Overview
Montrose Multifamily Investment Opportunity
This is a six-unit multifamily property with two stories, two decks, and a rooftop patio. The property has a history of both short-term and long-term rentals. The gross income last year was $177,000, resulting in a 7.46% CAP rate (with all expenses except management). The property features 14 bedrooms and 10 bathrooms. Situated on a corner lot on Main St, Montrose, the building has multiple uses and is located near Telluride. The property is zoned B-1. The location offers convenient walking access to downtown amenities, including coffee shops, grocery stores, bars, a distillery, co-working spaces, and food trucks, all within two blocks. If long-term rentals are used, tenants can pay for electric (5 meters) and gas (2 meters), while the owner would cover sewer, water, and trash. There are also five extra storage units for the rentals, three inside the lobby and two outside. The property has been recently restored and upgraded with 90% new plumbing and wiring, five new electric meters, and two gas meters. Many new windows, 90%+ new flooring, stylish stone, barnwood, and granite finishes have been installed. Stainless steel appliances and high ceilings are present in most units. A building-wide master Fiber WIFI system is in place for potential additional income. A major $600,000 remodel was completed in 2017-19, with additional permitted upgrades in 2021. City parking is available in multiple locations nearby and adjacent to the property. The front unit, 147 Main St, is a large 3000 sq ft unit with five bedrooms and four baths, including two master ensuites upstairs with decks and a rooftop patio. Additional units include #18 Selig Av, a large studio; #26 Selig Av #A, a 2br/1bath unit; #B, a 3br/2bath unit with a vaulted ceiling; a 2br/1b unit with a vaulted ceiling; and #D, a lockoff of C, which is a 1br/1b unit with a separate alleyway entrance that can be combined with C to create a 3/2 unit. All furnishings are included, such as seven fridges, five washer/dryers, and five stoves. The property size is over 7,300 sq ft, plus two covered decks.
