1034 N Main St Cottonwood, AZ, 86326

The price has been gradually reduced from $875,000. The property also includes Assessor's Parcels 406-22-039 & 406-22-040. The 24 apartments include a manager's unit plus an office along Main Street. This historic two story building is built of river rock and concrete with river rock stairwells. The units overlook a central courtyard. The property is located in Old Town Cottonwood along the tourist route between Sedona and Jerome. The area is becoming known for its wines. There are new restaurants, wine tasting rooms, bakeries, bookstores, antique malls, and art galleries nearby. The motel rents the units for $180/week and up. Current occupancy is about 60%. Room gross is about $120,000/year. The current cap rate is 8.21%. The building could also be co... (see supplement for full remarks The price has been gradually reduced from $875,000. The property also includes Assessor's Parcels 406-22-039 & 406-22-040. The 24 apartments include a manager's unit plus an office along Main Street. This historic two story building is built of river rock and concrete with river rock stairwells. The units overlook a central courtyard. The property is located in Old Town Cottonwood along the tourist route between Sedona and Jerome. The area is becoming known for its wines. There are new restaurants, wine tasting rooms, bakeries, bookstores, antique malls, and art galleries nearby. The motel rents the units for $180/week and up. Current occupancy is about 60%. Room gross is about $120,000/year. The current cap rate is 8.21%. The building could also be converted into working artists' studios, a B&B or tourist shops. The price includes 7 rear lots used for parking. The owner will carry with $200,000 down, balance @6% for 10-15 years with a 5 year balloon.