Summary: Offered here is a four-unit townhome development in Montrose CO. Investment: $860,000.00 Cap Rate: 8% Our project at Pahgre Place includes four units; each is two-bedroom, two bathroom with a garage and located in a downtown neighborhood two blocks from the restaurants and shops on Main St. Assuming rents of $1,300 / month the cap rate is 8.63% initially and there is strong indication that rents could go up 20% in the first five years. The property is platted for a fifth and possibly sixth unit. The Denver Post predicts Colorados most rapid population growth outside of Denver will be on the West Slope. Meanwhile, our residential rental market is bound with no new rental inventory being built. The two largest property management companies in Montrose report zero vacancy rate. We are offering the property with all civil and architectural plans completed along with city planning approval. The project is shovel ready with a five month schedule to completion. Each unit will have a separate title and can be sold individually as desired. This property is certain to provide productive rents for the near future. Each unit is expected to appraise for over $190,000 in a real estate market that is certain to appreciate.

  • MLS# 756926
  • Sub-Type Resale
  • Status Active
  • Year 2019
  • Days On Site 52
SQ Feet 4,000
Units 4
Listing Provided By:
Thomas Bell  of  Thomas Bell Independent Broker
 
this listing $860,000
272.37%
$230,950 in 81401
this listing 4,000 SqFt
578.54%
590 SqFt in 81401
this listing $215 $/SqFt
118.52%
$98 $/SqFt in 81401
this listing 52 on site
12.61%
59.5 on site in 81401

Location

State CO
County Montrose
City Montrose
Zip Code 81401
Area Montrose City

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