry facilities and storage. Public water service is in place, and cable is available. The apartments are fully rented; two garages associated with Units 3 and 6 are available.
The property is near downtown Prescott, with Whiskey Row, restaurants and shopping identified nearby. Zoning is MFH.
The property is near downtown Prescott, with Whiskey Row, restaurants and shopping identified nearby. Zoning is MFH.
Key Highlights
- Approximately 5,482 square feet on a 0.17‑acre lot
- Six apartments: three 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units
- Two garages associated with Units 3 and 6 are available
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,433
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,168,660
$1.2M
Cap Rate 7%
$834,757
$834.8K
Cap Rate 9%
$649,256
$649.3K
Market Conditions
NOI Build-Up for 5,482 SF
Gross rent
$111.8K $20.40/SF
− Vacancy
−$5.6K −$1.02/SF
EGI
$106.2K $19.38/SF
− OpEx
−$47.8K −$8.72/SF
NOI
$58.4K $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 Rate 5%
$1,168,660
Cap Rate 7%
$834,757
Cap Rate 9%
$649,256
Alternative Uses
Best Use
Apartment 5plus
$834.8K
$730.4K – $973.9K
NOI $58,433 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.84M
$1.61M – $2.14M
NOI $128,552 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,189
Businesses Nearby
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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
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Market
Properties on Market for Apartment buildings in Yavapai County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property has a balanced mix of one- and two-bedroom apartments, with two associated garages available for rent.
Where is this apartment building located?
The property is located at 508 S Cortez Street Prescott, AZ.
What is the asking price?
The asking price for this property is $949,998.
What are key features of this property?
This property features: Approximately 5,482 square feet on a 0.17‑acre lot; Six apartments: three 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units; Two garages associated with Units 3 and 6 are available
