147 Main St 6 units, Montrose, CO 81401
Other · Montrose County
Key Facts
Description
This is a 6 unit multi-family parcel, 2 stories with 2 decks and a rooftop patio. Great rental History with short and long term. 8.8 % return of cash on price (w/all expenses except Mngt) 177k++ of Gross income last year, $122,000 of NOI net income for a 7.8% TRUE cap rate! 14 bedroom/10 bath, 6 Unit Income producing Multi-Family on Main St, Montrose. Corner lot, all in one building, w/ multiple uses, near Telluride. **long term /normal MF income would be ~11,000+ a month if long vs STR = $133,000 with less management/expenses. Over 7,300+ feet plus 2 covered decks, 6 Total Apartments, fully furnished with great rental history and many repeat visitors. Since its zoned B-1, you are at a massive advantage if rules come down the line as they have in other towns. No residential neighbors to complain STR are affecting neighborhood. Great walking location, right downtown with coffee/grocery/bars /distillery /CO-working /food trucks all within 2 blocks. If you long termed it, Tenants can pay electric (5 meters) + (2 gas meters). Owner would still pay sewer/water/trash. 5 extra storage units for the rentals also, (3 inside lobby, 2 outside). Recently restored and upgraded with 90% new plumbing and 90% new wiring, 5 new electric meters and 2 units are gas metered. Many new windows, 90%+ new flooring, stylish stone, barnwood and granite. Stainless appliances and high ceilings in most units. Building wide master Fiber WIFI for future additional income. Major $600,000 Remodel in 2017-19 and also permitted upgrades in 2021. City parking in multiple locations nearby and adjacent. The front unit is 147 main st, a huge 3000 sq feet up and down unit with 5 bedrooms and 4 baths), (2 master ensuites upstairs with decks and rooftop patio. #18 Selig Av is a large studio #26 Selig Av: A) 2br/1bath B) 3br/2bath with very tall, vaulted ceiling C) 2br/1b with vaulted ceiling D) 1br/1b separate alleyway entrance can be combined with C to make 3/2. Some ways to increase revenue, (roof top amenities, hot tub, bike racks, grills and more amenities. Add some lofts in B or C as the ceiling is so tall? Low vacancy (as an example out of July, only 3 empty nights out of a possible 180 =.5% (half of 1 percent) ***Sold fully furnished minus some PP some art. ***7.46%+ CAP rate based on list price and NOI 24' ***Full monitored fire suppression system (code compliant!) *** Low taxes of only 3,400 a year! *** NO HOA, street access on 3 sides. *** ROOF access is easy and can be upgraded for amenities. All furnishings included, (7 fridges 5 washer dryers, 5 stoves etc ) ***OZ fund avail due to location in the OZ.
Property Information
Property Type
Commercial Sale
Sub-Type
Mixed Use
Year Built
1960
Living Area
7,314 sq ft
Lot Size
0.14 acres
MLS® Listing#
830755
Property Features
Financial Details
Annual Taxes
$3,200
Tax year 2022
Parcel Number
376728421005
Directions
North on Townsend to Main. Left on West Main, one block, building is on your right.
Affordability Calculator
$270,200
Estimated monthly payment
$7,191/mo
Principal $1,080,800 · Est. interest $1,507,812 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Montrose, CO
- $556,075
- Median Listing Price
- 71
- Median Days on Market
- 1,848
- Median Sq Ft
- $298
- Median Price / Sq Ft
- 367
- Active Listings
- This home’s price is 143% above the area median.
- Its price per sq ft is 38% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Montrose, CO.
Location
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Points of Interest in Montrose, CO
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Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 33 & 35 N Uncompahgre & 430 N. 1st Street, Montrose, CO | $949,500 | — | — | 9,500 |
| 3000 Belle Haven Way, Montrose, CO | $949,900 | 4 | 5 | 3,537 |
| 4009 Waterfall Dr Drive, Montrose, CO | $950,000 | 5 | 4 | 3,712 |
| 5 Ponderosa Court, Montrose, CO | $950,000 | — | — | 10,260 |
| 5 Ponderosa Court, Montrose, CO | $950,000 | 2 | 4 | 4,634 |
| 2017 Tree Line Lane, Montrose, CO | $955,000 | 5 | 4 | 3,651 |
Moving Cost Estimate
EXIT Agents in Montrose
Listing Courtesy: Telluride Realty, LLC
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Real Estate listings held by companies other than Telluride Realty, LLC contain that company's name.
Fair Housing Disclaimer
Date Last Updated
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