For Sale
$2,400,000

201 S 1St StJohnstown, CO 80534

13-Unit Apartment Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional 13-unit apartment building presents a compelling investment opportunity in the heart of Johnstown, Colorado. Located at 201 E. South 1st Street, this two-story, 13,144 square foot building boasts a desirable mix of unit sizes: four one-bedroom/one-bathroom, six two-bedroom/one-bathroom, and three three-bedroom/one-bathroom units. Built in 1920 and situated on a spacious 26,600 square foot lot, the property includes 13 surface parking spaces. Recent capital improvements significantly enhance its value and operational efficiency. These include a new roof and gutters (2017), updated electrical panels in most units, and two new high-efficiency boilers with water storage tanks (2021). Further enhancing curb appeal, the exterior received new paint in 2023, and landscaping was refreshed in 2024. The property currently generates a Net Operating Income (NOI) of $136,945, with a pro-forma NOI of $157,859, representing a 5.71% cap rate and a pro-forma cap rate of 6.58%, respectively. The asking price is $2,400,000, translating to $182.59 per square foot and $184,615.38 per unit. Twelve of the thirteen units have been fully renovated, making this a truly turnkey asset. The building's prime downtown location offers residents convenient access to numerous restaurants and retail stores. Additionally, large basement storage units generate supplemental income. This property offers a strong track record of occupancy and stable rental income, promising consistent cash flow for the discerning investor.

Highlights

  • Turnkey multifamily investment opportunity with 12 of 13 units recently renovated.
  • Recent capital improvements include updated windows, two new high-efficiency boilers (2021), exterior paint (2023), and landscaping (2024).
  • Ample surface parking with 13 spaces.
  • Prime downtown Johnstown location offering walkability to restaurants and retail.
  • Basement storage units generating supplemental income.

Property Details for 201 S 1St St

Property type
Apartment buildings
Square Feet
13,144 SF
Class
C
Year Built
1920
Buildings
1
Stories
2
Units
13

Location Insight

City
Johnstown
County
Weld
State
Colorado
Latitude
40.334498569532
Longitude
-104.90434662634
201 S 1St St, Johnstown, Colorado

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201 S 1St St
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