Well-Maintained Office
For Sale
$1,600,000
624 W Gurley Street, Prescott, AZ 86305
Attractive office building with covered tenant parking and paved customer parking under long-term NNN leases.
Property Size5,990 SF
Price / SF$267.11
Days on Market124
Property Features for 624 W Gurley Street
General Information
Standard status
Active
Size
5,990 SF
Total Parking Spaces
19
Property subtype
Office
Building Details
Year Built
1955
Listing Agency:
JFowler Commercial LLC
(928) 899-1378
Listed By:
G. Jack Fowler · License #BR038760000
(928) 899-1378
Source:
Xome
Added: Apr 6
Changed: Jul 10
Last Checked: Aug 7 at 12:54AM
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 JFowler Commercial LLC
Investment Insights
Based on property information with market context.
This very clean, attractive, and well-maintained office building is offered for sale with existing long-term tenants in place. The property includes covered parking for tenants and paved parking for customers, supporting everyday access for staff and visitors. The offering is structured around NNN leases.
Located just blocks from downtown Prescott, the building benefits from an established, walkable commercial setting. Parking capacity is a key component of the site plan, with seven covered tenant spaces and twelve paved customer spaces available on site.
For tenants and buyers seeking an office asset with practical on-site parking and stabilized, long-term occupancy, this property presents a straightforward fit. The NNN lease structure may appeal to those looking to align operating-cost responsibility with the tenant, while the maintained condition can reduce near-term questions about building upkeep.
Located just blocks from downtown Prescott, the building benefits from an established, walkable commercial setting. Parking capacity is a key component of the site plan, with seven covered tenant spaces and twelve paved customer spaces available on site.
For tenants and buyers seeking an office asset with practical on-site parking and stabilized, long-term occupancy, this property presents a straightforward fit. The NNN lease structure may appeal to those looking to align operating-cost responsibility with the tenant, while the maintained condition can reduce near-term questions about building upkeep.
Key Highlights
- Well‑maintained office building built in 1955
- NNN leases with long‑term tenants
- Tenant parking: 7 covered spaces
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
$87,120
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
5.45%
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%
$1,742,400
$1.7M
Cap Rate 7%
$1,244,571
$1.2M
Cap Rate 9%
$968,000
$968.0K
Market Conditions
NOI Build-Up for 5,990 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
$139.4K $23.28/SF
− Vacancy
−$23.3K −$3.89/SF
EGI
$116.2K $19.39/SF
− OpEx
−$29.0K −$4.85/SF
NOI
$87.1K $14.54/SF
Area
Yavapai County, AZ
Vacancy
16.70%
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%
$1,742,400
Cap Rate 7%
$1,244,571
Cap Rate 9%
$968,000
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $87,120 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.01M
$1.76M – $2.34M
NOI $140,464 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,665
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Attractive office building with covered tenant parking and paved customer parking under long-term NNN leases.
Where is this office building located?
The property is located at 624 W Gurley Street Prescott, AZ.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Well‑maintained office building built in 1955; NNN leases with long‑term tenants; Tenant parking: 7 covered spaces
