Multifamily

348 Massachusetts Ave

348 Massachusetts Ave, Berthoud, CO 80513

Listing Price: $1,200,000

Cap Rate
3.44%
Number of Units
10
GRM
15.21
Occupancy
95.0%
Price/Unit
$120,000
Price/Gross SF
$203.39
Gross SF
5,900

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the City Apartments, a historical landmark located at 348 Massachusetts Avenue in Berthoud, Colorado. This property is a ten-unit multifamily asset situated on a .20-acre parcel that was built in 1898 in the heart of Berthoud. The City Apartments contains six one-bedroom and four two-bedroom units, that average 517 and 700 square feet, respectively. Conveniently located in downtown Berthoud, this property boasts easy access to a score of outdoor amenities including TPC Colorado Golf Course, Carter Lake Reservoir, Waggener Farm Park, and Loveland Reservoir. Estes Park is less than an hour away via U.S. Route-34, which goes beyond Grand Lake into the mountains. Less than a quarter mile from the center of Berthoud, residents can enjoy access to a wide array of retail, restaurant, and entertainment options nearby and within walking distance. The City Apartments will provide any investor with a value-add opportunity in the center of downtown Berthoud.
Built in 1898 and having seen few renovations since, the City Apartments offers any investor a significant amount of upside potential. Current rents at the City Apartments are an average of $475 below market for two-bedroom units and $300 below market for one-bedroom units. Eight of ten units are currently on month-to-month leases, which will allow any investor to implement income-producing capital improvements quickly. Marcus & Millichaps analysis suggests a renovation budget of $10,000/unit to add hard surface flooring, new cabinets, new countertops, new appliances, and new bathroom finishes. Once a value-add strategy is executed, the City Apartments will be able to achieve market rents of similar properties nearby. Property owners may perform interior renovations as needed, but any exterior renovations must go through the Historical Alteration process with the Historical Preservation Advisory Committee Any future property owners can perform any interior renovations at your pleasure, but any exterior renovations must go through the Historical Alteration process with the Historical Preservation Advisory Committee. You can find more information in the owners manual(https://www.berthoud.org/Home/ShowDocument?id=70) and a sample AlterationApplication(https://www.berthoud.org/Home/ShowDocument?id=68).

Investment Highlights

  • Historical Landmark Located in Downtown Berthoud, CO
  • Eight out of Ten Leases are Month-to-Month Allowing for Easy Unit Turns
  • Attractive Unit Mix of Six One-Bedroom and Four Two-Bedroom Units

Exclusively Listed By

Listing Price: $1,200,000

Cap Rate
3.44%
Number of Units
10
GRM
15.21
Occupancy
95.0%
Price/Unit
$120,000
Price/Gross SF
$203.39
Gross SF
5,900

Investment Highlights

  • Historical Landmark Located in Downtown Berthoud, CO
  • Eight out of Ten Leases are Month-to-Month Allowing for Easy Unit Turns
  • Attractive Unit Mix of Six One-Bedroom and Four Two-Bedroom Units

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the City Apartments, a historical landmark located at 348 Massachusetts Avenue in Berthoud, Colorado. This property is a ten-unit multifamily asset situated on a .20-acre parcel that was built in 1898 in the heart of Berthoud. The City Apartments contains six one-bedroom and four two-bedroom units, that average 517 and 700 square feet, respectively. Conveniently located in downtown Berthoud, this property boasts easy access to a score of outdoor amenities including TPC Colorado Golf Course, Carter Lake Reservoir, Waggener Farm Park, and Loveland Reservoir. Estes Park is less than an hour away via U.S. Route-34, which goes beyond Grand Lake into the mountains. Less than a quarter mile from the center of Berthoud, residents can enjoy access to a wide array of retail, restaurant, and entertainment options nearby and within walking distance. The City Apartments will provide any investor with a value-add opportunity in the center of downtown Berthoud.
Built in 1898 and having seen few renovations since, the City Apartments offers any investor a significant amount of upside potential. Current rents at the City Apartments are an average of $475 below market for two-bedroom units and $300 below market for one-bedroom units. Eight of ten units are currently on month-to-month leases, which will allow any investor to implement income-producing capital improvements quickly. Marcus & Millichaps analysis suggests a renovation budget of $10,000/unit to add hard surface flooring, new cabinets, new countertops, new appliances, and new bathroom finishes. Once a value-add strategy is executed, the City Apartments will be able to achieve market rents of similar properties nearby. Property owners may perform interior renovations as needed, but any exterior renovations must go through the Historical Alteration process with the Historical Preservation Advisory Committee Any future property owners can perform any interior renovations at your pleasure, but any exterior renovations must go through the Historical Alteration process with the Historical Preservation Advisory Committee. You can find more information in the owners manual(https://www.berthoud.org/Home/ShowDocument?id=70) and a sample AlterationApplication(https://www.berthoud.org/Home/ShowDocument?id=68).

Exclusively Listed By

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