Three-Unit Multifamily
For Sale
$699,000
615 West Hillside Avenue, Prescott, AZ 86301
Centrally located Prescott triplex with two 2-bedroom units and one 1-bedroom unit.
Property Size2,199 SF
Price / SF$317.87
Days on Market175
Property Features for 615 West Hillside Avenue
General Information
Standard status
Active
Size
2,199 SF
Property subtype
Residential Income
Zoning
MF-H
Occupancy
100%
Net Operating Income
$41,000
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,534
Amenities
Ceiling Fan(s), Central Refriger
Forced - Gas
Carpet, Tile
Asphalt
1.0
Other
Building Details
Year Built
1934
Buildings
2
Tenancy
Multi
Listing Agency:
Keller Williams Arizona Realty
(928) 363-6330
Listed By:
David Coyne · License #SA691411000
(928) 363-6330
Source:
Compass
Added: Mar 7
Changed: Aug 28
Last Checked: Aug 26 at 1:34PM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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
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
$25,177
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
3.60%
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%
$503,540
$503.5K
Cap Rate 7%
$359,671
$359.7K
Cap Rate 9%
$279,744
$279.7K
Market Conditions
NOI Build-Up for 2,199 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
$38.3K $17.40/SF
− Vacancy
−$2.3K −$1.04/SF
EGI
$36.0K $16.36/SF
− OpEx
−$10.8K −$4.91/SF
NOI
$25.2K $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%
$503,540
Cap Rate 7%
$359,671
Cap Rate 9%
$279,744
Alternative Uses
Best Use
Multifamily LT 5
$359.7K
$314.7K – $419.6K
NOI $25,177 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$334.8K
$293.0K – $390.7K
NOI $23,439 @ 7.0% cap · market cap 3.35%
Theoretical Best
Warehouse
$736.7K
$644.6K – $859.4K
NOI $51,566 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,966
Businesses Nearby
Explore this area
Business Placement
Demographics for 86301, AZ
25,115
Population
13,863
Households
1.8
Avg Household Size
57
Median Age
37%
College-Educated
96%
High-School Grad
33.4 sq mi
ZIP Area
752
Density / Sq Mi
$71,962
Median Household Income
$33,989
Median Earnings
$1,580
Median Rent
$495,100
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?
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 West 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
