201 Sheridan Ave Williams, AZ 86046-2541
- Industrial properties
- 1,925 SF
- 0.81 lot acres
Current Use by Public Records
- Industrial properties
Property Details for 201 Sheridan Ave
- Year built
- 1922
- Construction
- CONCRETE
- Lot size
- 0.81 lot acres
- Property size
- 1,925 SF
- Property type
- Industrial properties
- Property subtype
- Industrial live-work properties
- APN
- 201-23-001
- APU
- 20123001
Description
This exceptional 27-unit apartment building presents a compelling investment opportunity in Williams, Arizona. Boasting a 6.65% cap rate, this property offers significant potential for return. The building, originally constructed in 1936 and extensively renovated in 2021, comprises 40,000 square feet on a 65,333 square foot lot. The 15,410 square feet of net rentable space is divided into a desirable unit mix: five studios, two one-bedroom/one-bathroom units, and twenty two-bedroom/one-bathroom units. All but one unit feature individual meters for electricity, water, and gas, minimizing operating expenses. The property benefits from assumable financing, subject to lender approval. Significant value-add potential exists through the addition of approximately four loft units in the existing 9,000 square feet of unrenovated space, further unit construction in the courtyard, or conversion to short-term rentals. Its prime location, approximately three blocks from downtown Williams and the Grand Canyon Railway, ensures high occupancy rates and strong rental demand. The property's solid construction (block and concrete) and updated systems (electrical, plumbing, heating, fire sprinklers) contribute to its long-term viability. Williams's thriving tourism industry and limited multifamily inventory create a highly favorable investment climate. The asking price is $4,495,000, with a price per unit of $166,481.48 and a price per square foot of $112.38. This is a rare opportunity to acquire a well-positioned, high-performing multifamily asset in a sought-after location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Williams
- County
- Coconino
- State
- Arizona
- Longitude
- -112.187
- Latitude
- 35.2473
- CBSA code
- 22380
- CBSA name
- FLAGSTAFF, AZ METROPOLITAN STATISTICAL AREA
