500 Copper Basin Rd Prescott, AZ 86303-4602

This exceptional Prescott, Arizona investment opportunity presents a fully renovated, 15-unit multifamily property (previously a motel) boasting a strong 100% occupancy rate. Situated on a 0.45-acre lot at 500 Copper Basin Rd, Prescott, AZ 86303, this property offers 4,686 square feet of net rentable space, comprised of 13 studio units and 2 suites. The property underwent a complete renovation in 2022, enhancing its appeal and profitability. Currently generating a Net Operating Income (NOI) of $138,889, resulting in an 8.42% capitalization rate, with a pro-forma NOI of $167,083 and a pro-forma cap rate of 10.13%. The asking price is $1,649,000, translating to $109,933.33 per unit and $351.90 per square foot. Conveniently located near downtown Prescott and Highway 89, the property benefits from its proximity to shops, restaurants, and the Prescott Courthouse. Additional income streams are derived from on-site laundry facilities and late payment fees. The property features five buildings across two stories, with ample parking (20 spaces total), and is zoned for general business use. This is a turnkey operation ideal for an owner-user or 1031 exchange, offering significant potential for future growth in the thriving Prescott market. The property's APN is 109-09-078A. The building was originally constructed in 1962.