1010 1020 1030 16th

Description

STABLE - INCOME PRODUCING 3 UNITS on 4.7+ acres w/ 6.6%CAP rate. ( A Single family home w/ two additional mobiles on the property) Irrigation water also! FULLY OCCUPIED - DO NOT DISTURB TENANTS or drive on parcel! Live in one residence and rent out the others to live rent free! Very stable investment with long-term tenants that want to stay. 6.6% NET cap rate. Views to Grand Mesa, inside the city limits! near the High School. ****4.8 shares of irrigation deeded water UVWUA**** The Main stick built adobe home (1020 16th st ) is 1, 392 feet (3/2) 2 stories - All new flooring, paint, a new $4000 furnace, and new hot water heater! Lots of upgrades! The 1st rental/mobile (1010 16th st) 804 SF 2/1. New Flooring, Paint, Roof re-coated The 2nd rental /mobile (1030 16th st ) 1, 078 feet 2/2 . New Flooring, Paint, Roof re-coated Both mobiles' roof's have had full waterproofing and paint work in 2020. All 3 units have W/D hookups and exterior storage sheds Delta, CO, Western slope of Colorado. 20 min to Montrose or 40 to Grand Junction. Great income potential - Hold as pure investment or live in one, rent out the other two. Remodeled 2020. 3 sewer and 3 water taps - All tenants pay their own electric, gas, water, sewer, trash. 3 separate addresses per assessor, room to farm or subdivide in the future for more lots. Develop? Plenty of room. 3-4 out buildings/sheds. Other Upgrades/Notes from 2020 remodel: 2 out of 3 NEW hot water heaters, new stone and wood interior upgrades. 2 granite counters. New vanity's! Homes are old but have a vibrant modern feel. Huge lawn on the East and acres to work on in the back with irrigation ditches/canals/pipes. The west border is an alley for private access to the back of the parcel. Irrigation water cuts thru the property, easy for distribution - plenty of water! In town convenience with out of town space and views! Some new fencing to help with separation. Showers in all bathrooms. Both mobiles have tubs, No Tub in stick built home. Current rents below market. Current market gross rent likely closer to 38K/yr. Built in value with future development potential/farm/water rights. Projected Cap Rate Over 7%!! Currently stable at over 6.3%. All tenants have been there for longer than a year.