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The Queens/Las Reinas 2101 N Queens Ave 24 Unit Apartment Building $2,900,000 ($120,833/Unit) 6.61% Cap Rate Pueblo, CO 81001
INVESTMENT HIGHLIGHTS
- Spacious 2 bedroom apartments with private entry, back deck or patio, large kitchens, big windows and large closets. Large off-street parking spaces.
EXECUTIVE SUMMARY
6 separately parceled 4 plex buildings sharing common driveways on a corner lot, built in 1987 by a woman contractor showcasing large kitchens, large closets, spacious interiors and private balconies and patios. Excellent tenant base, in a great northeast Pueblo location close to I-25 and Pueblo airport. Tenant's rent includes heat, water/sewer, and household trash services. Tenants have separate electric meters/service. Every building has a hot water boiler providing heat and hot water on a house electric meter. New roofs October 2024. Zero landscaping.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$369,468
|
$13.58
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$36,946
|
$1.36
|
| Effective Gross Income |
$332,522
|
$12.22
|
| Taxes |
$13,549
|
$0.50
|
| Operating Expenses |
$57,737
|
$2.12
|
| Total Expenses |
$71,286
|
$2.62
|
| Net Operating Income |
$261,236
|
$9.60
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $369,468 |
| Annual Per SF | $13.58 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $36,946 |
| Annual Per SF | $1.36 |
| Effective Gross Income | |
|---|---|
| Annual | $332,522 |
| Annual Per SF | $12.22 |
| Taxes | |
|---|---|
| Annual | $13,549 |
| Annual Per SF | $0.50 |
| Operating Expenses | |
|---|---|
| Annual | $57,737 |
| Annual Per SF | $2.12 |
| Total Expenses | |
|---|---|
| Annual | $71,286 |
| Annual Per SF | $2.62 |
| Net Operating Income | |
|---|---|
| Annual | $261,236 |
| Annual Per SF | $9.60 |
PROPERTY FACTS
| Price | $2,900,000 | Property Subtype | Apartment |
| Price Per Unit | $120,833 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.61% | Lot Size | 1.28 AC |
| Sale Condition | 1031 Exchange | Building Size | 27,214 SF |
| Gross Rent Multiplier | 8.63 | No. Stories | 2 |
| No. Units | 24 | Year Built | 1987 |
| Property Type | Multifamily | ||
| Zoning | R-4 - R-4 Multi family 4 residences. | ||
| Price | $2,900,000 |
| Price Per Unit | $120,833 |
| Sale Type | Investment |
| Cap Rate | 6.61% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.63 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.28 AC |
| Building Size | 27,214 SF |
| No. Stories | 2 |
| Year Built | 1987 |
| Zoning | R-4 - R-4 Multi family 4 residences. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Eat-in Kitchen
SITE AMENITIES
- Fenced Lot
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 24 | $1,170 | 850 - 900 |
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $138,420 (2024) | |
| Land Assessment | $0 (2024) | Annual Taxes | $13,549 ($0.50/SF) |
| Improvements Assessment | $0 (2024) | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$138,420 (2024)
Annual Taxes
$13,549 ($0.50/SF)
Tax Year
2025 Payable 2025
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Presented by
Carlsson Real Estate Inc
The Queens/Las Reinas | 2101 N Queens Ave
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