201 1St StJohnstown, CO 80534

Property Details for 201 1St St

Year built

1920

Property size (Sq ft)

13,144 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Johnstown

County

Weld

State

Colorado

Latitude

40.3345

Longitude

-104.904

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