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Mary Jo Kirk, CCIM
Exclusive Representation
Offering Price $633,000
±6,329 SF
Value Add Office Investment 300 E Willis Street, Prescott, ArizonaDowntown Prescott, Arizona
Value Add through Significant Upside In Leasing 70% OccupiedOutstanding LocationClose Proximity to Downtown Square, Restaurants, Shopping and EventsBelow Replacement Cost at $100/sfPossible Short Term Seller Lease-Back
300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045
Offering Highlights_________________________________________Price $633,000
Total GLA 6,329 sf
Price PSF $100
Occupancy 70%
Income $37,697
Vacant (2 Suites) $1,874 sf
Owner Occupancy $1,390 sf
Number of Suites 10
Parcel 113-16-049
Site Area .17 acres
Year Built 1969
Renovation 1995
Recent HVAC Capital Improvement $30,529
Zoning Business General
Property
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Comparable Sales______________________________________________________________________________________________________________________________________________________________________
300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045
Location
300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045
Downtown Prescott Activity 1 Courthouse Square
2 Sharlott Hall Museum
3 Chase Bank
4 The Wild Iris Coffee House
5 El Gato Azul
6 Mile High Middle School
7 City Parking Lot/Garage
8 National Bank of Arizona
9 Marino’s Bistro
10 Yavapai Title Company
11 Keller Williams Realty
12 Genovese's
13 Hotel & Caffe' St Michael
14 Palace Restaurant
15 Highland Hotel
16 Prescott Lobster & Seafood Co.
17 Pangea Bakery
18 Firehouse Kitchen
19 Peregrine Books
20 Wells Fargo Bank
21 Murphy's Restaurant
22 Raven Café
23 Papa's Downtown
24 Territorial Courthouse Membership Gym
25 The Office Restaurant
26 Bashford Courts
27 Chamber of Commerce
28 Post Office
29 Cuppers Coffee House
30 Hotel Vendome
31 The Rose Restaurant
32 Foxworth Galbraith
33 Cross Fit
34 Mountain Artist Guild
35 Northern Arizona Coalition of Governments Economic Workforce Development
36 Prescott Fine Arts
37 Hassayampa Inn and Event Center
38 Washington School
39 City Hall
40 Springhill Suites by Marriott
41 Prescott College
DemographicsTrade Area Prescott MSA
_______________________________________________________________________
Population 51,353 145,000Average HH Income $51,680 $48,368
Education - College and Above 68% 69%
300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045
Floor Plans
Street Level_________________________________________Size 4,425 SF
Total Suites 6
LowerLevel_________________________________________Size 1,904 SF
Total Suites 4
300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045
The City of Prescott is noted by its quality of life, nicknamed “Everybody’s Hometown”. At an elevation of 5,400 feet with a nearperfect 4-season climate, it is a highly desirable place to live and work. It offers very low crime rates, easy commuting, affordablehousing, excellent air quality and a wide variety of recreational and cultural attractions. Prescott faces few natural disasters making itideal for companies considering relocating or expanding.
Prescott offers residents a full range of educational, outdoor and cultural activities. There are 20 public schools and five charter schoolsoperated by the Prescott Unified School District in Prescott as well as four private schools. Four colleges include Prescott College(4 year) Yavapai College (2 year), Embry-Riddle Aeronautical University (4 year). Northern Arizona University and Old DominionUniversity also offer higher education through their satellite campuses.There are 12 parks for hiking and picnicking, five lakes forfishing and water activities, more than 70 miles of hiking and biking trails, two activity and community centers and four golf courses.Cultural activities include plays and performances at four performing arts theaters, three historical museums, a children’s museum andthe Heritage Park Zoo.
Prescott’s quaint, small town and slower paced lifestyle appeals most to those nearing retirement as 54% of the population is 45 andolder. The City has retained it’s small town charm with historic buildings, storefronts and Victorian style homes. Over 800 buildingsin Prescott are on the National Register of Historic Places.
Prescott Overview
“ Third in the country for job growth and economic vitality.”
– INC. Magazine
City of Prescott Snapshot2013 Estimated Population 51,688_________________________________2018 Projected Population 52,710_________________________________2010 Census Population 51,295_________________________________2000 Census Population 40,490_________________________________Growth 2010-2013 0.77%_________________________________Growth 2013-2018 3.5%_________________________________2013 Estimated Median Age 54.48_________________________________2013 Estimated Average Age 48.97
Whiskey Row, Downtown Prescott
300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045
Major Employers Yavapai County_________________________________Yavapai County Government 1,414_________________________________Yavapai Regional Medical Center 1,402_________________________________Veterans Admin. Medical Center 889_________________________________Phelps Dodge 871_________________________________WalMart 750________________________________Humboldt Unified School District 631_________________________________Sturm Ruger & Co 579_________________________________Yavapai College 564_________________________________State of Arizona 560_________________________________Prescott Unified School District 495_________________________________City of Prescott 463_________________________________Embry-Riddle University 375_________________________________Yavapai Gaming 294_________________________________Lockheed Martin 300
“ Third best metro in the country for job creation.”
– Milken Institute
“Top 100 for Best Small Places for Business.”
– Forbes
The Prescott Metropolitan Service Area houses 82,500 residents within the combined city limits with a population base of approximately130,000. The trade area is approximately 220,000, the majority of those living within a 10 mile radius of downtown Prescott. The city’sgrowth has been steady at about 4% per year for the past decade and is expected to continue at that rate with an estimated five yearmarket growth projected at 16.2% within a 30 mile radius. Prescott has settled into a strong pace of economic recovery, with employment3.5% higher than a year ago. The unemployment rate is at 5.9% well below the national average of 6.3%. In addition, every majorindustry other than information is growing on a year-over-year basis. The trade, transportation and utilities sector is the largest industryin the metro area and has also been one of the strongest. Employment in that industry has reached its prerecession peak and is now5.0 % higher than a year earlier. Professional & business services are also joining the recovery with payrolls climbing a whopping 8.%higher over the year.
The retail service area extends 50 milesfrom the center of Prescott. Many residentsin outlying areas travel to Prescott formedical services, employment, entertain-ment, government offices and shopping.Approximately 500,000 visit overnighteach year. Those visitors include a growingnumber of people from the Phoenix area,who make the 90 minute trip during thesummer to escape the desert heat, as wellas the fall and winter visitors looking totake advantage of the year round mild andsunny climate. Population gains, whichare running more than twice the nationalaverage thanks to positive net migration,should help move home sales and prices.The influx of residents should also boostconsumption of local goods and services.
Non-Farm Gain/Loss by Region. Source: Office of Economic Opportunity in collaboration with the US Dept.of Labor’s Bureau of Labor Statistics; 2016 Current Employment Statistics
Prescott 2016 Job Growth Leads the State
Market Overview