$1,690,500
0.14± Acres
Active
Montrose County, CO

147 Main, Montrose, Colorado

MLS ID: 808930
Status: Active
Price: $1,690,500
Acres: 0.14±
Type: Multi-Family
Address: 147 Main
City, State: Montrose, CO
County: Montrose County
ZIP Code: 81401
Parcel Number: 376728421005
Listed by: Scott Elkins of Telluride Realty, Llc
Bathrooms: 9
Year Built: 1960

Description

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 Telluride 7.4%+CAP (Varies with short term from 6.3% - 8.4% depending on year or rolling month) ***OPPORTUNITY ZONES*** 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 170,000-$189,000+ for 2023 in Gross rents. 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. ***7.4%+ 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.

Additional Information

Interior

Bathrooms Full: 9
Building Area Total: 7,314
Furnished: Partially

Exterior

Property Attached: Yes

Financial/HOA/Schools

Days On Market: 69
Elementary School: Pomona K-5
Middle School: Centennial 6-8
High School: Montrose 9-12
Tax Annual Amount: 3100
Robert Gash, ALC

Robert Gash, ALC

Cedaredge, Colorado

(970) 986-2955

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Listed By: Scott Elkins of Telluride Realty, Llc