For Sale
$4,495,000

201 Sheridan AveWilliams, AZ 86046

27-unit, renovated apartment building, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional 27-unit apartment building presents a compelling investment opportunity in Williams, Arizona. Boasting a 6.65% cap rate, this property offers significant potential for return. The building, originally constructed in 1936 and extensively renovated in 2021, comprises 40,000 square feet on a 65,333 square foot lot. The 15,410 square feet of net rentable space is divided into a desirable unit mix: five studios, two one-bedroom/one-bathroom units, and twenty two-bedroom/one-bathroom units. All but one unit feature individual meters for electricity, water, and gas, minimizing operating expenses. The property benefits from assumable financing, subject to lender approval. Significant value-add potential exists through the addition of approximately four loft units in the existing 9,000 square feet of unrenovated space, further unit construction in the courtyard, or conversion to short-term rentals. Its prime location, approximately three blocks from downtown Williams and the Grand Canyon Railway, ensures high occupancy rates and strong rental demand. The property's solid construction (block and concrete) and updated systems (electrical, plumbing, heating, fire sprinklers) contribute to its long-term viability. Williams's thriving tourism industry and limited multifamily inventory create a highly favorable investment climate. The asking price is $4,495,000, with a price per unit of $166,481.48 and a price per square foot of $112.38. This is a rare opportunity to acquire a well-positioned, high-performing multifamily asset in a sought-after location.

Highlights

  • Assumable financing available (subject to lender approval).
  • 27-unit apartment building in Williams, AZ.
  • Fully updated major systems including electrical, plumbing, heating, gas, and fire sprinklers.
  • Desirable unit mix: 5 studios, 2 one-bedroom/one-bathroom, and 20 two-bedroom/one-bathroom units.
  • Individual utility meters for all but one unit.
  • Fully remodeled units with modern finishes.

Property Details for 201 Sheridan Ave

Property type
Apartment buildings
Square Feet
40,000 SF
Class
B
Year Built/Renovated
1936/2021
Buildings
1
Stories
3
Units
27

Location Insight

City
Williams
County
Coconino
State
Arizona
Latitude
35.247403
Longitude
-112.1871106
201 Sheridan Ave, Williams, Arizona

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201 Sheridan Ave
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