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147 Main , 147 Main , #18

Montrose, CO 81401
  • $1,599,000
  • STATUS: Active
  • ON SITE: 213 Days
  • MLS #: 808930
$1,599,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 9
    BATHS
  • 0
    1/2 BATHS
  • 7,314
    SQFT
  • $219
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1960
County:

School Information

Elementary School:
Middle School:
High School:
Listing courtesy of Telluride Realty, LLC: 970-728-4000.


Description

135k net NOI 2023 /186k gross 13 bedroom/10 bath, Income producing Multi Family / Commercial rentals on Main st. Corner lot, all in one building, w/ multiple uses, on Main St Montrose, near Tellurid (Varies 8.4% depending on year or rolling month) ***OPPORTUNITY ZONES*** **long term normal income would be 11,000+ a month if long vs STR. 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, (2inside, 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 with very tall, vaulted ceiling ,#C)2br/1b with vaulted ceiling also #26 D is a lock off rear 1/1 and on alley separate entrance. The income has increased with the Airbnb strategy in LATE 20-21, so plenty of history to see, (see links for active Airbnb listings) Examples: November 2022' income was net $11,000+, December 2022 NET income was $12,500+ Jan 2023 was NET $ 12,500+ as examples of actual rent trends and history. Projecting 180,000-$189,000+ for 2023 in Gross rents.( 135k NET NOI) Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. or add some lofts in B or C as the ceiling is so tall. 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' ***Over 166k in Gross income in 2022 and growing in 2023**** ***Full monitored new fire suppression system (a 70k value) *** Low taxes of only 3,100 a year! *** NO HOA, street access on 3 sides. *** ROOF access is easy and can be upgraded for amenities.

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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: 2024-05-26T22:56:22.127.
www.destinationdro.com/homes/144728413
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147 Main , 147 Main , #18 Montrose, CO 81401

  • Price: $1,599,000
  • Status: Active
  • On Site: 213 Days
  • MLS #: 808930
0
Beds
9
Baths
0
½ Baths
0.14
Acres
7,314
SQFT
$219
$/SQFT
1960
Built
Neighborhood:
Other
County:
Montrose
Area:
Montrose City
Elementary School:
Pomona K-5
Middle School:
Centennial 6-8
High School:
Montrose 9-12
Property Description
135k net NOI 2023 /186k gross 13 bedroom/10 bath, Income producing Multi Family / Commercial rentals on Main st. Corner lot, all in one building, w/ multiple uses, on Main St Montrose, near Tellurid (Varies 8.4% depending on year or rolling month) ***OPPORTUNITY ZONES*** **long term normal income would be 11,000+ a month if long vs STR. 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, (2inside, 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 with very tall, vaulted ceiling ,#C)2br/1b with vaulted ceiling also #26 D is a lock off rear 1/1 and on alley separate entrance. The income has increased with the Airbnb strategy in LATE 20-21, so plenty of history to see, (see links for active Airbnb listings) Examples: November 2022' income was net $11,000+, December 2022 NET income was $12,500+ Jan 2023 was NET $ 12,500+ as examples of actual rent trends and history. Projecting 180,000-$189,000+ for 2023 in Gross rents.( 135k NET NOI) Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. or add some lofts in B or C as the ceiling is so tall. 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' ***Over 166k in Gross income in 2022 and growing in 2023**** ***Full monitored new fire suppression system (a 70k value) *** Low taxes of only 3,100 a year! *** NO HOA, street access on 3 sides. *** ROOF access is easy and can be upgraded for amenities.
Exterior Features

Carport No Fronts Main st Garage No Property Attached Yes Water Well No Waterfront YN No

Interior Features

Main Sq Ft 7314 One Quarter Baths 0 Total Office Dens 0 Unit1 Baths 4 Unit1 Bedrooms 5 Unit1 Square Feet 2350 Unit2 Baths 1 Unit2 Bedrooms 1 Unit2 Square Feet 650 Unit3 Baths 1 Unit3 Bedrooms 2 Unit3 Square Feet 1180 Unit4 Baths 2 Unit4 Bedrooms 3 Unit4 Square Feet 1260 Unit5 Baths 1 Unit5 Bedrooms 2 Unit5 Square Feet 850 Unit6 Baths 1 Unit6 Bedrooms 1 Unit6 Square Feet 450

Property Features

Cap Rate Percent 7.51 Covenants NO Green Certification No Hoa No Horse Setup No Multi Story Yes New Construction YN No Property Mngr owner Reo Lender Owned No Tax Year 2023 Total Electric Meters 5 Total Gas Meters 3 Total Taxes 3100 Total Water Meters 1 Type Sixplex Vacancy Factor Prcnt 5 Water Rights No

[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: 2024-05-26T22:56:22.127.
 
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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.