Skip to main content

Multifamily

Gunnison Lofts

800 College Ave, Gunnison, CO 81230

Listing Price: $9,750,000

Cap Rate
3.16%
Number of Units
20
GRM
22.27
Occupancy
95.0%
Price/Unit
$487,500
Price/Gross SF
$193.12
Gross SF
50,486

Investment Overview

Marcus & Millichap is pleased the present The Gunnison Lofts, located at 902 College Avenue in Gunnison, Colorado. Built in 2009, this apartment complex is made up of six two-bedroom units and 14 three-bedroom units. The Lofts on College Avenue boasts two-bedroom units averaging 2,460 square feet and three-bedroom units averaging 2,555 square feet, inclusive of +/- 425 square feet for two-car, attached garages. This property is located in the beautiful and growing town of Gunnison, situated just off of the Western Colorado University campus. Close proximity to East Tomichi Avenue provides easy access to downtown and its many retail and dining options. Gunnison is one of the most stunning mountain towns in Colorado that has yet to be developed as a resort destination. Famous for its outdoor recreation opportunities, Gunnison is an ideal place for those looking to explore Colorados natural wonders. As positive net migration to Colorado has continued, so too has the growth of Gunnison. This paired with Western Colorado Universitys plan to increase enrollment, as laid out in their 2018-2023 strategic plan, makes The Gunnison Lofts is an ideal investment opportunity. Each townhome on the property can easily be individually deeded and platted, allowing an investor the unique opportunity to sell each townhome individually and achieve residential pricing. Marcus & Millichaps analysis suggests buying the Gunnison Lofts and re-selling them as individual, residential units. Currently priced at $475,000 per unit and $232.22 per square foot, a significant return can be achieved by selling each unit at market-rate, residential pricing. Conservatively, Marcus & Millichap believes that each townhome could be sold for $275 - $285 per square foot based on on-the-market and in-escrow comps in Gunnison. Given the fact that the units at Gunnison Lofts are significantly bigger than other townhomes in the area, Marcus & Millichap believes they will command an above-average per unit price, falling in-line with market-rate prices per square foot in the area.

Investment Highlights

  • Very Unique, Large Units with Attached 2-Car Garages
  • Opportunity to Sell Townhomes Individually or Increase Rents to Market and Hold
  • Gunnison has Little to No Sales or Rental Inventory to Meet Demand
  • Short Distance to Blue Mesa Reservoir and Many Other Recreation Activities

Exclusively Listed By

Listing Price: $9,750,000

Cap Rate
3.16%
Number of Units
20
GRM
22.27
Occupancy
95.0%
Price/Unit
$487,500
Price/Gross SF
$193.12
Gross SF
50,486

Investment Highlights

  • Very Unique, Large Units with Attached 2-Car Garages
  • Opportunity to Sell Townhomes Individually or Increase Rents to Market and Hold
  • Gunnison has Little to No Sales or Rental Inventory to Meet Demand
  • Short Distance to Blue Mesa Reservoir and Many Other Recreation Activities

Investment Overview

Marcus & Millichap is pleased the present The Gunnison Lofts, located at 902 College Avenue in Gunnison, Colorado. Built in 2009, this apartment complex is made up of six two-bedroom units and 14 three-bedroom units. The Lofts on College Avenue boasts two-bedroom units averaging 2,460 square feet and three-bedroom units averaging 2,555 square feet, inclusive of +/- 425 square feet for two-car, attached garages. This property is located in the beautiful and growing town of Gunnison, situated just off of the Western Colorado University campus. Close proximity to East Tomichi Avenue provides easy access to downtown and its many retail and dining options. Gunnison is one of the most stunning mountain towns in Colorado that has yet to be developed as a resort destination. Famous for its outdoor recreation opportunities, Gunnison is an ideal place for those looking to explore Colorados natural wonders. As positive net migration to Colorado has continued, so too has the growth of Gunnison. This paired with Western Colorado Universitys plan to increase enrollment, as laid out in their 2018-2023 strategic plan, makes The Gunnison Lofts is an ideal investment opportunity. Each townhome on the property can easily be individually deeded and platted, allowing an investor the unique opportunity to sell each townhome individually and achieve residential pricing. Marcus & Millichaps analysis suggests buying the Gunnison Lofts and re-selling them as individual, residential units. Currently priced at $475,000 per unit and $232.22 per square foot, a significant return can be achieved by selling each unit at market-rate, residential pricing. Conservatively, Marcus & Millichap believes that each townhome could be sold for $275 - $285 per square foot based on on-the-market and in-escrow comps in Gunnison. Given the fact that the units at Gunnison Lofts are significantly bigger than other townhomes in the area, Marcus & Millichap believes they will command an above-average per unit price, falling in-line with market-rate prices per square foot in the area.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower