TITLE:
REDEVELOPMENT PROJECT WITH TODAY INCOME MANITOU SPRINGS
CONTROL:
Owner
VALUE:
$2,000,000
LOAN:
$1,550,000
EQUITY:
$450,000
TYPE:
Multi-Family
HAVE:
3 Leased Duplexes in Manitou Springs with management in place. Adjacent lot, used for parking, included. This is a great redevelopment deal for the right owner, with lots of upside. 19,675 Sq Ft or 0.45 Acres zoned commercial, build up to 5 stories.
ADDRESS:
3, 5, 7 Arapahoe Pl, Manitou Springs, Colorado
BENEFITS TO NEW OWNER:
Value Add. Today income.
GROSS SCHEDULED INCOME:
$80,700 Actual
VACANCY LOSS:
$4,035
GROSS EFFECTIVE INCOME:
$76,665
EXPENSES:
$26,567
NOI:
$50,098
DEBT SERVICE:
$93,300
CASH FLOW:
$-43,202
CAP RATE:
2.50%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,550,000
$7,775
6%
12/31/1969
No
BENEFITS SOUGHT:
Debt Consolidation.
CAN ADD:
$3M of Manitou Springs residential lots.
REMARKS:
This future apartment site is located just below the Manitou Springs high school and junior high, right next to public transport, across the street from a park and walking distance to down town Manitou Springs.
COUNSELOR:
Blake Allen
Allen Realty
108 Canon Ave
Manitou Springs, Colorado, 80829
