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143 N McCormick St
Prescott, AZ 86301
Oak Professional Building · Office Property For Sale
Investment Highlights
- A short walk to the dining and retail offerings of Downtown Prescott
- Great Fix and Flip opportunity
- Beautiful and mature landscaping
Executive Summary
Discover a unique office opportunity just off Downtown Prescott. This beautifully situated, 9-unit office condo building sits near Granite Creek, offering mature landscaping that provides welcome shade and a lush, inviting atmosphere. The property benefits from a highly walkable location and is home to a variety of professional and medical tenants.
The are several ways to look at investing in this property. With 9 separate, individually metered condo units, this property can be fixed up and resold as owner-user units, or rents can be brought up to market rate, and the entire property can be sold on a cap rate. Reletting the spaces at a conservative $20 PSF annually NNN would give the building a net operating income of $198,620.00, which at a 7.0% Cap Rate is an income approach value of $2,837428.57. Fixing the individual condos and retail selling them for a gross sales price of $300PSF would give the entire complex a gross sales price of $2.98M. The property is outdated, needs some repair, renovation, and updating. Call for more details.
The are several ways to look at investing in this property. With 9 separate, individually metered condo units, this property can be fixed up and resold as owner-user units, or rents can be brought up to market rate, and the entire property can be sold on a cap rate. Reletting the spaces at a conservative $20 PSF annually NNN would give the building a net operating income of $198,620.00, which at a 7.0% Cap Rate is an income approach value of $2,837428.57. Fixing the individual condos and retail selling them for a gross sales price of $300PSF would give the entire complex a gross sales price of $2.98M. The property is outdated, needs some repair, renovation, and updating. Call for more details.
Property Facts Under Contract
Sale Type
Investment NNN
Sale Conditions
Property Type
Building Size
9,931 SF
Building Class
B
Year Built
1986
Price
$2,463,822 CAD
Price Per SF
$248.09 CAD
Cap Rate
11.03%
NOI
$271,869 CAD
Percent Leased
65%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
4,966 SF
Building FAR
1.04
Lot Size
0.22 AC
Opportunity Zone
Yes
Zoning
DTB - Downtown Business District
Parking
24 Spaces (2.42 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Courtyard
- Signage
- Skylights
- Waterfront
- Monument Signage
- Air Conditioning
- Balcony
- Smoke Detector
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,825,711 CAD | |
| Land Assessment | $514,456 CAD | Total Assessment | $4,340,166 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$514,456 CAD
Improvements Assessment
$3,825,711 CAD
Total Assessment
$4,340,166 CAD
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