Multifamily

West Park Apartments

1004 -1010 Park Ave, Cañon City, CO 81212

Listing Price: $750,000

Cap Rate
6.08%
Number of Units
12
GRM
8.42
Occupancy
95.0%
Price/Unit
$62,500
Price/Gross SF
$86.21
Gross SF
8,700

Investment Overview

Marcus & Millichap is pleased to present the West Park Apartments, located at 1004-1010 Park Avenue in Canon City, Colorado. This property consists of two buildings containing 12 units in total, as well as ample off-street parking behind the buildings. The West Park Apartments consist of spacious, well-maintained two-bedroom/one-bathroom units. Unit amenities include hard-surface vinyl flooring, new tub/shower surrounds, new carpet, new paint, new cabinets, and new appliances. The West Park Apartments boast access to numerous outdoor amenities including Arkansas Riverwalk Trail, Royal Gorge Park, Temple Canyon Park, John Griffin Park, and many other hiking and biking trails. Located less than one mile (0.9 miles) from the Downtown Canon City Historic District, residents can enjoy a wide array of retail,
restaurant, and entertainment options within walking distance. The West Park Apartments offer residents proximity to the Museum of Colorado Prisons, Royal Gorge Regional Museum, Royal Gorge Route Railroad, and many other historic landmarks. This property offers any investor a value-add multifamily asset located less than a mile from historic, downtown Canon City.

The West Park Apartments are classified as Section 42 housing, which should ensure that vacancy rates remain low based on the high number of wait-listed applicants seeking low-income housing. Marcus & Millichaps analysis suggests leasing to tenants that have Section 8 vouchers in order to achieve market rents through tenants paying partial rent and government vouchers making up the marginal difference. The West Park Apartments will offer strong returns across all metrics and are projected to maintain those strong returns throughout the holding period. The LURA for this property was signed December 10, 1999 and will remain effective for 40 taxable years after the initiation date.

Investment Highlights

  • Two Buildings Consisting of 12 Units
  • All Units have Two Bedrooms and One Bathroom
  • Ample Surface Parking Behind Buildings
  • 2 Hours 9 Minutes/116 Miles from Denver
  • 46 Minutes/40.2 Miles from Pueblo
  • 57 Minutes/46.1 Miles from Colorado Springs

Exclusively Listed By

Listing Price: $750,000

Cap Rate
6.08%
Number of Units
12
GRM
8.42
Occupancy
95.0%
Price/Unit
$62,500
Price/Gross SF
$86.21
Gross SF
8,700

Investment Highlights

  • Two Buildings Consisting of 12 Units
  • All Units have Two Bedrooms and One Bathroom
  • Ample Surface Parking Behind Buildings
  • 2 Hours 9 Minutes/116 Miles from Denver
  • 46 Minutes/40.2 Miles from Pueblo
  • 57 Minutes/46.1 Miles from Colorado Springs

Investment Overview

Marcus & Millichap is pleased to present the West Park Apartments, located at 1004-1010 Park Avenue in Canon City, Colorado. This property consists of two buildings containing 12 units in total, as well as ample off-street parking behind the buildings. The West Park Apartments consist of spacious, well-maintained two-bedroom/one-bathroom units. Unit amenities include hard-surface vinyl flooring, new tub/shower surrounds, new carpet, new paint, new cabinets, and new appliances. The West Park Apartments boast access to numerous outdoor amenities including Arkansas Riverwalk Trail, Royal Gorge Park, Temple Canyon Park, John Griffin Park, and many other hiking and biking trails. Located less than one mile (0.9 miles) from the Downtown Canon City Historic District, residents can enjoy a wide array of retail,
restaurant, and entertainment options within walking distance. The West Park Apartments offer residents proximity to the Museum of Colorado Prisons, Royal Gorge Regional Museum, Royal Gorge Route Railroad, and many other historic landmarks. This property offers any investor a value-add multifamily asset located less than a mile from historic, downtown Canon City.

The West Park Apartments are classified as Section 42 housing, which should ensure that vacancy rates remain low based on the high number of wait-listed applicants seeking low-income housing. Marcus & Millichaps analysis suggests leasing to tenants that have Section 8 vouchers in order to achieve market rents through tenants paying partial rent and government vouchers making up the marginal difference. The West Park Apartments will offer strong returns across all metrics and are projected to maintain those strong returns throughout the holding period. The LURA for this property was signed December 10, 1999 and will remain effective for 40 taxable years after the initiation date.

Exclusively Listed By

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