309 N Humphreys St Flagstaff, AZ 86001

Property Details for 309 N Humphreys St

Year built

1943

Lot size

0.24 lot acres

Property size

3,648 SF

Property type

Commercial real estate

APN

10009001e

Description

This exceptional investment opportunity presents a five-unit apartment building situated on a prominent corner lot in Historic Downtown Flagstaff, Arizona. The 3,648 square foot property, built in 1943 with renovations in 2004 and 2018, boasts a strong current income stream. The building comprises five residences: four fully furnished short-term rentals (STRs) – including a studio, two two-bedroom/one-bath units (one a penthouse), and a one-bedroom/one-bath unit – and one long-term one-bedroom/one-bath apartment. The property features 13 parking spaces, a significant advantage in a downtown setting. The 0.24-acre lot is zoned CC (Community Commercial), offering diverse potential uses, including continued operation as a turnkey STR business, conversion to long-term rentals, or adaptation for commercial purposes. The building has undergone extensive updates, including dual-pane windows, exterior stucco, electrical, plumbing, flooring, and roofing. The asking price is $1,799,000, representing a price per square foot of $493.15 and a 3.65% cap rate with a current NOI of $65,608. Seller financing may be available with a closing in late 2024 or early 2025. The property's rich history includes previous uses as a running store, hair salon, and professional offices. The City of Flagstaff may permit additional building above the existing paved parking lot. This is a rare opportunity to acquire a high-profile, income-producing property in a desirable location.