1228 Evans Ave Pueblo, CO 81004

Property Details for 1228 Evans Ave

Year built

1905

Property size

4,663 SF

Property type

Commercial real estate

Description

This exceptional 9-unit apartment building presents a compelling investment opportunity in Pueblo, Colorado. Located at 1228 E Evans Ave, in the desirable State Fair neighborhood, this property offers a blend of studio, one-bedroom, and two-bedroom units, catering to a diverse tenant base. Built in 1905, the 4,663 square foot building has undergone recent renovations, enhancing the aesthetic appeal and market competitiveness of each unit. The property boasts a strong current NOI of $62,482, translating to a 10.16% cap rate, with a pro-forma NOI of $68,719 and a pro-forma cap rate of 11.17%. The asking price is $615,000, representing a price per unit of $68,333.33 and a price per square foot of $131.89. This meticulously maintained asset provides a proven cash flow and represents a sound investment opportunity in a vibrant, established neighborhood with convenient access to local amenities. The property's strategic location and recent upgrades position it for continued success in the rental market, making it an attractive option for both seasoned investors and those new to real estate. The property's strong performance metrics and desirable location make it a rare find in the Pueblo market. This is a chance to acquire a well-maintained, cash-flowing multifamily property with significant upside potential.