1427 Evans Ave Pueblo, CO 81004
- Commercial real estate
- 5,205 SF
Current Use by Public Records
- Commercial real estate
Property Details for 1427 Evans Ave
- Property size
- 5,205 SF
- Property type
- Commercial real estate
Description
This exceptional 11-unit apartment building presents a compelling value-add investment opportunity in Pueblo, Colorado's burgeoning Bessemer neighborhood. Located at 1427 E Evans Ave, this Class B property boasts 5,205 square feet and offers a compelling mix of unit types: one two-bedroom/one-bathroom unit, nine one-bedroom/one-bathroom units, and one studio apartment. The asking price is $900,000, translating to $81,818 per unit. The property currently generates a NOI of $63,274, representing a 7.03% cap rate, with a pro-forma NOI of $76,420 and a pro-forma cap rate of 8.49%, showcasing significant upside potential. Recent renovations in 2022 have already upgraded four units, with a fifth currently underway, leaving substantial room for further rent increases to market rates. Conveniently located minutes from Lake Minnequa, the property benefits from ample parking, both in the rear with alley access and on the street. This property is ideal for investors seeking a strong return on investment in a growing Colorado market. The property's location in a stable, up-and-coming neighborhood ensures long-term value and potential for appreciation. This is a rare opportunity to acquire a well-positioned multifamily asset with immediate income and significant value-add potential. The current unit mix and the ongoing renovations provide a solid foundation for future growth and profitability. Don't miss this chance to capitalize on this promising investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pueblo
- County
- Pueblo
- State
- Colorado
- Longitude
- -104.6151279
- Latitude
- 38.2414406
