224-228 N Cortez Street, Prescott, AZ 86301

$950,000

Property Type: Commercial/Indstrial Square Footage: 16,168 Lot Size (sq. ft.): 9,583 Status: Closed

Current Price: $950,000 List Date: 6/18/2020 Last Modified: 6/20/2023

Overview

Description

Opportunity Zone! Live/Work/Play in the heart of Downtown Prescott. All entitlements and plans have been approved by the City and are in place for the redevelopment of this building into an 11-unit residential project (see attached rendering). Excellent Value-Add Investment Opportunity located in the heart of Downtown Prescott within the Opportunity Zone. The property consists of two separate buildings totaling 16,168 sf and is situated on two parcels (which have recently been combined) totaling .22 acres of prime downtown business zoned land. This building offers great street frontage, visibility and signage on both Cortez St. and Sheldon St. The rear of the building is served by an alley and can accommodate 12 parking spaces in tandem fashion. The historic property...(Click

Supplements: Opportunity Zone! Live/Work/Play in the heart of Downtown Prescott. All entitlements and plans have been approved by the City and are in place for the redevelopment of this building into an 11-unit residential project (see attached rendering). Excellent Value-Add Investment Opportunity located in the heart of Downtown Prescott within the Opportuni ... (Read more)

Listing Details MLS# 1021930

ContractAddressLegal

Original List Price: 1095000
Listing Price: 1095000
Street #: 224-228
Direction: N
Street Name: Cortez
St Suffix: Street
City/Township: Prescott
State: AZ
Zip Code: 86301
County: Yavapai
Tax Parcel: 113-15-066 & 067A

General Property Description

Aprx Acres: 0.22
Buildings: 2
Total Liveable SqFt: 16168
Source of Measuremnt: County Assessor
Stories: 3
Floor: 3
Parking Spaces: 18
Year Built: 1945
Management: Owner
CC & R Fees: 4950
Vac Rate %: 0
CAM $: 0
GRM: No

Tax Info

Taxes: 5098
Tax Year: 2018

Status Change Info

Under Contract Date: 2020-09-14
Sold Date: 2020-11-02
Sold Price/SqFt: 59
Financing: Cash

Contract/Address/Legal

List Price/SqFt: 68
Comm Type: Other
REO/Short Sale: Not Applicable
Zoning: DTB
Business Name: The Bucky O'Neil Hotel
Zoning Description: Downtown Business
Business Type: Multi-Fam, Hotel
Legal: CITY OF PRESCOTT PRESCOTT LESS TRI PTN OF LOT BEING APPROX 3 7.12' ON N X 14.4' ON W BY 39.82' TO CITY OF PRESCOTT FOR HW Y DESC DEEDS 189/322 LOT 7 BLK 2

Remarks & Misc

Directions: From the Downtown Courthouse Square, Head North on Cortez, Building on Left, next to Thai restaurant close to Sheldon St.
Remarks: Opportunity Zone! Live/Work/Play in the heart of Downtown Prescott. All entitlements and plans have been approved by the City and are in place for the redevelopment of this building into an 11-unit residential project (see attached rendering). Excellent Value-Add Investment Opportunity located in the heart of Downtown Prescott within the Opportunity Zone. The property consists of two separate buildings totaling 16,168 sf and is situated on two parcels (which have recently been combined) totaling .22 acres of prime downtown business zoned land. This building offers great street frontage, visibility and signage on both Cortez St. and Sheldon St. The rear of the building is served by an alley and can accommodate 12 parking spaces in tandem fashion. The historic property...(Click

More Information

Building Type

5+ Units: Yes
Motel/Hotel: Yes
Office - Building: Yes
Other - See Remarks: Yes

Construction

Stucco: Yes
Other - See Remarks: Yes

Cooling

Ceiling Fan(s): Yes
Other: Yes
See Remarks: Yes

External Amenities

Fence: Yes
Handicap Access: Yes

Flooring

Concrete: Yes
Tile: Yes

Heating

Natural Gas: Yes

Possession

At Recordation: Yes

Records Available

Other - See Remarks: Yes

Road Responsibility

City: Yes
City Maintained Road: Yes
Paved: Yes

Roof

Rolled/Hot Mop: Yes

Bathrooms

Shared: Yes
Other - See Remarks: Yes

Business Location

Freestanding Bldg: Yes
Other - See Remarks: Yes

Terms & Conditions

1031 Exchange: Yes
Assumable: Yes
Conventional: Yes
Lease/Purchase: Yes
Submit: Yes

Commercial Amenities

Ceiling Ht. Under 12: Yes

Utilities Installed

Electricity: Yes
Master Meter: Yes
Natural Gas: Yes
Telephone: Yes
Water - City: Yes
WWT - City Sewer: Yes

Internal Amenities

Ceiling Fan(s): Yes
Fire/Smoke Detector: Yes

Parking

On-Site: Yes
Street Parking: Yes
Other - See Remarks: Yes

Property Features

Bathrooms: Shared; Other - See Remarks Building Type: 5+ Units; Motel/Hotel; Office - Building; Other - See Remarks Business Location: Freestanding Bldg; Other - See Remarks Commercial Amenities: Ceiling Ht. Under 12 Construction: Stucco; Other - See Remarks Cooling: Ceiling Fan(s); Other; See Remarks External Amenities: Fence; Handicap Access Flooring: Concrete; Tile Heating: Natural Gas; Natural Gas Internal Amenities: Ceiling Fan(s); Fire/Smoke Detector Parking: On-Site; Street Parking; Other - See Remarks Possession: At Recordation Records Available: Other - See Remarks Road Responsibility: City Maintained Road; Paved Roof: Rolled/Hot Mop Utilities Installed: Electricity; Master Meter; Natural Gas; Telephone; Water - City; WWT - City Sewer

Listing Office: Better Homes And Gardens Real Estate Bloomtree Realty

Last Updated: June - 20 - 2023

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