Evergreen Apartments | 1425 Atchison Ave
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Evergreen Apartments 1425 Atchison Ave
24 Unit Apartment Building $3,200,000 ($133,333/Unit) 7% Cap Rate Trinidad, CO 81082
Investment Highlights
- Quick Access to I-25
- Large Units
- High Occupancy
- Assumable Loan at 3.87%
- Recent Capex Expenditures (Roof, Outer Steel, Parking Lot)
Executive Summary
The Evergreen Apartments is a 24-unit multi-family property located just west of downtown Trinidad, Colorado.
The Evergreen is well maintained and has recently received capital improvements including the installation of a modern steel handrail system, and a new roof (2022). The Evergreen is positioned for an investor seeking current income and long-term capital appreciation. The property is an immediate 7.00% cap rate with the ability to raise rents by converting units to service shorter term “Workforce Housing.”
The Evergreen generally appeals to remote workers and those drawn to Trinidad because of Trinidad’s low cost of living and proximity to recreation amenities. Trinidad is 15% less expensive than the national average cost of living and 22% less expensive than the average Colorado city. Local recreational amenities include Fishers Peak State Park, Lake Trinidad, robust mountain biking trails, fishing, camping, hunting, golfing, pickleball, etc., and a state college. Trinidad State College was established in 1925 as the first community college in Colorado. It is a 17 acre campus with around 2,000 students who seek degrees in arts, science, general studies, agribusiness, business, education, animal science and applied technology. Technical trade areas of study include line worker, auto mechanic, cosmetology, gun smithing, emergency medical technology, nursing, criminal justice which bridge to 4 year degree programs.
Originally constructed in 1995, the 3-building complex sits on 1.7 acres and boasts expansive 360 degree mountain views. The property has 24 apartments – (10) two-bedroom units and (14) three-bedroom units. The 2 bedroom units are 1,000 sf and the 3 bedroom units are 1,200 sf. The current gross monthly rent is $31,250. There is an assumable loan in the amount of $1,519,000 at 3.87% interest rate. Annual property taxes are $8,000 and the annual property insurance premium is $28,000.
Contact Kenny Juarbe at (719) 237-6065 for more information.
The Evergreen is well maintained and has recently received capital improvements including the installation of a modern steel handrail system, and a new roof (2022). The Evergreen is positioned for an investor seeking current income and long-term capital appreciation. The property is an immediate 7.00% cap rate with the ability to raise rents by converting units to service shorter term “Workforce Housing.”
The Evergreen generally appeals to remote workers and those drawn to Trinidad because of Trinidad’s low cost of living and proximity to recreation amenities. Trinidad is 15% less expensive than the national average cost of living and 22% less expensive than the average Colorado city. Local recreational amenities include Fishers Peak State Park, Lake Trinidad, robust mountain biking trails, fishing, camping, hunting, golfing, pickleball, etc., and a state college. Trinidad State College was established in 1925 as the first community college in Colorado. It is a 17 acre campus with around 2,000 students who seek degrees in arts, science, general studies, agribusiness, business, education, animal science and applied technology. Technical trade areas of study include line worker, auto mechanic, cosmetology, gun smithing, emergency medical technology, nursing, criminal justice which bridge to 4 year degree programs.
Originally constructed in 1995, the 3-building complex sits on 1.7 acres and boasts expansive 360 degree mountain views. The property has 24 apartments – (10) two-bedroom units and (14) three-bedroom units. The 2 bedroom units are 1,000 sf and the 3 bedroom units are 1,200 sf. The current gross monthly rent is $31,250. There is an assumable loan in the amount of $1,519,000 at 3.87% interest rate. Annual property taxes are $8,000 and the annual property insurance premium is $28,000.
Contact Kenny Juarbe at (719) 237-6065 for more information.
Property Facts
| Price | $3,200,000 | Apartment Style | Low Rise |
| Price Per Unit | $133,333 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.71 AC |
| Cap Rate | 7% | Building Size | 26,000 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1995 |
| Property Subtype | Apartment | Parking Ratio | 0.92/1,000 SF |
| Price | $3,200,000 |
| Price Per Unit | $133,333 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 1.71 AC |
| Building Size | 26,000 SF |
| No. Stories | 2 |
| Year Built | 1995 |
| Parking Ratio | 0.92/1,000 SF |
Site Amenities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | - | - |
| 3+1 | 14 | - | - |
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PROPERTY TAXES
| Parcel Number | 12982300 | Improvements Assessment | $0 |
| Land Assessment | $130,580 | Total Assessment | $130,580 |
PROPERTY TAXES
Parcel Number
12982300
Land Assessment
$130,580
Improvements Assessment
$0
Total Assessment
$130,580
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Evergreen Apartments | 1425 Atchison Ave
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