5-Unit Apartment
For Sale
Contact for pricing
622/624 Western Ave. 201/201 1/2/203 Garden St., Prescott, AZ 86305
Fully occupied property with a varied unit mix, separate gas and electric metering, and month-to-month tenancies.
Property Size3,198 SF
Price / SF$312.38
Days on Market177
Property Features for 622/624 Western Ave. 201/201 1/2/203 Garden St.
General Information
Standard status
Active
Size
3,198 SF
Property subtype
Multifamily
Zoning
BG - Business General
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Gross Income
$86,160
Building Details
Year Built
1930
Buildings
4
Stories
1
Units
5
Tenancy
Multi
Construction
garden
Listing Agency:
Arizona Commercial Real Estate
(928) 642-3032
Listed By:
Abigail Chartier · License #SA710066000
Source:
Crexi
Added: Mar 9
Changed: Aug 30
Last Checked: Aug 31 at 8:49PM
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 Arizona Commercial Real Estate
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains three 2-bedroom/1-bath units, one 1-bedroom/1-bath unit, and one studio. The 3,198-square-foot building was constructed in 1930 and is fully occupied. Gas and electric service are individually metered for each unit, while month-to-month tenancy provides flexibility for future ownership.
The property is located at 622/624 Western Ave. and 201/201 1/2/203 Garden St. in Prescott, Arizona. Zoning is BG - Business General. The combination of five residences, varied layouts, separate utility metering, and existing occupancy provides a straightforward multifamily configuration.
The property is located at 622/624 Western Ave. and 201/201 1/2/203 Garden St. in Prescott, Arizona. Zoning is BG - Business General. The combination of five residences, varied layouts, separate utility metering, and existing occupancy provides a straightforward multifamily configuration.
Key Highlights
- Five‑unit apartment property with three 2‑bedroom/1‑bath units, one 1‑bedroom/1‑bath unit, and one studio
- 3,198 square feet constructed in 1930
- Fully occupied with month‑to‑month tenancies
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
$34,087
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
3.41%
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%
$681,740
$681.7K
Cap Rate 7%
$486,957
$487.0K
Cap Rate 9%
$378,744
$378.7K
Market Conditions
NOI Build-Up for 3,198 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
$65.2K $20.40/SF
− Vacancy
−$3.3K −$1.02/SF
EGI
$62.0K $19.38/SF
− OpEx
−$27.9K −$8.72/SF
NOI
$34.1K $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 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%
$681,740
Cap Rate 7%
$486,957
Cap Rate 9%
$378,744
Alternative Uses
Best Use
Apartment 5plus
$487.0K
$426.1K – $568.1K
NOI $34,087 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.07M
$937.4K – $1.25M
NOI $74,992 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,931
Businesses Nearby
Explore this area
Business Placement
Demographics for 86305, AZ
19,555
Population
10,920
Households
1.8
Avg Household Size
62
Median Age
47%
College-Educated
97%
High-School Grad
588.5 sq mi
ZIP Area
33
Density / Sq Mi
$78,802
Median Household Income
$37,630
Median Earnings
$1,132
Median Rent
$627,100
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?
Apartment building - Fully occupied property with a varied unit mix, separate gas and electric metering, and month-to-month tenancies.
Where is this apartment building located?
The property is located at 622/624 Western Ave. 201/201 1/2/203 Garden St. Prescott, AZ.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Five‑unit apartment property with three 2‑bedroom/1‑bath units, one 1‑bedroom/1‑bath unit, and one studio; 3,198 square feet constructed in 1930; Fully occupied with month‑to‑month tenancies
