$1,599,000 Price Analysis    ♡   Montrose, CO 81401 14 bed 9 bath 7,314 SqFt ($218/SqFt) 6,098SqFt lot. Built 1960 Listed 2023-10-26 | May be USDA loan restricted due to income limits near Montrose |
135k net NOI 2023 /186k gross 13 bedroom/10 bath
Income producing Multi Family / Commercial rentals on Main st. Corner lot, all in one building, w/ multiple uses, on Main St Montrose, near Tellurid (Varies 8.4% depending on year or rolling month) OPPORTUNITY ZONES long term normal income would be 11, 000+ a month if long vs STR. Over.7, 300+ feet w/ 5 multi-family apartments included with the front huge commercial two-story section for a total of 6 rentals. Airbnb is allowed and successful. (since its zoned B-1, you are at a massive advantage if rules come down the line) (6 of the 6 units are now AIRBNB as of early 2022) Located in the Opportunity Zone! Located on Main St Montrose CO, nar Telluride Ski Resort and the Ouray Hot Springs. Walking location, right downtown with coffee/grocery/bars /distillery /CO-working /food trucks all within 2 blocks. Tenants can pay electric (5 meters) + (2 gas meters) / owner pays sewer/water/trash. 2-3 extra storage units for the rentals also, (2inside, 2 outside) Recently restored and upgraded with 90% new plumbing and 90% new wiring, 5 new electric meters and 2 units are gas metered. Many new windows 90%+ new flooring, stylish stone and new barnwood and granite and stainless and high ceilings in most units.
Tenant wide/building wide master Fiber WIFI for future additional income. Major $600, 000 Remodel in 2017-19 and also permitted upgrades in 2021. City parking in multiple locations nearby and adjacent. The front units is 147 main st , a huge 2000 sq feet up and down unit with 5 bedrooms and 4 baths) (2 master ensuites upstairs with decks and rooftop patio. #18 Selig Av is a small studio #26 Selig Av is A) 2br/1bath, #B) 3br/2bath with tall, vaulted ceiling , #C)2br/1b with vaulted ceiling also #26 D is a lock off rear 1/1 and on alley separate entrance. The income has increased with the Airbnb strategy in LATE 20-21, so plenty of history to see, (see links for active Airbnb listings) Examples: November 2022' income was net $11, 000+, December 2022 NET income was $12, 500+ Jan 2023 was NET $ 12, 500+ as examples of actual rent trends and history. Projecting 180, 000-$189, 000+ for 2023 in Gross rents.( 135k NET NOI) Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. or add some lofts in B or C as the ce iling is so tall. Low vacancy (as an example out of June, 3 empty nights out of a possible 180 =.5% (half of 1 percent) Sold fully furnished minus some PP and all art. 8.4%+ CAP rate based on list price and NOI 23' Over 166k in Gross income in 2022 and growing in 2023 Full monitored new fire suppression system (a 70k value) Low taxes of 3, 100 a year. NO HOA, street access on 3 sides. ROOF access is easy and can be upgraded for amenities.
Presented by Scott Elkins at
Telluride Realty.
Property MLS #808930 from CREN
Lot Size Square Feet: 6098
Calculated Total Monthly Association Fees: 0
High School: Montrose 9-12
Middle School: Centennial 6-8
Map directions Map directions Map directions Map directionsBedrooms in Unit-1: 5
Bedrooms in Unit-2: 1
Bedrooms in Unit-3: 2
Bedrooms in Unit-4: 3
Bedrooms in Unit-5: 2
Bedrooms in Unit-6: 1
Total Bathrooms in Unit-1: 4
Total Bathrooms in Unit-2: 1
Total Bathrooms in Unit-3: 1
Total Bathrooms in Unit-4: 2
Total Bathrooms in Unit-5: 1
Total Bathrooms in Unit-6: 1
Unit-1 Square Feet: 2350
Unit-2 Square Feet: 650
Unit-3 Square Feet: 1180
Unit-4 Square Feet: 1260
Unit-5 Square Feet: 850
Unit-6 Square Feet: 450
Source Listing Status: Active
County: Montrose
Directions: Corner of Selig and Main st, near Museum.
Tax Year: 2023
Source Property Type: MULTIFAMILY
Area: Montrose City
Source Neighborhood: Montrose City
Number of Separate Electric Meters: 5
Number of Separate Water Meters: 1
Property Subtype: Sixplex
Source System Name: C2C
$1,599,000
CREN
Price Changed 2024-04-11
$1,599,750
CREN
Price Changed 2024-04-02
$1,640,500
CREN
Price Changed 2024-01-02
$1,690,500
CREN
Price Changed 2023-12-07
$1,695,500
CREN
Price Changed 2023-11-17
$1,697,000
CREN
Price Changed 2023-11-06
$1,698,000
CREN
Listed 2023-10-26
$1,699,600
CREN
Operating Expense: 53550
Year Built: 1960
Property Age: 64
Total Area Main: 7314
Water Well: No
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.