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    824 Route 66 Flagstaff, AZ 86001

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    For Lease
    Contact for pricing

    Prime Flagstaff Office, Retail, Restaurant

    Lot size:
    16,000 SF

    Property Features for 824 Route 66

    General Information

    Property type
    Medical Office Space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    16,000 SF
    Class
    A
    Total Rate
    32000

    Building Details

    Year Built/Renovated
    2018/2018
    Buildings
    2
    Stories
    5

    Spaces For Lease

    at 824 Route 66, Flagstaff, AZ 86001 Contact us
    Unit Flex Space Available

    $24 /Mo

    Size
    1,525 SF
    Contact us

    We can help!

    Listing Contact
    Darien Degher
    Darien Degher

    Listing Agency: Coldwell Banker Dallas Real Estate Listing Agent: Darien Degher

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This Class A, 16,000 square foot multi-tenant property, located at 824 W Rte 66, Flagstaff, AZ 86001, offers a unique opportunity. Built in 2018 and renovated the same year, this two-building complex boasts five stories and features 1,500 square feet of immediately available space, with a maximum contiguous space of 1,500 square feet. The property is zoned HC and has an APN of 10301003A. The building offers a 12-foot ceiling height and is served by APS power. With 56 parking spaces, ample parking is available for tenants and their clients. The convenient location on Old Route 66 provides excellent visibility and accessibility. The property includes elevators. This versatile space is ideal for a variety of uses, including creative office, medical office, executive office, traditional office, retail, or restaurant. The current vanilla shell condition allows for complete customization to suit your business needs. Located in a thriving area with existing tenants such as Urban Shave, Benchmark Mortgage, Evolve Physical Therapy, and Brown Bag Burger, this space offers a unique opportunity to be part of a vibrant community. The 4.8 acres of land provide ample space and potential for future expansion. Taxes are $5 per square foot. Flexible lease terms are available. Don't miss this chance to establish your business in a prime Flagstaff location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Standard at Flagstaff Student Housing Center Wallick & Volk, Inc. ... Loan Service Brown Bag Burger ... Restaurant The Urban Shave Barbershop Barber Shop Evolve Eats Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Flagstaff
    County
    Coconino
    State
    Arizona
    Longitude
    -111.6624416
    Latitude
    35.1923964

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    FAQs

    What type of property is this?
    Medical Office Space - Prime Flagstaff Office, Retail, Restaurant
    Where is this medical office space located?
    The property is located at 824 Route 66 Flagstaff, AZ.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: Class A, 16,000 SF multi-tenant property in Flagstaff, AZ.; 1,500 SF of immediately available space, maximum contiguous space 1,500 SF.; Located on Old Route 66 with excellent visibility and accessibility.
    (928) 607-3749 Call to check price and availability
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    824 Route 66 Flagstaff, AZ 86001
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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.

    More about this property
    824 Route 66 Flagstaff, AZ 86001
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    Contact for Pricing
    Please call us for current price
    and status of this listing Darien Degher
    Darien Degher
    Real Estate License ID: SA640115000
    (928) 607-3749 (928) 526-5309
    Learn more
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