House for sale

Overview

Discover this updated historic income property located on a high-profile corner lot in the heart of Historic Downtown Flagstaff.This property features five fine residences: four fully furnished and highly successful short term rentals (STR's) and one long term 1 bedroom apartment. The STR's include a large studio apartment, two 2-bedroom, 1-bath apartments (one is a penthouse apartment) and a 1-bedroom, 1-bath apartment. Additionally, there is a charming 1-bedroom, 1-bath apartment that is currently a long term rental. In 2023 this property generated a gross rental income of $122, 292.. SELLER FINANCING is available to a qualified Buyer. Seller will only consider a Seller financed sale with a close of escrow in 2025. This is a fabulous location on a large and highly visible corner lot with ample parking in downtown Flagstaff. Zoned CC (Community Commercial) the property has a rich history of commercial uses including a running store, hair salon, as well as engineering and attorney offices. There have been many updates throughout the years including all dual pane windows, exterior stucco, updated electrical, plumbing, flooring and roofing to name just a few. There are lots of possibilities here including continuing with a profitable turnkey business with the existing STR's and long term rental, converting all of the units to long term rentals, converting some or all of the units into commercial uses or using a portion of the building as a second home. Check with the City of Flagstaff for the possibility of an additional building above the existing large paved parking lot. This property is located in the Flagstaff Townsite Historic Residential District and was built Circa 1906. It was the home of Peter Lindemann, a local dentist who was elected mayor of Flagstaff in 1956. Don't miss seeing this exceptional property and investment opportunity. Owner/Agent.