$2,350,000

702 Oak Street

Steamboat Springs CO, 80487

Description

12 Mixed use Rental Units in the heart of Steamboat Springs. Ski Town USA. This ideal location is situated a block from 7th and Lincoln Avenue, the center of the downtown walking district of Steamboat Springs. Dozens of restaurants and bars are a brief walk. Stroll down to the Yampa River for fishing or Howelsen for all of the local events. Bike to anywhere downtown in a couple of minutes. Mountain bike straight to the IMBA Silver-rated trails. Easy access to this prime spot is just one block off of Highway 40.This property provides generous income potential. Most of the leases are currently month to month providing an investor the freedom to choose to keep things as they are, bring in new long term tenants at a market rate or switch to a short term model. Proforma Figures provide 6.2 Cap rate using market-rate long term rentals. The owner has a great track record of full units for short term rentals. A full switch to short term stays could boost gross income by 100%.Four of the units are currently rented to commercial tenants. Seven are rented to long-term residential tenants. One unit is vacant for showings and is ready for Air BnB.

Details

MLS#2820271
Listing TypeFor Sale
Sub-TypeResale
StatusPending
Year1969
Days On Site166

Features

SQ Feet5,599
Story(s)2
Units12
ZoningCN
Acreage0.32

Market Activity 80487

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Area Information
StateCO
CountyRoutt
CitySteamboat Springs
Zip Code80487
Listing VS Median (in 80487)
Price:
$2,350,000
low | high
Med:
$825,000
100% of Average
SqFt:
5,599
low | high
Med:
1,306
100% of Average
$ / SqFt:
$420
low | high
Med:
$632
2% of Average
On Site:
166
low | high
Med:
5
100% of Average
Listing Updated: February 27, 2021 10:24:26 AM PST
Will Kennish LogoMLS Number: 2820271
Listing Provided By:
Will Kennish  of  COLORADO GROUP REALTY
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