Current Use by Public Records
- Apartment buildings
Property Details for 1428 Greene St
- Year built
- 2005
- Lot size
- 0.11 lot acres
- Property type
- Apartment buildings
Description
This exceptional 13-unit apartment building presents a compelling investment opportunity in Silverton, Colorado. Boasting 12,098 square feet, this three-story, Class B property sits on a 0.11-acre lot and includes four covered parking spaces. Currently 100% occupied, the building features ten residential units – eight spacious two-bedroom, two-bathroom units with abundant natural light and mountain views, and two ADA-compliant ground-floor units (one studio, one one-bedroom, one-bathroom). Three commercial units are also included. Recent improvements include a complete exterior paint job and an optimized heating system. A coin-operated laundry adds to the income stream. The partially finished 3,457-square-foot basement offers significant value-add potential, with potential for expansion, additional bathrooms, and conversion to gym space or additional office space, increasing the total square footage to 15,556. The property is zoned for short-term vacation rentals, a rare and valuable asset in this high-demand market. The building's strong historical occupancy, combined with the potential for increased revenue through basement development and parking rentals, makes this a truly unique investment opportunity in a town where housing demand significantly exceeds supply. Financial highlights include an asking price of $2,850,000, a current cap rate of 4.63%, and a pro-forma cap rate of 4.87%, with a pro-forma NOI of $138,792. Built in 2005, this is the largest apartment building in Silverton.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Silverton
- County
- San Juan
- State
- Colorado
- Longitude
- -107.662
- Latitude
- 37.8136
