Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    227 Cortez St Prescott, AZ 86301-3017

    • Office buildings
    • 801 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Apr 14, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0512036
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Amore Full Service Salon / Hair Salon / Nail Salon
    • Chris Fleming Guitars / (Bike/Boat/Book/etc) Store

    Property Details for 227 Cortez St

    Year built
    1986
    Construction
    CONCRETE
    Lot size
    0.17 lot acres
    Property size
    801 SF
    Property type
    Office buildings
    APN
    113-16-007B
    APU
    11316007B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Prescott
    County
    Yavapai
    State
    Arizona
    Longitude
    -112.468
    Latitude
    34.5449
    CBSA code
    39150
    CBSA name
    PRESCOTT VALLEY-PRESCOTT, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $2,293
    $15,971
    $32,877
    $48,848
    -
    $88,728
    $182,649
    $271,377

    Comparable in this City

    • Value Estimation by Request
      925 SF

      710 5th St

      OFFICE BUILDING • 925 SF
      710 5th St, Prescott, AZ 86301-2008
      View Details
    • Value Estimation by Request
      2,800 SF

      417 Arizona Ave

      OFFICE BUILDING • 2,800 SF
      417 Arizona Ave, Prescott, AZ 86301-2605
      View Details
    • Value Estimation
      $575,000
      4,469 SF

      1965 Commerce Ctr Cir

      OFFICE BUILDING • 4,469 SF
      1965 Commerce Ctr Cir, Prescott, AZ 86301-4484
      View Details
    • Value Estimation
      $2,230,000
      16,168 SF

      105 Cortez St

      OFFICE BUILDING • 16,168 SF
      105 Cortez St, Prescott, AZ 86301-3015
      View Details
    • Value Estimation
      $1,000,000
      7,507 SF

      101 Cortez St

      OFFICE BUILDING • 7,507 SF
      101 Cortez St, Prescott, AZ 86301-3015
      View Details
    • Value Estimation
      $1,030,000
      9,217 SF

      200 Granite St

      OFFICE BUILDING • 9,217 SF
      200 Granite St, Prescott, AZ 86301
      View Details

    Similar Nearby for Sale

    • Sponsored
      $849,500
      2,863 SF

      Health and Healing Center

      Rare Opportunity for Exceptional Location Zoned For Commercial and/or Residential
      1237 N Rhinestone Dr, Prescott, AZ 86301
      View Details
    • $1,800,000
      Pending

      Prescott Office Condo Opportunity

      Nine-unit office condo near downtown Prescott with investment potential.
      143 N Mccormick St, Prescott, AZ 86301
      View Details
    • $2,300,000
      4,019 SF

      NextCare Urgent Care Investment

      NNN leased medical office with long-term tenant in Prescott.
      2062 Willow Creek Rd, Prescott, AZ 86301
      View Details
    • $384,999
      0.18 Acres

      Versatile Prescott Property For Sale

      High-visibility property near Yavapai College with income and future potential.
      711 E Sheldon St, Prescott, AZ 86301
      View Details
    • $999,900
      2,858 SF

      Prescott Medical Office Building

      High-traffic location, 7 exam rooms, ample parking.
      1011 Ruth St, Prescott, AZ 86301
      View Details
    • $599,478
      0.20 Acres

      Downtown Prescott Commercial Opportunity

      Versatile commercial space in downtown Prescott, suitable for various businesses.
      112 N Summit Ave, Prescott, AZ 86301
      View Details

    Similar Nearby for Lease

    • New
      $20 SF/Yr
      7,405 SF

      Downtown Prescott Office Building For Rent

      High-visibility office building near Courthouse Square with flexible layout.
      221 N Marina St, Prescott, AZ 86301
      View Details
    • $18 SF/Yr
      11,622 SF

      Carson Medical Office Building

      Prime Medical/Office Space Available
      804 Ainsworth Dr, Prescott, AZ 86301
      View Details
    • $16 SF/Yr
      4,356 SF

      Move-In Ready Professional Office Space

      Professional office space with reception, offices, conference room, and amenities.
      1965 Commerce Center Cir, Prescott, AZ 86301
      View Details
    • $20 SF/Yr
      7,405 SF

      Professional Office Suite Near Downtown

      Well-maintained 705 SF office suite minutes from downtown Prescott.
      300 E Willis St, Prescott, AZ 86301
      View Details
    • $19 SF/Yr
      11,761 SF

      Medical Office Building For Lease

      Prime medical office building near hospital, ready for immediate occupancy.
      1202 Willow Creek Rd, Prescott, AZ 86301
      View Details
    • $1.00 SF/Yr
      12,632 SF

      Renovated Office Space Available

      Professionally renovated office spaces with utilities and WiFi included.
      637 W Hillside C-Wing Ave, Prescott, AZ 86301
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    227 Cortez St
    Prescott, AZ 86301-3017
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.