147 Main St,Montrose, CO 81401
Montrose, CO 81401
Description
This is a 6 unit multi-family parcel, 2 stories with 2 decks and a rooftop patio. Great rental History with short and long term. 8.8 % return of cash on price (w/all expenses except Mngt) 177k++ of Gross income last year, $122,000 of NOI net income for a 7.8% TRUE cap rate! 14 bedroom/10 bath, 6 Unit Income producing Multi-Family on Main St, Montrose. Corner lot, all in one building, w/ multiple uses, near Telluride. **long term /normal MF income would be ~11,000+ a month if long vs STR = $133,000 with less management/expenses. Over 7,300+ feet plus 2 covered decks, 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 to make 3/2. 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 July, only 3 empty nights out of a possible 180 =.5% (half of 1 percent) ***Sold fully furnished minus some PP some art. ***7.46%+ CAP rate based on list price and NOI 24' ***Full monitored fire suppression system (code compliant!) *** Low taxes of only 3,400 a year! *** NO HOA, street access on 3 sides. *** ROOF access is easy and can be upgraded for amenities. All furnishings included, (7 fridges 5 washer dryers, 5 stoves etc ) ***OZ fund avail due to location in the OZ.
Details
| MLS # | 830755 |
|---|---|
| Listing Type | For Sale |
| Style | Mixeduse |
| Building Name | 147 main |
| Sub-Type | Resale |
| Status | Active |
| Year | 1960 |
| Days On Site | 230 |
| Listing Provided By | Telluride Realty, LLC | Scott Elkins |
Features
| Bath(s) | 9 Total |
|---|---|
| SQ Feet | 7,318 |
| Story(s) | 2 |
| Units | 6 |
| Acreage | 0.14 |
Interior
| Furnished | Unfurnished |
|---|
Other
| List Aor | Telluride Association Of Realtors |
|---|
Taxes
| Property | 3200 |
|---|
Area Information
| State | CO |
|---|---|
| County | Montrose |
| City | Montrose |
| Zip Code | 81401 |
| Area | Montrose City |
| Community Name | Other |
| Listing VS Median (in Other) | |
Price: $1,351,000 low | high Med: $562,500 sqft: 7,318 low | high Med: 2,519 $ / sqft: $185 low | high Med: $253 On site: 230 low | high Med: 201.5 | |
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: $1,351,000 low | high Med: $562,500 sqft: 7,318 low | high Med: 2,519 $ / sqft: $185 low | high Med: $253 On site: 230 low | high Med: 201.5 | |