Description

Summary: Offered here is a four-unit townhome development in Montrose CO. Investment: $860,000.00 Cap Rate: 8% Our project at Pahgre Place includes four units; each is two-bedroom, two bathroom with a garage and located in a downtown neighborhood two blocks from the restaurants and shops on Main St. Assuming rents of $1,300 / month the cap rate is 8.63% initially and there is strong indication that rents could go up 20% in the first five years. The property is platted for a fifth and possibly sixth unit. The Denver Post predicts Colorados most rapid population growth outside of Denver will be on the West Slope. Meanwhile, our residential rental market is bound with no new rental inventory being built. The two largest property management companies in Montrose report zero vacancy rate. We are offering the property with all civil and architectural plans completed along with city planning approval. The project is shovel ready with a five month schedule to completion. Each unit will have a separate title and can be sold individually as desired. This property is certain to provide productive rents for the near future. Each unit is expected to appraise for over $190,000 in a real estate market that is certain to appreciate.

Details

MLS#756926
Sub-TypeResale
StatusActive
Year2019
Days On Site18

Features

SQ Feet4,000
Units4

Market Activity 81401

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Area Information

StateCO
CountyMontrose
CityMontrose
Zip Code81401
AreaMontrose City
Listing VS Median (in 81401)
Price:
$860,000
low | high
Med:
$224,500
100% of Average
SqFt:
4,000
low | high
Med:
1,707
100% of Average
$ / SqFt:
$215
low | high
Med:
$132
88.829171264697% of Average
On Site:
18
low | high
Med:
16
100% of Average
Listing Updated: 05/22/2019
MLS Number: 756926
Listing Provided By:
Thomas Bell  of  Thomas Bell Independent Broker



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