1490 W Gurley Street, Prescott, AZ 86305

Property Description

Own a renovated, fully furnished, 100% leased, income-producing three one-bedroom suite property only one mile west of historic downtown Prescott. The Gurley St. Inn is offered at $749,000 ($249,667 per unit) at a 6.25% pro forma cap rate is reflects on a 50/50 mix of both the current mid-term rents, projected short-term rental income. The pro form cap rate for short-term only is 7.26%. A stable, in-place management company has also operated the property for several years as both mid-term rentals and a short-term vacation rental. A buyer steps into a turnkey, proven and flexible operation on day one. Scheduled mid-term rents are $5,485/mo ($65,820/yr). Units A & B most recently rented for $1,895/mo each and Unit C for 1,695/mo. Projected short-term rents are $7,075/mo ($84,902/yr) using a nightly rate of $96.92 at an 80% occupancy per management's projections. All operating expenses are paid by the Landlord. Proforma P&L is available upon receipt of a signed NDA. This property offers a unique and flexible leasing strategy. A buyer can continue the mid-term model, return to short term nightly stays, or lease long term. The land is zoned Business General (BG). The current management company has been in place for several years and has operated the property as both mid-term and short-term rentals. The owner has no daily responsibilities and only minimal accounting involvement. This makes it a good fit for owners who prefer a passive investment. Owners who want more control can take on as much of the oversight as they choose. The property operates as the 'Gurley St. Inn. The Property features three one-bedroom one-bath furnished suites with an open kitchen and living area, modern finishes, lots of natural light and move-in-ready interiors. Originally built in 1983 as a multi-tenant office complex, the current owner bought it in 2021 and converted it into three furnished lodging suites. Major upgrades include a new metal roof, three brand new HVAC units, landscaping interior room renovations including electrical & plumbing and the installation of a fire sprinkler system for the entire building which is expected to be completed by the end of 2026. The building is situated on A+/-0.18 acres on BG-zoned land, one mile west of downtown Prescott. There are six on-site parking spaces on the north side of the property which is two per unit. The property enjoys excellent visibility and signage on W. Gurley St., with very good ingress and egress. Low-maintenance landscaping and a new paver driveway and parking lot.