1428 Greene Street

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.