Summary: Offered here is a four-unit townhome development in Montrose CO. Investment: $860,000.00 Cap Rate: 8% Our project at Pahgre Place includes four units; each is two-bedroom, two bathroom with a garage and located in a downtown neighborhood two blocks from the restaurants and shops on Main St. Assuming rents of $1,300 / month the cap rate is 8.63% initially and there is strong indication that rents could go up 20% in the first five years. The property is platted for a fifth and possibly sixth unit. The Denver Post predicts Colorado’s most rapid population growth outside of Denver will be on the West Slope. Meanwhile, our residential rental market is bound with no new rental inventory being built. The two largest property management companies in Montrose report zero vacancy rate. We are offering the property with all civil and architectural plans completed along with city planning approval. The project is shovel ready with a five month schedule to completion. Each unit will have a separate title and can be sold individually as desired. This property is certain to provide productive rents for the near future. Each unit is expected to appraise for over $190,000 in a real estate market that is certain to appreciate.
|Last Updated||5/8/2019||Tract||Selig's Addition|
|Year Built||2019||Community||Montrose City|
|Elementary School||Northside K-5|
|Jr. High School||Centennial 6-8|
|High School||Montrose 9-12|
|GARAGE||Attached Garage, Yes|
|LOT||6098 sq ft|
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2019. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.”FULL” CREN Disclaimer
Real Estate listings held by companies other than Ridgway Real Estate contain that company’s name.Fair Housing Disclaimer
This data was last updated: 5/25/19 11:13 PM PDT
This IDX solution is (c) Diverse Solutions 2019.