Multi-Family•Low-Rise/Garden•For Sale

Cortez Circle Apartments

601 S Cortez St, Prescott, Arizona 86303

Sale Price $3,350,000
Year Built 1961
Stories 2
Vacancy 100%
Gross Bldg 32,600 SqFt
Land Area 3.86 Acres
Project Size 38
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 complex. As of now, seventeen (17) apartments have been renovated at a cost between $3,000 & $6,000/unit. This includes paint, vinyl hardwood plank flooring, carpet, new microwave ovens, reframing of stairs, removing old railings, some new appliances (where needed), certain electrical re-wiring, new light fixtures, new ceiling fans, new shower enclosures, and new flooring. Once renovated, these apartments easily bring an additional $50 - $150/month in rent - with little to no resistance whatsoever - meaning a new owner can continue this plan with the remaining 21 apartments. In addition to the 38 apartments included in this offering, the same owner also has a 2.96 acre parcel directly adjacent to the entrance (109-15-015B) 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 must be acquired with the 38 units at a price of $1,000,000. (See Listing Broker for more specific additional information). Cortez Circle Apartments is a 38-unit apartment community located in the heart of Prescott, Arizona, just blocks from the Historic Square Courthouse, police station, public library, post office, restaurants, museums, boutique stores and coffee houses - all of the top attractions that this historic city is known for. Prescott's very mild four-seasonal climate makes living at Cortez Circle extremely pleasant year-round.
  • Ideal Unit Mix For This Submarket and Demographic
  • Block/Frame/Stucco Construction
  • Majority Townhome-Style Floorplans
  • Low Density Site (9.84 Units/Acre)
  • Ample Parking
  • Walking Distance (0.7 miles) to Historic Downtown Area
  • Many Recent Interior Upgrades
  • Additional Land Available For 28 Units (2.96 Acres)
  • Individually Metered Utilities
  • On-Site Pool and Fitness Center
  • Washer/Dryer Hook-Ups in All Units
  • In-place, private-party, assumable financing (+/- $1,837,500 balance, 5% interest-only, $7,658.25/month, lender may extend maturity date. **This is the financing referenced in the analysis on Pg. 8)
  • Seventeen (17) apartments already upgraded at a cost of between $3,000 & $6,000/unit. This includes: paint, vinyl hardwood plank flooring, carpet, new microwave ovens, reframing of stairs, removing old railings, some new appliances (where needed), certain electrical re-wiring, new light fixtures, new ceiling fans, new shower enclosures, and new flooring.
10/11/2019 6:58:01 PM 10/11/2019 6:58:01 PM

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