Frontier Apartments | 555 W 1st Ave
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Frontier Apartments 555 W 1st Ave
40 Unit Apartment Building $3,995,000 ($99,875/Unit) 7.05% Cap Rate Craig, CO 81625
Investment Highlights
- Upside in rents , recent renovations roof interiors parking lot
- Growing demand in Craig for workforce housing supporting Steamboat Springs
Executive Summary
Recently renovations include newer roof, updated units, and a new parking lot with updated laundry room. Seller is trading for another property that has been identified and looking to close this down leg in Q1 of 2025. Seller will coop with brokers ; fee is $50,000.00 to selling brokerage. These are market rate apartments. Upside in rents as several units are below market. Numbers are proforma. Building is 100% occupied and stable. Lots of demand in Craig for housing. The city recently approved a new project for work force housing being built in 2025/2026 of 95 units due to growing demand.
Seller is principal.
Seller is principal.
Financial Summary (Pro forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,995,000 | Apartment Style | Low Rise |
| Price Per Unit | $99,875 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.41 AC |
| Cap Rate | 7.05% | Building Size | 29,554 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.5 | No. Stories | 3 |
| No. Units | 40 | Year Built/Renovated | 1976/2023 |
| Property Type | Multifamily | Parking Ratio | 2.03/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $3,995,000 |
| Price Per Unit | $99,875 |
| Sale Type | Investment |
| Cap Rate | 7.05% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 8.5 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.41 AC |
| Building Size | 29,554 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1976/2023 |
| Parking Ratio | 2.03/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Refrigerator
- Oven
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | $925.00 | 650 - 750 |
| 2+1 | 17 | $1,150 | 775 |
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PROPERTY TAXES
| Parcel Number | R006292 | Total Assessment | $79,552 (2023) |
| Land Assessment | $11,178 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $68,374 (2023) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
R006292
Land Assessment
$11,178 (2023)
Improvements Assessment
$68,374 (2023)
Total Assessment
$79,552 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Maguire Real Estate and Investments
Frontier Apartments | 555 W 1st Ave
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