101 Gregory St 18 Unit Apartment Building $5,800,000 ($322,222/Unit) 5.70% Cap Rate Central City, CO 80427

Located in downtown Central City Colorado, The Knights Pythias building is a newly constructed 18 unit apartment building that was built and completed in 2025. Built on top of the old Knights Pythias building this property boasts 18 unique apartments that blend new modern luxuries with old world charm. All units have brand new finishes, washer and dryers in each unit, elevator access, outdoor decks, some historic windows and downtown Central City and Mountain Views. There is free covered parking right across the street owned by the city. Gallup construction has agreed to manage the building for a 5% fee. This is advantageous as Gallup is the developer/builder and knows the building inside and out. The whole building is covered under a 1 year warranty. Additionally, one of the units is leased to a maintenance guy who will work on any maintenance requests by the tenants and will receive a $250 a month break in rent for doing so. This building will run very efficiently and cost effectively as there is virtually no common area, no parking and very minimal sidewalks for snow removal. There is also roughly $550,000 of bonus depreciation that the new buyer can benefit from under the new "Big Beautiful Bill" that was signed this year (talk to your accountant to confirm this).
This property is the only apartment building that is downtown in either Black Hawk or Central City (which produces nearly $2 Billion a year in gaming revenues) making these units in very high demand in a grossly undersupplied market. The property is on the bus line to Black Hawk and Denver which is a huge draw for the thousands of employees working the dozens of large casinos down the hill and in central city. Rather than commuting up highway 6 everyday
and night employees in the Black Hawk casinos can be minutes away from their jobs at this building. This is an
incredibly unique opportunity to own an apartment in the booming town of Central City. Pre-leasing has started on
the property and 7 of the 18 units are leased at projected rates.