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Evergreen Apartments 1425 Atchison Ave 24 Unit Apartment Building $2,800,000 ($116,667/Unit) 8.15% Cap Rate Trinidad, CO 81082
Investment Highlights
- Quick Access to I-25
- Large Units
- High Occupancy
- Assumable Loan at 3.87%
- Recent Capex Expenditures (Roof, Outer Steel, Parking Lot)
Executive Summary
The Evergreen Apartments is a 24-unit multi-family property located just west of downtown Trinidad, Colorado.
The Evergreen is well maintained and has recently received capital improvements including the installation of a modern steel handrail system, and a new roof (2022). The Evergreen is positioned for an investor seeking current income and long-term capital appreciation. The property is an immediate 8.00% cap rate with the ability to raise rents by converting units to service shorter term “Workforce Housing.”
Originally constructed in 1995, the 3-building complex sits on 1.7 acres and boasts expansive 360 degree mountain views. The property has 24 apartments – (10) two-bedroom units and (14) three-bedroom units. The 2 bedroom units are 1,000 sf and the 3 bedroom units are 1,200 sf. The current gross monthly rent is $32,189. There is an assumable loan in the amount of $1,500,000 at 3.87% interest rate. Annual property taxes are $8,000 and the annual property insurance premium is $28,000.
Contact Kenny Juarbe at (719) 237-6065 for more information.
The Evergreen is well maintained and has recently received capital improvements including the installation of a modern steel handrail system, and a new roof (2022). The Evergreen is positioned for an investor seeking current income and long-term capital appreciation. The property is an immediate 8.00% cap rate with the ability to raise rents by converting units to service shorter term “Workforce Housing.”
Originally constructed in 1995, the 3-building complex sits on 1.7 acres and boasts expansive 360 degree mountain views. The property has 24 apartments – (10) two-bedroom units and (14) three-bedroom units. The 2 bedroom units are 1,000 sf and the 3 bedroom units are 1,200 sf. The current gross monthly rent is $32,189. There is an assumable loan in the amount of $1,500,000 at 3.87% interest rate. Annual property taxes are $8,000 and the annual property insurance premium is $28,000.
Contact Kenny Juarbe at (719) 237-6065 for more information.
Property Facts
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $116,667 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.71 AC |
| Cap Rate | 8.15% | Building Size | 26,000 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1995 |
| Property Subtype | Apartment | Parking Ratio | 0.92/1,000 SF |
| Price | $2,800,000 |
| Price Per Unit | $116,667 |
| Sale Type | Investment |
| Cap Rate | 8.15% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.71 AC |
| Building Size | 26,000 SF |
| No. Stories | 2 |
| Year Built | 1995 |
| Parking Ratio | 0.92/1,000 SF |
Amenities
Site Amenities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | - | - |
| 3+1 | 14 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 12982300 | Improvements Assessment | $0 |
| Land Assessment | $130,580 | Total Assessment | $130,580 |
Property Taxes
Parcel Number
12982300
Land Assessment
$130,580
Improvements Assessment
$0
Total Assessment
$130,580
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Evergreen Apartments | 1425 Atchison Ave
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