PROPERTY SUMMARY
Built in 1896, three-story brick four-plex building has covered front porch & balcony with city views
Unit mix:
1. Two bedroom, two bath on 1st floor with private entrance
2. Two bedroom, two bath on 2nd floor with balcony with city views
3. Studio, one bath on 3rd floor
4. Studio, one bath on basement level
-Great opportunity for owner occupant or investor
-Rare four car detached garage
-Fenced yard with greenhouse
-Coin-operated laundry on basement level
-Hardwood, tile and carpet floors
-HVAC System is gas hot water boiler
-One master meter for gas and electric
-Utilities, water, and sewer are paid for by landlord
-Pitched composite shingle roof
-Extra storage room in basement
-Total square feet: 3,801
-Lot size square feet: 6,250
-Inclusions: Four refrigerators, four stoves, coin-operated washer and coin-operated dryer
-Exclusions: Tenant’s belongings
-Historic Congress Park Neighborhood
-Building SqFt - 3,801 & Lot SqFt - 6,250
-ReColorado MLS No. 8347169
-Several blocks walk to City Park
-Wonderful public transportation options
-Colfax Shopping District has restaurants, coffee shops, pubs, diners, movie theater, shopping and Tattered Cover Bookstore at your door step
-Walk Score: 84
INTERNET
Website: http://www.1483detroitst.com/
Virtual Tour: https://tours.goodkarmaphoto.com/public/vtour/display/1118046?a=1
UNIT MIX AND AVERAGE RENT SCHEDULE
RENT DATA AS OF 9/10/2018
Unit 1: 2 Br/2Ba-1st Fl - Just became vacant
Unit 2: 2 Br/2Ba-2nd Fl - Just became vacant
Unit 3: Studio/1 Ba-3rd Fl - Current Rent - $650/month on Month-to-Month lease
Unit 4: Studio/1 Ba-Basement - Current Rent - $650/month on Month-to-Month lease
PROFORMA RENT DATA
Unit 1: 2 Br/2Ba-1st Fl - Proforma Rent - $2,400
Unit 2: 2 Br/2Ba-2nd Fl - Proforma Rent - $2,200
Unit 3: Studio/1 Ba-3rd Fl - Proforma Rent - $1,200
Unit 4: Studio/1 Ba-Basement - Proforma Rent - $1,100
RENT DATA FOR 2017
Unit 1: 2 Br/2Ba-1st Fl - Current Rent - $1,200
Unit 2: 2 Br/2Ba-2nd Fl - Current Rent - $1,375
Unit 3: Studio/1 Ba-3rd Fl - Current Rent - $650
Unit 4: Studio/1 Ba-Basement - Current Rent - $650
OPERATING DATA
OPERATING DATA FOR 2017
INCOME
Gross Annual Rent for 2017 - $46,500
Vacancy Allowance for 2017 - $0
Net Rental Income for 2017- $46,500
EXPENSES
Cleaning & Maintenance for 2017 - $2,303
Property Insurance for 2017 - $4,226
Repairs for 2017 - $6,608
Taxes for 2017 - $3,497
Utilities for 2017 - $2,957
Water & Sewer for 2017 - $984
Total Expenses for 2017 - $20,035
NET OPERATING INCOME for 2017 - $26,465
PROFORMA OPERATING DATA
INCOME
Gross Annual Rent - Proforma - $81,600
Vacancy Allowance - Proforma - $1,632
Net Rental Income - Proforma - $79,968
Laundry Income – Proforma - $80,568
EXPENSES
Cleaning & Maintenance - Proforma - $1,632
Property Insurance - Proforma - $4,300
Repairs - Proforma - $1,632
Taxes - Proforma - $3,914
Utilities - Proforma - $2,957
Water & Sewer - Proforma - $984
Total Expenses - Proforma - $15,419
NET OPERATING INCOME - Proforma - $64,539
PROFORMA FINANCIAL ANALYSIS
CAP Rate – Proforma – 5.87%
Cash-on-Cash Return – 23.47%
Total Rate of Return – 7.27%