4-Unit Quadplex with Covered
For Sale
$1,185,000
520 S Cortez St, Prescott, AZ 86303
Concrete construction includes four distinct floor plans and an owner’s residence.
Property Size5,609 SF
Price / SF$211.27
Days on Market8
Property Features for 520 S Cortez St
General Information
Standard status
Active
Size
5,609 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
light renovations and updates
Additional Details
Road Access
Yes
Multifamily Units
4
Amenities
covered temperature controlled Arizona room
exterior covered parking
fenced in garden area
motorhome pad with full hookups
Building Details
Year Built
1996
Buildings
1
Construction
poured concrete
Listing Agency:
Better Homes And Gardens Real Estate Bloomtree Realty
(928) 916-1921
Listed By:
Trent Montgomery Beaver · License #SA647953000
Source:
Thebergaminigroup
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 3:42PM
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 Better Homes And Gardens Real Estate Bloomtree Realty
Investment Insights
Based on property information with market context.
Built in 1996, this 5,609-square-foot quadplex contains four separate floor plans, including an owner’s residence exceeding 1,600 square feet. The structure incorporates 12-inch poured concrete walls and 4-inch concrete flooring supported by steel web girders. A covered, temperature-controlled Arizona room provides west-facing views, while a designated shaft is in place for a potential future elevator.
The property is located at 520 S Cortez St near historic downtown Prescott. Exterior covered parking, paved road and alley access, a fenced garden area, and a motorhome pad with full hookups serve the site. Current zoning permits expansion with an additional multifamily building, creating a documented path for future development. The oversized lot and existing four-unit configuration support both owner occupancy and rental use.
The property is located at 520 S Cortez St near historic downtown Prescott. Exterior covered parking, paved road and alley access, a fenced garden area, and a motorhome pad with full hookups serve the site. Current zoning permits expansion with an additional multifamily building, creating a documented path for future development. The oversized lot and existing four-unit configuration support both owner occupancy and rental use.
Key Highlights
- 5,609‑square‑foot quadplex built in 1996
- Four distinct floor plans, including an owner’s unit exceeding 1,600 square feet
- 12‑inch poured concrete walls with 4‑inch concrete flooring and steel web girders
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
$64,219
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
5.42%
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%
$1,284,380
$1.3M
Cap Rate 7%
$917,414
$917.4K
Cap Rate 9%
$713,544
$713.5K
Market Conditions
NOI Build-Up for 5,609 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
$97.6K $17.40/SF
− Vacancy
−$5.9K −$1.04/SF
EGI
$91.7K $16.36/SF
− OpEx
−$27.5K −$4.91/SF
NOI
$64.2K $11.45/SF
Area
Yavapai County, AZ
Vacancy
6.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,284,380
Cap Rate 7%
$917,414
Cap Rate 9%
$713,544
Alternative Uses
Best Use
Multifamily LT 5
$917.4K
$802.7K – $1.07M
NOI $64,219 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$854.1K
$747.3K – $996.4K
NOI $59,786 @ 7.0% cap · market cap 5.05%
Theoretical Best
Warehouse
$1.88M
$1.64M – $2.19M
NOI $131,530 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,189
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Concrete construction includes four distinct floor plans and an owner’s residence.
Where is this quadplex located?
The property is located at 520 S Cortez St Prescott, AZ.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: 5,609‑square‑foot quadplex built in 1996; Four distinct floor plans, including an owner’s unit exceeding 1,600 square feet; 12‑inch poured concrete walls with 4‑inch concrete flooring and steel web girders
