147 Main St , Montrose, CO 81401
Montrose, CO 81401
Description
132k++ of Net NOI 2023 /190k gross (6 unit multi family) 8.62 CAP rate (w/all expenses except mngt) 14 bedroom/10 bath, 5-6 unit Income producing Multi-Family on Main St, Montrose. Corner lot, all in one building, w/ multiple uses, near Telluride. **long term normal income would be ~11,000+ a month if long vs STR. Over 7,300+ feet, 6 Total Apartments, fully furnished with great rental history and many repeat visitors. Since its zoned B-1, you are at a massive advantage if rules come down the line as they have in other towns. No residential neighbors to complain STR are affecting neighborhood. Great walking location, right downtown with coffee/grocery/bars /distillery /CO-working /food trucks all within 2 blocks. If you long termed it, Tenants can pay electric (5 meters) + (2 gas meters). Owner would still pay sewer/water/trash. 5 extra storage units for the rentals also, (3 inside lobby, 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, barnwood and granite. Stainless appliances and high ceilings in most units. 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 unit is 147 main st, a huge 3000 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 large studio #26 Selig Av: A) 2br/1bath B) 3br/2bath with very tall, vaulted ceiling C) 2br/1b with vaulted ceiling D) 1br/1b separate alleyway entrance can be combined with C Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. Add some lofts in B or C as the ceiling is so tall? Low vacancy (as an example out of June, only 3 empty nights out of a possible 180 =.5% (half of 1 percent) ***Sold fully furnished minus some PP and all art. ***8.62%+ CAP rate based on list price and NOI 23' ***Full monitored new fire suppression system (a 70k+ value) *** Low taxes of only 3,100 a year! *** NO HOA, street access on 3 sides. *** ROOF access is easy and can be upgraded for amenities.
Details
| Mls | 806452 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Buildingname | 147 main |
| Suite Number | 6 |
| Subtype | Resale |
| Status | Active |
| Year | 1960 |
| Days On Site | 494 |
| Listing Provided By | Telluride Realty, LLC | Scott Elkins |
Features
| Baths | 9 Total |
|---|---|
| Sq Feet | 7,318 |
| Storys | 2 |
| Units | 6 |
| Acreage | 0.14 |
Market Activity 81401
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Learn More About This Property
| State | CO |
|---|---|
| County | Montrose |
| City | Montrose |
| Zip Code | 81401 |
| Area | Montrose City |
| Community Name | Other |
| Listing VS Median (in Other) | |
Price: $1,574,000 low | high Med: $499,000 SqFt: 7,318 low | high Med: 2,611 $ / SqFt: $215 low | high Med: $191 On Site: 494 low | high Med: 243.000000 | |