702 Oak Street, Steamboat Springs, CO 80487

$2,350,000
List Price
$2,350,000
Type
Multifamily
Status
ACTIVE
MLS Number
2820271
Total Sqft
5599
Year Built
1969

Property 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.

Additional Information

Parking Features
Asphalt, Circular Driveway
Style
ContemporaryModern, Studio, Traditional
Zoned
CN
Lot Size
13,939
Acres
0.32
Contstruction
Frame, Wood Siding
Taxes
$17,258
Tax Year
2019

Courtesy of COLORADO GROUP REALTY

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