INVEST IN HISTORIC 3RD AVENUE IN DURANGO, COLORADO Diversify your portfolio here. Excellent purchase for consistent rental income and appreciation for your future. This building is being sold 100% leased. Location on College Drive and 3rd Avenue is ideal and attracts quality, long term tenants. Just 2 blocks to Main Street. After the leases are complete it would be ideal for owner occupancy living, working or both. HISTORY: Built in 1903 on the prestigious 3rd Avenue âEURœBoulevardâEUR formed the communityâEUR(tm)s oldest and most intact historic residential neighborhood. Many well known Durangoans have resided here. Most notably Rowe Pringrey State Senator. The property was purchased and used as a law office in 1981. From its prestigious residential beginnings, the property embraces the past while remaining in the path of progress with the versatile zoning needed to adapt to the future. ZONING: MU-N (multi-use neighborhood) âEURœMixed-use areas with small-scale residential and mixed-use development, and adaptive re-use of existing residential buildings for mixed-use or commercial purposes.âEUR This property is governed by 3rd Avenue Historic Preservation and Commercial guidelines. See the City of Durango website for all design guidelines. Click on departments, community development, planning. NET OPERATING INCOME: Total annual rent $57,780 (Front Unit $3,200 per month + Basement Stoarge $150 month Total Annual $40,200 Back Unit $1,465 month Total Annual $17,580) Expenses paid by landlord; Taxes $5,597 Insurance $3,560 Gas $1,460 Electric $1,980 City Water, Sewer, Trash $1,080. Total Annual Expenses $13,605 NOI $44,175 Current owner has had no vacancies since March 2012 and have managed the property their selves. 7% cap rate at $629,000 price. LEASES: Durango Healing Center, LLC (medical marijuana office-not retail) leased through December 14, 2016. They have a right of first refusal were offered and did not exercise as of October 2014. Chiropractic Office in back unit is leased through April 14, 2015 and is interested in renewing. PARKING: 5 developed parking spaces 2 designated per unit and 1 additional. This property is within the enhanced multi-model area which lessens parking requirements. UNDEVELOPED POTENTIAL: Front unit has an upper level with a kitchenette with the possibility to convert to an apartment with exterior entrance. IMPROVEMENTS AND INFRASTRUCTURE: New roof in 2013, T1 Line, Central A/C for upper level, Handicap accessible ramp for back unit, Basement for storage, Well maintained, Nicely landscaped and Sprinkler system. COME SEE HOW THIS OPPORTUNITY CAN WORK FOR YOU.
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