708 Cedar Creek Avenue

• Three Story
• 10 Unit Multi-Family
• Strong In-Place Cash Flow
• Discount To Replacement Cost
• Potential Short Term Rental Opportunity

Property Description

Avison Young is pleased to exclusively offer the opportunity to purchase this newly built apartment complex in Montrose, CO. Completed in early 2023, this ten-unit apartment building is fully occupied and perfect for any investor looking to invest in a stabilized asset with long-term growth potential. The apartment complex comprises five 580 square foot studio apartments, and five 1160 square foot two-bedroom one bath units. Montrose lacks a supply of newly built multifamily, boasts an average household income of $49,650, and is projected to grow consistently in the coming years. DISCOUNT TO REPLACEMENT COST Over the last several years as the economy has continued to grow, both labor and materials have reached all-time peaks leading to soaring construction costs for new build projects. Conversely, this portfolio is being offered at a substantial discount compared to the price to replicate the same assets today, offering a new investor immediate value from day one. POTENTIAL SHORT-TERM RENTAL OPPORTUNITY Current zoning allows for short-term rentals without applying for any type of variance, allowing for new ownership to convert the property to a high yield short-term rental property once the current leases expire throughout 2024.