823 W Clay Avenue Exceptional redevelopment opportunity in the heart of Old Town Flagstaff. Positioned on a Highway Commercial-zoned parcel in a high-demand location near NAU, established residential neighborhoods, and key transportation corridors, this property presents a rare opportunity for developers, investors, and builders seeking future density potential in a rapidly evolving area. The primary value lies in the land, zoning flexibility, and ongoing entitlement efforts. Sellers are currently pursuing entitlement pathways that may allow for preservation of the existing residence while adding 5 townhomes, or alternatively redevelopment of the site for up to 8 townhomes (buyer to independently verify zoning, density, entitlements, permitted uses, and municipal approvals). See additional comments... Situated within the area impacted by Flagstaff's continued growth and the evolving Downtown Mile corridor, the property benefits from strong connectivity, proximity to Northern Arizona University, nearby employment centers, and increasing housing demand. The location also offers convenient access to Butler Avenue, Milton Road, and Route 66, supporting both residential and mixed-use potential. The existing 6-bedroom structure is present on site and may provide interim utility; however, the opportunity is best suited for buyers focused on redevelopment, entitlement completion, land value, and long-term investment potential. Opportunities for commercially zoned infill parcels with potential higher-density outcomes in central Flagstaff are increasingly limited, making this a compelling acquisition for those seeking a strategic development position in one of Northern Arizona's strongest markets.