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147 Main St , 6 Units

Montrose, CO 81401
  • $1,598,500
  • STATUS: Active
  • ON SITE: 295 Days
  • MLS #: 806452
Price Reduced
UPDATED: 202 min ago
$1,598,500
  • 0
    BEDS
  • 0.14
    ACRES
  • 9
    BATHS
  • 0
    1/2 BATHS
  • 7,314
    SQFT
  • $219
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1960
County:

School Ratings & Info

Listing courtesy of Telluride Realty, LLC: 970-728-4000.


Description

13 bedroom/10 bath, Income producing Multi Family / Commercial rentals on Main st. Corner lot, all in one building, with multiple uses, on Main St Montrose, near Telluride 8.4%+CAP. (varies from 6.3%-8.4% depending on STR) ****OPPORTUNITY ZONED**** ****if long term rents were wanted, vs a business, the income woudl be over 11,500 per month /132k a year (with much less expenses) Over.7,300+ feet w/ 5 multi-family apartments included with the front huge commercial two-story section for a total of 6 rentals. Airbnb is allowed and very successful. (since its zoned B-1, you are at a massive advantage if rules come down the line) (6 of the 6 units are now AIRBNB as of early 2022) Located in the Opportunity Zone! Located on Main St Montrose CO, near Telluride Ski Resort and the Ouray Hot Springs. Walking location, right downtown with coffee/grocery/bars /distillery /CO-working /food trucks all within 2 blocks. Tenants can pay electric (5 meters) + (2 gas meters) / owner pays sewer/water/trash. 2-3 extra storage units for the rentals also, (2 inside, 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 and new barnwood and granite and stainless and high ceilings in most units. Tenant wide/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 units is 147 main st , a huge 2000 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 small studio #26 Selig Av is A) 2br/1bath, B) 3br/2bath , C)2br/1br #26 D is a lock off rear 1/1 (part of #C technically) The income has increased with the Airbnb strategy in LATE 20-21, so plenty of history to see, (see links for active Airbnb listings) Projecting $169,000 - $186,000 for 2023 in Gross rents. Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. 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. ***8.4% +CAP rate based on list price and NOI 23' ( 135k NOI in 2023) ****Over 160k in Gross income in 2022 **** Full monitored new fire suppression system (a 70k value)

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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: 2024-05-20T23:56:40.407.
www.destinationdro.com/homes/141970764
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147 Main St , 6 Units Montrose, CO 81401

  • Price: $1,598,500
  • Status: Active
  • On Site: 295 Days
  • Updated: 202 min ago
  • MLS #: 806452
0
Beds
9
Baths
0
½ Baths
0.14
Acres
7,314
SQFT
$219
$/SQFT
1960
Built
Neighborhood:
Other
County:
Montrose
Area:
Montrose City
Property Description
13 bedroom/10 bath, Income producing Multi Family / Commercial rentals on Main st. Corner lot, all in one building, with multiple uses, on Main St Montrose, near Telluride 8.4%+CAP. (varies from 6.3%-8.4% depending on STR) ****OPPORTUNITY ZONED**** ****if long term rents were wanted, vs a business, the income woudl be over 11,500 per month /132k a year (with much less expenses) Over.7,300+ feet w/ 5 multi-family apartments included with the front huge commercial two-story section for a total of 6 rentals. Airbnb is allowed and very successful. (since its zoned B-1, you are at a massive advantage if rules come down the line) (6 of the 6 units are now AIRBNB as of early 2022) Located in the Opportunity Zone! Located on Main St Montrose CO, near Telluride Ski Resort and the Ouray Hot Springs. Walking location, right downtown with coffee/grocery/bars /distillery /CO-working /food trucks all within 2 blocks. Tenants can pay electric (5 meters) + (2 gas meters) / owner pays sewer/water/trash. 2-3 extra storage units for the rentals also, (2 inside, 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 and new barnwood and granite and stainless and high ceilings in most units. Tenant wide/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 units is 147 main st , a huge 2000 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 small studio #26 Selig Av is A) 2br/1bath, B) 3br/2bath , C)2br/1br #26 D is a lock off rear 1/1 (part of #C technically) The income has increased with the Airbnb strategy in LATE 20-21, so plenty of history to see, (see links for active Airbnb listings) Projecting $169,000 - $186,000 for 2023 in Gross rents. Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. 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. ***8.4% +CAP rate based on list price and NOI 23' ( 135k NOI in 2023) ****Over 160k in Gross income in 2022 **** Full monitored new fire suppression system (a 70k value)
Exterior Features

Carport No Lot Dimension 125 x 50 Stories 2 Water Well No Waterfront YN No

Interior Features

Finished Sq Ft 7318 Furn Fixt Equip all furnishings minus some pp and all art. Heating System1 mixed Main Sq Ft 7314 Number Dock Hi Doors 4 Office Sq Ft 300 One Quarter Baths 0 Total Offices 0

Property Features

Approx Inv 55000 Books Available No Cam No Cap Rate Percent 7.5 Covenants NO Current Use LodgingMixed UseOtherProfessional/MedicalRetail StorefrontRetail WarehouseWholesale Desc Of Business Airbnb /short-medium term Exchange Trade Yes Fixtures Included No Gross Annual Expenses 41537 Gross Scheduled Income 169000 Inventory Included Yes Lease Included Yes Net Operating Income 127444 New Construction YN No Owners Association No Possible Property Use Retail StorefrontRetail Warehouse Railroad Siding Spur No Real Estate For Sale Yes Reo Lender Owned No Tax Year 2022 Total Electric Meters 5 Total Taxes 3056 Type Multi-Use w/Res Vacancy Factor Prcnt 0 Variable Rate No Water Rights No Year Started 2020

[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: 2024-05-20T23:56:40.407.
 
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Destination DRO Real Estate Group
1163 E 2nd Ave
Durango CO, 81301-5155
Listing courtesy of Telluride Realty, LLC: 970-728-4000.