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900 Garfield Ave
Carbondale, CO 81623
The Homestead at Carbondale · Multifamily Property For Sale
·
58 Units
PROPERTY FACTS
| No. Units | 58 | Lot Size | 1.54 AC |
| Property Type | Multifamily | Building Size | 46,449 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Low-Rise | No. Stories | 3 |
| Building Class | C | Year Built | 1973 |
| No. Units | 58 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.54 AC |
| Building Size | 46,449 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1973 |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Sprinkler System
- Tub/Shower
- Carpet
SITE AMENITIES
- Laundry Facilities
ABOUT 900 GARFIELD AVE , CARBONDALE, CO 81623
The Garfield Avenue Apartments (the “Property”) is a three-story, 58-unit apartment building located in beautiful Carbondale, CO; a town of nearly 7,000 residents situated about 13 miles south of Glenwood Springs and 30 miles north of Aspen. The Property was developed in 1973 and is one of only a few market-rate apartment buildings in town, in addition to one LIHTC apartment community. Representing 58 of 72 total market-rate units in Carbondale, Garfield Avenue Apartments offers an unprecedented 81% market share of existing market-rate apartment stock. The Garfield Avenue Apartments is the most attractive and affordable option for residents who want to enjoy the incredible outdoors lifestyle of Carbondale but have been priced out of the extremely tight housing markets of Aspen, Snowmass & Carbondale. Located in a quiet residential setting, tenants of Garfield Avenue Apartments have access to a central courtyard that offers them a quiet place to relax, barbeque, and enjoy the breathtaking views of Mount Sopris. Comprised of three buildings, the Property is individually metered for electric and contains spacious units that average 801 SF. The Property consists of 20 one-bedroom/ one bath and 38 two-bedroom/one bath units with an average in-place blended rental rate of $1.42/square foot, representing nearly 25% loss-to-lease. In such a supply constrained rental market, new Ownership could realize significant upside in rents organically just by increasing rents as leases expire. There are several other options to significantly increase cash flow such as renovating the units to a high-end standard given that condos in town are renting out 1 bedroom units starting at $1,800/month, allocating some units to corporate housing, or vacation rentals/VRBO. With a Walk Score of 81 (Very Walkable), residents are within walking distance to numerous restaurants, bars, shops, and outdoor recreational options such as the Rio Grande Trail, Crystal River, & Sopris Park.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | $1,450 | 660 |
| 2+1 | 38 | $1,650 | 875 |
PROPERTY TAXES
| Parcel Number | R340837 | Improvements Assessment | $614,390 |
| Land Assessment | $65,490 | Total Assessment | $679,880 |
PROPERTY TAXES
