147 Main St Montrose, CO 81401

This exceptional investment opportunity presents a six-unit multifamily property ideally situated in Montrose, Colorado, near Telluride. Boasting a substantial 7,314 square feet, this property includes six rental units, offering a blend of short-term rental (STR) and long-term rental potential. The building, constructed in 1960 and extensively renovated in 2022, features a mix of unit sizes, including a large two-story commercial space with five bedrooms and four baths, and several smaller units ranging from studios to three-bedroom, two-bathroom configurations. The property benefits from a 100% occupancy rate as of August 29, 2023, generating a strong Net Operating Income (NOI) of $135,550, resulting in an impressive 8.61% capitalization rate. Recent upgrades include 90% new plumbing and wiring, new electric meters, and significant interior renovations featuring new flooring, stylish stone and barnwood accents, granite countertops, and stainless steel appliances. The property also includes additional storage units and building-wide fiber optic internet. Located on a corner lot in a prime downtown location, the property is within walking distance of numerous amenities, including coffee shops, grocery stores, bars, a distillery, co-working spaces, and food trucks. The property is zoned for residential and commercial use, offering flexibility for future development. The asking price is $1,575,000, representing a price per unit of $262,500 and a price per square foot of $215.34. The property is fully furnished (excluding personal property and art). A recent major remodel (2017-2019) and permitted upgrades (2021) further enhance its value. The property also features a new, fully monitored fire suppression system. This is a turnkey investment opportunity with significant upside potential.