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    615 W Hillside Avenue, Prescott, AZ 86301

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    Centrally located Prescott triplex with two 2-bedroom units and one 1-bedroom unit.

    Type:Multifamily
    Added:
    May 29, 2026
    Days on Market:
    9
    Last Refresh:
    Jun 6 at 4:42 am

    Property Features for 615 W Hillside Avenue

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1934

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    Listing Contact
    David Coyne

    Listing agent David Coyne

    Listing office Keller Williams Arizona Realty

    Listing date May 29, 2026

    Source Crexi

    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 Keller Williams Arizona Realty

    HighLights

    • Triplex in central Prescott with 3 total units: two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
    • Two units at 615 and 613 are 2BD/1BA and were originally built in 1934
    • Separate unit at 611 is a 1BD/1BA and was built in 1995
    • Property is fully rented, providing immediate income potential
    • Centrally located near downtown Prescott, shopping, dining, and local amenities

    Overview

    This property is a fully rented three-unit multifamily investment in Prescott. The building includes two separate 2-bedroom, 1-bath units at 615 and 613 W Hillside Avenue. Those units were originally built in 1934. A third unit at 611 W Hillside Avenue provides a 1-bedroom, 1-bath layout and was built in 1995.

    The asset is positioned in the heart of Prescott, within convenient proximity to downtown Prescott and a range of shopping, dining, and local amenities. This central setting supports everyday accessibility for residents.

    For investors or owner-operators seeking a small residential income property, the current configuration offers a mix of unit sizes—two larger 2-bedroom homes alongside a separate 1-bedroom residence—within one three-unit structure. Because the property is described as fully rented, it may appeal to buyers looking to take over an income-producing asset with existing tenants already in place. Units are individually addressed within the same overall property, simplifying property-level management while maintaining distinct living spaces.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.4765686
    Latitude
    34.5529544

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    FAQs

    What type of property is this?
    Triplex - Centrally located Prescott triplex with two 2-bedroom units and one 1-bedroom unit.
    Where is this triplex located?
    The property is located at 615 W Hillside Avenue Prescott, AZ.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: Triplex in central Prescott with 3 total units: two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; Two units at 615 and 613 are 2BD/1BA and were originally built in 1934; Separate unit at 611 is a 1BD/1BA and was built in 1995
    We can help!
    Contact for Pricing
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    and status of this listing
    David Coyne
    Learn More
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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.

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