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Highland Green Apartments 807 Legion St 40 Unit Apartment Building $3,575,000 ($89,375/Unit) 7.97% Cap Rate Craig, CO 81625
Investment Highlights
- Stabilized asset delivering ~7.97% current cap, 8.93% Yr 1, and ~13% CoC. Strong day-one cash flow with upside from revenue growth & efficiency gains.
- Craig benefits from rising regional costs, supporting steady renter demand and long-term occupancy.
- Growth driven by operations, minimizing capex and disruption while enhancing cash flow.
- Provides affordable housing below nearby resort markets.
- Upside through lease rollovers, rent optimization, and efficiencies.
- High construction costs, labor shortages, and geographic limits restrict new supply, supporting strong occupancy and rent growth for existing assets.
Executive Summary
Marcus & Millichap is pleased to present Highland Green Apartments, a multifamily investment opportunity located in Craig, Colorado.? Highland Green Apartments offers investors the opportunity to acquire a high-yielding asset with strong in-place cash flow and additional upside through continued operational efficiencies and organic rent growth.? The property is currently projected at a 7.97% cap rate with upside to an 8.93% Year 1 cap rate alongside an estimated 13% cash-on-cash return on day one.?
Positioned in a supply-constrained market, Highland Green Apartments benefits from growing demand for attainable housing throughout Northwest Colorado as renters continue seeking affordable alternatives to nearby resort-driven markets such as Steamboat Springs.? Limited new multifamily development, rising replacement costs, and increasing barriers to homeownership continue to support long-term apartment fundamentals throughout the region.?
The property also features individually metered utilities, creating operational efficiencies and reducing landlord exposure to rising utility expenses.? Combined with Craig's diversified economic base, strong community appeal, and proximity to major outdoor recreation and employment drivers, Highland Green Apartments presents investors with an attractive opportunity to acquire a stable cash-flowing asset with long-term upside potential.?
Positioned in a supply-constrained market, Highland Green Apartments benefits from growing demand for attainable housing throughout Northwest Colorado as renters continue seeking affordable alternatives to nearby resort-driven markets such as Steamboat Springs.? Limited new multifamily development, rising replacement costs, and increasing barriers to homeownership continue to support long-term apartment fundamentals throughout the region.?
The property also features individually metered utilities, creating operational efficiencies and reducing landlord exposure to rising utility expenses.? Combined with Craig's diversified economic base, strong community appeal, and proximity to major outdoor recreation and employment drivers, Highland Green Apartments presents investors with an attractive opportunity to acquire a stable cash-flowing asset with long-term upside potential.?
Property Facts
| Price | $3,575,000 | Building Class | C |
| Price Per Unit | $89,375 | Lot Size | 1.65 AC |
| Sale Type | Investment | Building Size | 31,040 SF |
| Cap Rate | 7.97% | Average Occupancy | 97% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 0.16/1,000 SF |
| Apartment Style | Garden |
| Price | $3,575,000 |
| Price Per Unit | $89,375 |
| Sale Type | Investment |
| Cap Rate | 7.97% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.65 AC |
| Building Size | 31,040 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1976 |
| Parking Ratio | 0.16/1,000 SF |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Laundry Facilities
- Smoke Free
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 550 |
| 2+1 | 20 | - | 725 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
90/100
Minimal public transit
10/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | R008112 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $113,626 |
Property Taxes
Parcel Number
R008112
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$113,626
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Highland Green Apartments | 807 Legion St
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