147 Main, Montrose

STR - Short or long term 6 units: 7.8%+ CAP RATE !
13 bedroom/10 bath, Income producing Multi Family / Commercial rentals on Main st. Corner lot, all in one building, w/multiple uses, on Main St Montrose, near Telluride 7.4%+CAP (Varies with short term from 6.6% - 8.4% depending on year or rolling month.
Over.7,300+ feet w/ 5+ multi-family apartments included with the front huge commercial two-story section fora total of 6 rentals. Airbnb is allowed and very successful.(zoned B-1) (6 of the 6 units are now AIRBNB as of early 2022)
Located in the Opportunity Zone, main St Montrose CO, near Telluride Ouray and Hot Springs. Walking location downtown. Tenants can pay electric (5 meters) + (2 gas meters)
Recently restored and upgraded with 90% new plumbing and 90% new wiring, 5 new electric meters and 2 units are gas metered. Tenant wide/building wide master Fiber WIFI for future additional income. .City parking in multiple locations.
1) #147 main st , a huge 2000 sq feet 2 story w/ 5 bedrooms and 3.5 baths) (2 master ensuites upstairs w/ decks + rooftop patio. 2) #18 Selig Av is a small studio
3)#26A -Selig Av is a 2br/1bath,
4)#26B- 3br/2bath w/ tall vaulted ceilings ,
5)#26C) - 2br/1b w/ vaulted ceiling also
6)#26 D is a lock off rear 1/1.

The income has increased with the Airbnb strategy over long term .
Examples: Nov 22' income was net $11,000 for month, +, December 2022 NET income was $12,500+ Jan 2023 was NET $ 12,500+.
Projecting over $186,000+ for 23' Gross.
Low vacancy (as an example out of June, only 3 empty nights out of a possible 180 =.5% (half of 1 percent)
*Sold fully furnished (minus PP and some art)
*7.4%+ CAP rate based on list price and NOI 23'
*Over 166k in Gross income in 22' + growing in 2023
*Full monitored new fire suppression system (a 70k value)
* Low taxes of only 3,200 a year!
* NO HOA, street access on 3 sides.
* ROOF access is easy and can be upgraded for amenities /income.
*sold Fully Furnished

Telluride Realty LLC.

Essential Information

MLS® #2749033

Price$1,595,000

Bathrooms0.00

Square Footage7,314

Acres0.00

Year Built1960

TypeCommercial

Sub-TypeMulti-Family

StatusActive

Community Information

Address147 Main

CityMontrose

CountyMontrose

StateCO

Zip Code81401

Exterior

Exterior FeaturesBalcony, Gas Grill

Lot DescriptionCorner Lot

Additional Information

Date ListedNovember 28th, 2023

Zoningb2

Parking Spaces15

Listing Details

Telluride Realty LLC

Property History

Apr. 18Price Reduced from $1,599,000 to $1,595,000

Apr. 11Price Reduced from $1,695,000 to $1,599,000

Feb. 6Price Reduced from $1,697,550 to $1,695,000