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2915 Orchard Avenue Grand Junction, CO 81504
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Key Details
Sold Price $1,200,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 42,000 sqft
Price per Sqft $28
Subdivision Other/Unknown
MLS Listing ID 20175955
Sold Date 02/07/18
Style Three Story,Triplex
Bedrooms 72
HOA Fees $234/ann
HOA Y/N true
Year Built 1979
Annual Tax Amount $6,477
Tax Year 2016
Acres 1.95
Lot Dimensions irregular
Property Description
48-unit multi-family asset, 24 two-bed and 24 one-bed. Bass Apartments located in Grand Junction, CO provides an opportunity for an investor to take advantage of a strong rental market with low vacancy and growing rents. Two buildings of an 8-building complex with excellent upside potential. With the projected year one Net Operating Income of $113,500 the offering Cap Rate is 10%. The cash on cash return for year one would be 19% before tax if 75% LTV was borrowed. These favorable numbers are offered due to deferred maintenance on the property and Land Use Restriction Agreement in place for 15 more years. See detailed offering memorandum in the listing documents for more information.
Location
State CO
County Mesa
Area Ne Grand Junction
Direction East on Orchard Ave to 29 1/4 Rd. The brown sided apartment buildings A and B are located on the SW corner.
Interior
Interior Features None
Heating Baseboard, Hot Water
Cooling Evaporative Cooling
Flooring Carpet, Laminate, Vinyl
Fireplace false
Appliance Dishwasher, Electric Oven, Electric Range, Disposal, Refrigerator, Range Hood
Exterior
Exterior Feature Pool
Pool Above Ground, Association
Amenities Available Other, Pool, See Remarks
Roof Type Rubber,Shake,Wood
Present Use Residential
Street Surface Paved
Handicap Access None
Porch None
Building
Lot Description Corner Lot, Landscaped
Faces North
Foundation Slab
Sewer Connected
Water Public
Level or Stories Three Or More
Structure Type Wood Siding,Wood Frame
Schools
Elementary Schools Nisley
Middle Schools Bookcliff
High Schools Central
Others
HOA Fee Include Common Area Maintenance
Tax ID 2943-083-11-005
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Bought with CENTURY 21 CAPROCK REAL ESTATE
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