200 N 3rd St
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200 N 3rd St
3 Unit Apartment Building $775,000 ($258,333/Unit) 6.32% Cap Rate Victor, CO 80860
Investment Highlights
- 23 Storage Units 100% rented out with high demand for additional income plus Storage Yard that can be rented out for more income
- Unique property with built in antique platform scales, original safe, loading docks freight chute and other fun artifacts!
- Recently Updated Units, Strong Rental History. Owners used the main residence for personal use in 2022. Started air bnb in 2023
- Great location in the heart of Historic Victor, walking distance to restaurants and shops and just moments away from Cripple Creek!
Executive Summary
INCREDIBLE INVESTMENT OPPORTUNITY IN THE HEART OF HISTORIC VICTOR COLORADO!
23 Self Storage units are in HIGH DEMAND and rented out consistently with a waiting list. There is also a large workshop that could easily be converted to add a few more self storage units to your portfolio.
The main building has been recently remodeled into 2 residential properties set up like a Duplex. The Main part of the property is currently a successful air bnb but could also be a great owner occuplied residence or a great rental with a large living room, cozy fireplace, kitchen, dining room, 2 bedrooms, 1 bath, 2 car attached garage with laundry, storage, and other flex spaces for an office, hobby area, exercise room, reading nook, etc.
The lower unit is currently rented out as a 1 bed 1 bath with living, dining, kitchen, office area or family room. It has laundry hookups and features a large wraparound deck and parking in front of the building.
The Thompson House is an old Miner’s Cabin that was dismantled from the Ajax mine and rebuilt here. Recent renovations include new electric, new metal roof and windows. This has a strong rental history with a long term tenant.
The 75” x 125’ storage yard is fully fenced and until recently was rented out to a propane company to store tanks. It could make a great Boat & RV rental yard, or you could add more self storage units, etc. There are two 50 amp onad one 30 amp RV Hookups on the property.
Unique features include built in antique platform scales, freight chutes and loading dock, original safe, peeled tree post supports & repurposed rough cut wood paneling and well as many historic antiques and artifacts.
23 Self Storage units are in HIGH DEMAND and rented out consistently with a waiting list. There is also a large workshop that could easily be converted to add a few more self storage units to your portfolio.
The main building has been recently remodeled into 2 residential properties set up like a Duplex. The Main part of the property is currently a successful air bnb but could also be a great owner occuplied residence or a great rental with a large living room, cozy fireplace, kitchen, dining room, 2 bedrooms, 1 bath, 2 car attached garage with laundry, storage, and other flex spaces for an office, hobby area, exercise room, reading nook, etc.
The lower unit is currently rented out as a 1 bed 1 bath with living, dining, kitchen, office area or family room. It has laundry hookups and features a large wraparound deck and parking in front of the building.
The Thompson House is an old Miner’s Cabin that was dismantled from the Ajax mine and rebuilt here. Recent renovations include new electric, new metal roof and windows. This has a strong rental history with a long term tenant.
The 75” x 125’ storage yard is fully fenced and until recently was rented out to a propane company to store tanks. It could make a great Boat & RV rental yard, or you could add more self storage units, etc. There are two 50 amp onad one 30 amp RV Hookups on the property.
Unique features include built in antique platform scales, freight chutes and loading dock, original safe, peeled tree post supports & repurposed rough cut wood paneling and well as many historic antiques and artifacts.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$84,000
|
$17.70
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$84,000
|
$17.70
|
| Taxes |
$5,032
|
$1.06
|
| Operating Expenses |
$24,545
|
$5.17
|
| Total Expenses |
$29,577
|
$6.23
|
| Net Operating Income |
$54,423
|
$11.46
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $84,000 |
| Annual Per SF | $17.70 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $84,000 |
| Annual Per SF | $17.70 |
| Taxes | |
|---|---|
| Annual | $5,032 |
| Annual Per SF | $1.06 |
| Operating Expenses | |
|---|---|
| Annual | $24,545 |
| Annual Per SF | $5.17 |
| Total Expenses | |
|---|---|
| Annual | $29,577 |
| Annual Per SF | $6.23 |
| Net Operating Income | |
|---|---|
| Annual | $54,423 |
| Annual Per SF | $11.46 |
Property Facts
| Price | $775,000 | Building Class | C |
| Price Per Unit | $258,333 | Lot Size | 1.80 AC |
| Sale Type | Investment | Building Size | 4,747 SF |
| Cap Rate | 6.32% | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2018 |
| Property Subtype | Apartment | Parking Ratio | 0.42/1,000 SF |
| Price | $775,000 |
| Price Per Unit | $258,333 |
| Sale Type | Investment |
| Cap Rate | 6.32% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.80 AC |
| Building Size | 4,747 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1900/2018 |
| Parking Ratio | 0.42/1,000 SF |
Unit Amenities
- Dishwasher
- Disposal
- Ceiling Fans
- Hardwood Floors
- Oven
- Range
- Built-In Bookshelves
- Dining Room
- Double Pane Windows
- Island Kitchen
- Office
- Smoke Free
1 of 1
zoning
| Zoning Code | C1 (Zoned C 1 by the Town of Victor.) |
| C1 (Zoned C 1 by the Town of Victor.) |
-
Lane Morrell -
eXp Realty
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