141 S Mccormick Street, Prescott, AZ, 86303

This Downtown Prescott investment is a prime opportunity for investors seeking steady cash flow and a diverse tenant mix while being 100% occupied.Located just two blocks from the iconic Courthouse Square, this property sits in a highly walkable, demand-driven downtown business district that attracts residents and visitors year-round.The property is comprised of 42 units, covered private parking, a restaurant building, spread across five parcels and two well-maintained buildings, with 72 grade level parking spaces that enhances desirability for tenants and reduces turnover.Historically low vacancy rates demonstrate the property's resilience and enduring appeal.One of Prescott's most popular dining destinations enhances the site, drawing consistent foot traffic and contributing to a robust tenant mix.Bringing lease rates to market value at this property skyrockets the cap rate from 1% to 12% with a proforma NOI of $543,324.The multi-tenant office component already houses a range of professional services 'legal, financial, medical, development services and other professional businesses' ensuring diversified income streams and reduced risk.From an investment perspective, the property offers multiple upside opportunities including rental rate optimization, rightsizing expenses, opportunities for redevelopment or reconfiguration to maximize unit counts, and potential for capital improvements that enhance property value, commanding higher rents, and tenant appeal.The downtown location ensures strong market demand (growing population, thriving tourism, and a burgeoning local economy, all of which bode well for continued demand and rent growth)...See More