214 N Arizona Avenue, Prescott, AZ 86301

$3,750,000
Property Type: Multi-Family Square Footage: 11,600 Lot Size (sq. ft.): 27,878 Status: Active
Current Price: $3,750,000 List Date: 2/25/2026 Last Modified: 2/26/2026

Description

Fully leased 12 unit + office multifamily portfolio in Downtown Prescott. Three parcels totaling approximately 0.64 acres with ±11,600 SF of improvements, 100% leased to a licensed treatment operator under a modified NNN lease structure. Current rent of $20,800/month increases 4% upon renewal, producing $249,600 in annual income post-renewal. Tenant reimburses operating expenses and pays property taxes directly, providing stable, low-management cash flow. Zoned MF-M with long-term flexibility for continued multifamily use or redevelopment. Rare, stabilized investment opportunity in a supply-constrained downtown submarket. Offered at $3,750,000 (~6.66% cap on post-renewal income).

More Information MLS# 1079801

Contract/Address/Legal

On-Market Date: 2026-02-25 List Price/SqFt: 323 Rent/Lease: No Neighborhood: N/A REO/Short Sale: Not Applicable Zoning: MF-M Legal: Parcel 114-04-011 - Lots 9 and 11, Block 17, Joslin-Whipple Subdivision Parcel 114-04-012 - Lot 13 and the South 5 feet of lot 11, Block 17, of Whipple Heights Parcel 114-04-018 - The East 50 feet of Lots 18 and 20, Block 17, Whipple Heights

General Property Description

Aprx Acres: 0.64 Lot #: Multi Lot Size: 28413 HOA Y/N: No Buildings: 7 Source of Measuremnt: Owner Management: Owner Vac Rate %: 0 Solar Y/N: No More than 5 Units: Yes Total Liveable SqFt: 11600 Year Built: 1992 Baths - Full: 12

Tax Info

Taxes: 6330 Tax Year: 2025

Remarks & Misc

Directions: From Gurley Street in Downtown Prescott, head north on Arizona Avenue. Property consists of three parcels located between Willis Street and N Arizona Avenue, addressed as 710 E Willis St and 212 & 214 N Arizona Ave. Remarks: Fully leased 12 unit + office multifamily portfolio in Downtown Prescott. Three parcels totaling approximately 0.64 acres with ±11,600 SF of improvements, 100% leased to a licensed treatment operator under a modified NNN lease structure. Current rent of $20,800/month increases 4% upon renewal, producing $249,600 in annual income post-renewal. Tenant reimburses operating expenses and pays property taxes directly, providing stable, low-management cash flow. Zoned MF-M with long-term flexibility for continued multifamily use or redevelopment. Rare, stabilized investment opportunity in a supply-constrained downtown submarket. Offered at $3,750,000 (~6.66% cap on post-renewal income).

Building Type

5+ Units: 1

Construction

Frame - Wood: 1

Cooling

Ceiling Fan(s): 1 Central Refriger: 1 Evaporative Cooling: 1 Heat Pump: 1 Room Evap: 1

External Amenities

Handicap Access: 1 Landscaped: 1

Flooring

Carpet: 1 Laminate: 1 Tile: 1

Heating

Electric: 1 Heat Pump: 1 Natural Gas: 1

Owner Pays

None: 1

Records Available

None: 1

Road Frontage Type

City Street: 1

Road Surface Type

Paved: 1

Road Responsibility

City Maintained Road: 1

Roof

Asphalt Shingle: 1

Terms & Conditions

1031 Exchange: 1 Conventional: 1

Utilities Installed

Electricity: 1 Individual Meter: 1 Natural Gas: 1 Water - City: 1 WWT - City Sewer: 1

Water Heater

Natural Gas: 1

ContractAddressLegal

Original List Price: 3750000 Listing Date: 2026-02-24 Status: Active Listing Price: 3750000 Street #: 214 Direction: N Street Name: Arizona St Suffix: Avenue City/Township: Prescott State: AZ Zip Code: 86301 Subdivision: Joslin Whipple County: Yavapai Tax Parcel: 114-04-011, -012, -018

Property Features

Building Type: 5+ Units Construction: Frame - Wood Cooling: Ceiling Fan(s); Central Refriger; Evaporative Cooling; Heat Pump; Room Evap External Amenities: Handicap Access; Landscaped Flooring: Carpet; Laminate; Tile Heating: Electric; Heat Pump; Natural Gas Owner Pays: None Records Available: None Road Frontage Type: City Street Road Surface Type: Paved Road Responsibility: City Maintained Road Roof: Asphalt Shingle Utilities Installed: Electricity; Individual Meter; Natural Gas; Water - City; WWT - City Sewer Water Heater: Natural Gas
Listing Office: Commercial Advisors of Prescott
Last Updated: February - 26 - 2026
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