Property Description

Butterfield Apartments is a prime investment opportunity in the heart of Prescott, AZ. This 27-unit property is located less than a mile and a half from the heart of Prescott / Courthouse Plaza and the famed Whiskey Row which consists of a collection of Old West saloons dating back to the early 20th century. Known as the ''jewel'' of Downtown Prescott, Whiskey Row is a vibrant center (approximately a 30 minute walk from the property), and while the number of saloons has decreased greatly from a century ago, tenants of Butterfield Apartments will be at no loss to find a great place to eat, drink, or to view exemplary works of art within minutes of their home. SEE MORE Nowadays, Whiskey Row is known for its art galleries, candy shops, and of course its famous saloons. Historic Downtown Prescott is also home to the historic Courthouse Plaza which is a majestic, man-made urban forest in the heart of a historic commercial district. The center of Downtown Prescott is where you'll find a vibrant sense of community and a place where you'll find both summer events and the magical Christmas lighting event during the holiday season. One stroll around this particular block would show you how full of life and history this town actually is. Prescott, AZ, with a population of nearly 47,000, is located 100-miles north of Downtown Phoenix approximately halfway between Phoenix and Flagstaff. At an elevation of 5,200' above sea level, its moderate climate makes it an ideal location for escaping the hot Phoenix summers; it's the perfect mild, four-season community. Prescott boasts a rich Arizona history as the former capital of the Territory of Arizona and claims to have the oldest rodeo in the country dating back to 1888. Prescott is located in Yavapai County and boasts a population of nearly 243,000 residents. Prescott is the economic engine of Yavapai County; while the city accounts for 18% of the county population, it has 40% of all county jobs. The strength of the city economy is in the industry clusters of consumer goods, manufacturing, healthcare, telecommunications, retail, and education. The City of Prescott is flanked by a collection of smaller communities including Prescott Valley, Chino Valley, Paulden, Dewey, Humboldt and Mayer. Prescott serves as the economic hub for all these surrounding communities making this trade area larger than most on a geographic basis. Butterfield Apartments is extremely well located in the town and allows residents to enjoy, with ease, so much of what Prescott has to offer. Butterfield Apartments is a very nicely updated 27-unit project with a great unit mix, including 4 studios, 6 one-bedroom / one-bathroom units, and 17 two-bedroom / one-bathroom units. All of the units have been remodeled over the years with newer cabinetry, energy efficient windows, completely remodeled bathrooms, and more. The project sits up on the hill with incredible views. Prescott is a very supply-limited submarket and therefore the community remains consistently fully occupied. Value-add opportunities exist through raising rents as well as implementing RUBS. Butterfield Apartments offers an investor a nice sized project in the heart of a popular area where multifamily residential investment opportunities are rare.