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1428 Greene Street

Silverton, CO 81433
  • $2,995,000
  • STATUS: Active
  • ON SITE: 330 Days
  • MLS #: 805317
Price Reduced
$2,995,000
  • 0
    BEDS
  • 0.11
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 12,098
    SQFT
  • $248
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
2005
County:
Area:

School Information

Elementary School:
Middle School:
High School:
Listing courtesy of Keller Williams Realty Southwest Associates, LLC: 970-247-3840.


Description

A truly one of a kind acquisition opportunity in Silverton, CO, this mixed-use multifamily building is the largest apartment building in town with 10 residential units in addition to 3 commercial units on Silverton's main street. The property is 100% occupied with a strong historical occupancy and has been well maintained since construction. The building's exterior has recently been fully painted and the entire heating system has been improved and optimized. Amongst the 10 residential units there are 8 units offering a spacious 2 bed 2 bath layout with either bay-windows or french doors providing ample natural light and wonderful views of the San Juan Mountains that surround Silverton. The other two residential units are ground floor and ADA compliant with one unit being a large studio and the other being a 1 bed 1 bath with living space and separate kitchen area. All units have separate meters for electricity while the owner pays the other utilities and common area maintenance. Within the common areas is a coin op laundry room with 2 washers and 2 dryers that create additional income and are a great benefit for the tenants. Behind the building there are 4 covered parking spaces in the carport which have the option to create additional income as rented parking spaces. Significant opportunities for value add are found in the partially finished basement which totals 3,457 SqFt of space that has two points of egress and is tied into the robust sprinkler/fire suppression system that runs throughout the building. This space has an area that is stubbed out to create an additional bathroom and could be utilized as a gym facility, additional office spaces, or expansion of the paid storage areas and once finished would increase the total square footage of the building to 15,456. In addition, this property is located within the Business Pedestrian zoning district, which means this entire building has the ability to offer short term vacation rentals as a use by right, providing the owner various options in utilizing the property and maximizing their income. With the strict short term rental regulations in the region, this is a rare opportunity that does not come up often in beautiful Silverton, CO. The demand for housing in Silverton significantly outweighs the supply and this is an opportunity to be one of the largest providers of housing in the region.

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[Colorado Real Estate Network] logo The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2024. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.
FULL CREN Disclaimer

Real Estate listings held by companies other than Destination DRO Real Estate Group contain that company’s name.
Fair Housing Disclaimer

This data was last updated: 2024-05-25T23:56:53.097.
www.destinationdro.com/homes/141082709
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1428 Greene Street Silverton, CO 81433

  • Price: $2,995,000
  • Status: Active
  • On Site: 330 Days
  • MLS #: 805317
0
Beds
0
Baths
0
½ Baths
0.11
Acres
12,098
SQFT
$248
$/SQFT
2005
Built
Neighborhood:
None
County:
San Juan
Area:
Silverton
Elementary School:
Silverton K-5
Middle School:
Silverton 6-8
High School:
Silverton 9-12
Property Description
A truly one of a kind acquisition opportunity in Silverton, CO, this mixed-use multifamily building is the largest apartment building in town with 10 residential units in addition to 3 commercial units on Silverton's main street. The property is 100% occupied with a strong historical occupancy and has been well maintained since construction. The building's exterior has recently been fully painted and the entire heating system has been improved and optimized. Amongst the 10 residential units there are 8 units offering a spacious 2 bed 2 bath layout with either bay-windows or french doors providing ample natural light and wonderful views of the San Juan Mountains that surround Silverton. The other two residential units are ground floor and ADA compliant with one unit being a large studio and the other being a 1 bed 1 bath with living space and separate kitchen area. All units have separate meters for electricity while the owner pays the other utilities and common area maintenance. Within the common areas is a coin op laundry room with 2 washers and 2 dryers that create additional income and are a great benefit for the tenants. Behind the building there are 4 covered parking spaces in the carport which have the option to create additional income as rented parking spaces. Significant opportunities for value add are found in the partially finished basement which totals 3,457 SqFt of space that has two points of egress and is tied into the robust sprinkler/fire suppression system that runs throughout the building. This space has an area that is stubbed out to create an additional bathroom and could be utilized as a gym facility, additional office spaces, or expansion of the paid storage areas and once finished would increase the total square footage of the building to 15,456. In addition, this property is located within the Business Pedestrian zoning district, which means this entire building has the ability to offer short term vacation rentals as a use by right, providing the owner various options in utilizing the property and maximizing their income. With the strict short term rental regulations in the region, this is a rare opportunity that does not come up often in beautiful Silverton, CO. The demand for housing in Silverton significantly outweighs the supply and this is an opportunity to be one of the largest providers of housing in the region.
Exterior Features

Acreage Range Less than 1/2 Carport Yes Carport Spaces 4 Garage No Lot Dimension Assessor Parking 2-10 Total SpacesIn Rear of BuildingOn Street Property Attached No Roof Composition Siding Stucco Stories Three Story Street Description City/Town Style Mid/High Rise Apts Views MountainsValley Water Well No Waterfront YN No

Interior Features

Flooring CarpetLinoleum Foundation Basement Basement-partial finish Heating Fuel Source BoilerFloor Radiant One Quarter Baths 0 Total Office Dens 0

Property Features

Covenants NO Green Certification No Hoa No Horse Setup No Metered Metered for Electricity Multi Story Yes New Construction YN No Reo Lender Owned No Tax Year 2022 Terms 1031 ExchangeCashConventional Total Taxes 5425.32 Type Apartment Bldg. Water Rights No Water Sewer City Water Zoning Residential Multi Family

[Colorado Real Estate Network] logo The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2024. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.
FULL CREN Disclaimer

Real Estate listings held by companies other than Destination DRO Real Estate Group contain that company’s name.
Fair Housing Disclaimer

This data was last updated: 2024-05-25T23:56:53.097.
 
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Destination DRO Real Estate Group
1163 E 2nd Ave
Durango CO, 81301-5155
Listing courtesy of Keller Williams Realty Southwest Associates, LLC: 970-247-3840.