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601 S Cortez St
Prescott, AZ 86303
Cortez Circle · Multifamily Property For Sale
·
38 Units
Property Facts
| No. Units | 38 | Lot Size | 3.86 AC |
| Property Type | Multifamily | Building Size | 32,600 SF |
| Property Subtype | Apartment | Average Occupancy | 95% |
| Apartment Style | Garden | No. Stories | 2 |
| Building Class | C | Year Built | 1961 |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.86 AC |
| Building Size | 32,600 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1961 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Carpet
- Grill
- Patio
Site Amenities
- Fitness Center
- Laundry Facilities
- Pool
- Walking/Biking Trails
About 601 S CORTEZ ST , PRESCOTT, AZ 86303
Cortez Circle is a well maintained 38-unit apartment community located in the Downtown area of Prescott, Arizona. The unit mix consists of four different floor plans from Studios to 2-bedrooms, with many of the apartments being 2-story townhome style units. Ownership has been in the process of renovating and upgrading the apartments, with 15 units completed thus far. Once renovated, these apartments easily bring an additional $50 - $200/month in rent - with little to no resistance whatsoever - meaning a new owner can continue this improvement plan with the remaining 23 apartments. In addition to the 38 apartments included in this offering, the same owner has a 2.96 acre parcel directly adjacent to the entrance which was approved by the City on May 8, 2018, for an additional 28 apartments in six buildings. This parcel, including all plans, surveys, and related documentation is also for sale at a price of $1,300,000. Also, since this parcel is owned free and clear of any debt, the Owner will entertain offers for a Joint-Venture ("JV") arrangement, and for a qualified investor/developer with a proven track record will also subordinate to a construction loan to build these 28 units (please see back pages of this OM and speak with Listing Broker for more specific information).
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $660.50 | 455 |
| 1+1 | 8 | $769.00 | 575 - 775 |
| 2+1 | 24 | $1,039 | 995 |
Property Taxes
| Parcel Number | 109-15-015C | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $584,463 |
Property Taxes
