Oak Professional Building 143 N McCormick St 9,931 SF 65% Leased Office Building Prescott, AZ 86301 $2,512,656 CAD ($253.01 CAD/SF) 11.03% Cap Rate

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 The property is outdated, needs some repair, renovation, and updating.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.