1715 N 1st St 10 Unit Apartment Building $4,314,095 CAD ($431,409 CAD/Unit) Flagstaff, AZ 86004

This 10-Unit property is an ideal investment opportunity in the heart of Flagstaff, less than three miles from both Downtown Flagstaff and Northern Arizona University Campus. The property is also approximately three miles west of the Flagstaff Mall / The Marketplace featuring Home Depot, Harkins Theater, Best Buy, World Market, Old Navy, etc. The Sunnyside neighborhood lies in an incredibly central area in Flagstaff, making it very desirable, resulting in 100% occupancy for over 20 years. The property has a phenomenal unit mix consisting of one five-bedroom / three-bathroom home with garage, three three-bedroom / one-bathroom units, four two-bedroom /one-bathroom units, one one-bedroom / one-bathroom unit, and one studio unit.
Fifty percent of the more than 5.5 million tourists that pass through Flagstaff annually indicate that this is their final destination and that they plan to stay an average of three days. Flagstaff is THE booming mountain city of the Southwest. In a recent SmartAsset article, Flagstaff was listed as one of the top 10 hottest second home markets
in the nation (the only city listed that was not on the east coast). Flagstaff is a regional destination for rock climbers, mountain bikers, snowboarders, and cross country skiing as well. The Nordic Village sits in the Arizona foothills of the San Francisco Peaks approximately 30 minutes away from the property and offers a great day or weekend escape for regional visitors. There are more than 40 kilometers of trails through the Aspen and Ponderosa forests, all machine groomed for classic or skate skiing and 15 kilometers of marked snowshoe trails. The new owner of this investment property will have a prime opportunity to capitalize on Flagstaff’s popularity with a mix of short-term or long-term rental opportunities.
The location in the Sunnyside neighborhood continues to be one of the preferred areas in the city. It is less than three miles from the Northern Arizona University campus and the historic Downtown / San Francisco retail / restaurant corridor leading to Heritage Square in Downtown Flagstaff. In the summer, Heritage Square anchors the downtown area activities with family movie nights, musical events, art walks, and wine tasting strolls. This property is perfectly located at the crossroads to the beautiful Red Rock canyons of Sedona (30 miles south) and the Grand Canyon National Park (82 miles north). Flagstaff is historically a very supply-constrained market with very little availability. As a result, vacancy in the market is always very low and owners rarely sell. This is, therefore, a rare opportunity to buy a great multifamily property in a fantastic location.