3011 17Th Ave Longmont, CO 80503

Property Details for 3011 17Th Ave

Year built

1977

Lot size

0.28 lot acres

Property size

6,720 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a six-unit multifamily property located at 3011 17th Ave, Longmont, Colorado, 80503. The property boasts a charming brick exterior and comprises six two-bedroom, one-and-a-half-bathroom apartments, totaling 6,720 square feet on a 0.28-acre lot. Built in 1977, the two-story building has undergone partial renovations, enhancing its appeal and value. Upgrades include new countertops, bathrooms, windows, flooring, and in-unit laundry facilities in select units, increasing tenant satisfaction and rental income potential. Ample parking is available for residents. The property currently generates a NOI of $73,092, representing a 4.57% cap rate. Pro-forma projections indicate a NOI of $84,287 and a 5.27% cap rate, showcasing significant upside potential. Offered at $1,600,000, this translates to a price per unit of $266,666.67 and a price per square foot of $238.10. This well-maintained property in Boulder County presents a compelling investment opportunity with strong cash flow and growth prospects in a desirable Longmont location. The property's attractive features, combined with its strategic location and renovation updates, make it an ideal addition to any investment portfolio.