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

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 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 formerly served as the Depot Hotel and the Bucky O'Neil Hotel when originally constructed in both 1911 & 1913. This commercial building is not on the historic register, not fire sprinklered and not elevator served. Seller may carry upon approved Buyer's financials/credit.

More Information MLS# 1021930

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

General Property Description

Aprx Acres: 0.22 Lot Size: 9583 Buildings: 2 Source of Measuremnt: County Assessor Stories: 3 Floor: 3 Parking Spaces: 18 Management: Owner Vac Rate %: 0 CAM $: 0 GRM: 0 CC & R Fees: 4950 Total Liveable SqFt: 16168 Year Built: 1945

Tax Info

Taxes: 5098 Tax Year: 2018

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

Status Change Info

Sold Price/SqFt: 59 Financing: Cash Under Contract Date: 2020-09-14 Sold Date: 2020-11-02 Sold Price: $950,000

Building Type

5+ Units: 1 Motel/Hotel: 1 Office - Building: 1 Other - See Remarks: 1

Construction

Stucco: 1 Other - See Remarks: 1

Cooling

Ceiling Fan(s): 1 Other: 1 See Remarks: 1

External Amenities

Fence: 1 Handicap Access: 1

Flooring

Concrete: 1 Tile: 1

Heating

Natural Gas: 1

Possession

At Recordation: 1

Records Available

Other - See Remarks: 1

Road Responsibility

City: 1 City Maintained Road: 1 Paved: 1

Roof

Rolled/Hot Mop: 1

Bathrooms

Shared: 1 Other - See Remarks: 1

Business Location

Freestanding Bldg: 1 Other - See Remarks: 1

Terms & Conditions

1031 Exchange: 1 Assumable: 1 Conventional: 1 Lease/Purchase: 1 Submit: 1

Commercial Amenities

Ceiling Ht. Under 12: 1

Utilities Installed

Electricity: 1 Master Meter: 1 Natural Gas: 1 Telephone: 1 Water - City: 1 WWT - City Sewer: 1

Internal Amenities

Ceiling Fan(s): 1 Fire/Smoke Detector: 1

Parking

On-Site: 1 Street Parking: 1 Other - See Remarks: 1

ContractAddressLegal

Original List Price: 1095000 Listing Date: 2019-06-11 Status: Closed 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

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
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Prescott Area Association of REALTORS. Information provided is thought to be reliable but is not guaranteed to be accurate. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.Real estate listings held by brokerage firms other than the website owner, are indicated by detailed information about them such as the name of the listing firms. Copyright© 2020 Prescott Area Association of REALTORS. All rights reserved.