Office Building with Fully Leased
For Sale
$1,450,000
515 N Beaver Street, Flagstaff, AZ 86001
COMMERCIAL - Flagstaff, AZ
Property Size4,052 SF
Lot Size0.16 Acres
Price / SF$357.85
Days on Market110
Property Features for 515 N Beaver Street
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security System
Lot features
Landscaped
Directions
Property is located on the west side of N. Beaver St between W. Fine and W. Elm Ave.
Subdivision
145 - Flagstaff Townsite
Standard status
Active
APN
10003016
Size
4,052 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SUBDIVISION: RAILROAD ADD BLOCK: 65 LOT: 21 AND:- LOT: 22 SIXTEENTH: NW QUARTER: SW SECTION: 15 TOWNSHIP: 21N RANGE: 07E
Tax Annual Amount
10144
Legal Description
SUBDIVISION: RAILROAD ADD BLOCK: 65 LOT: 21 AND:- LOT: 22 SIXTEENTH: NW QUARTER: SW SECTION: 15 TOWNSHIP: 21N RANGE: 07E
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Central
Cooling system
Central Air, Gas (Cooling)
Building Details
Year built
1986
Floors in Building
2
Roof type
Shake
Listing Agency:
Coldwell Banker Northland · Coldwell Banker Real Estate
(928) 526-5309
Listed By:
Darien D Degher · License #SA640115000
(928) 607-3749
Added: Apr 20
Changed: Aug 4
Last Checked: Aug 7 at 3:06PM
MLS# 204195
Copyright © 2026 Northern Arizona Multiple Listing Service. 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 office building includes a fully leased front portion and a rear section presented as vacant or near-vacant, creating flexibility for either owner-occupancy or additional leasing. The property sits on a 0.16-acre lot and totals 4,052 square feet. Built in 1986, the building features a shake roof and central heating with natural gas, along with central air and gas (cooling). Cable is available.
The building is positioned just north of downtown Flagstaff, offering a professional office presence with proximity to downtown amenities, major employment centers, and regional transportation corridors.
With secured tenancy at the front and available space at the rear, the building is designed to support a range of occupancy and leasing strategies within a single asset.
The building is positioned just north of downtown Flagstaff, offering a professional office presence with proximity to downtown amenities, major employment centers, and regional transportation corridors.
With secured tenancy at the front and available space at the rear, the building is designed to support a range of occupancy and leasing strategies within a single asset.
Key Highlights
- 4,052 SF office building on a 0.16‑acre lot
- Front portion fully leased for immediate cash flow
- Rear section described as vacant or near‑vacant for future occupancy or leasing
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
$55,891
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
3.85%
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%
$1,117,820
$1.1M
Cap Rate 7%
$798,443
$798.4K
Cap Rate 9%
$621,011
$621.0K
Market Conditions
NOI Build-Up for 4,052 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
$94.3K $23.28/SF
− Vacancy
−$19.8K −$4.89/SF
EGI
$74.5K $18.39/SF
− OpEx
−$18.6K −$4.60/SF
NOI
$55.9K $13.79/SF
Area
Coconino County, AZ
Vacancy
21.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
25.00%
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%
$1,117,820
Cap Rate 7%
$798,443
Cap Rate 9%
$621,011
Alternative Uses
Best Use
Office B
$798.4K
$698.6K – $931.5K
NOI $55,891 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$980.2K – $1.31M
NOI $78,415 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 86001, AZ
37,093
Population
15,364
Households
2.4
Avg Household Size
27
Median Age
55%
College-Educated
96%
High-School Grad
290.4 sq mi
ZIP Area
128
Density / Sq Mi
$62,587
Median Household Income
$24,346
Median Earnings
$1,505
Median Rent
$570,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Front portion is fully leased, with rear space available for occupancy or lease.
Where is this office building located?
The property is located at 515 N Beaver Street Flagstaff, AZ.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 4,052 SF office building on a 0.16‑acre lot; Front portion fully leased for immediate cash flow; Rear section described as vacant or near‑vacant for future occupancy or leasing
