840 842 Garnet

Description

A great fully rented Duplex up on Garnet Mesa above Delta CO. (near Telluride and Grand Junction and Montrose) 6.6% stable CAP, with room to improve. Stable and fully leased for years, never vacant #840 has been 99% remodeled (see pics) 2-3 months left on lease. #842 has not, (lower rent). (Month to Month) New Paint exterior paint, new fences, some new upgrades on both units. Gross rents of $26,400 a year Gross combined total ($1,250 + $950 =$2,200 month) Notes: Tenants pay their own electric (2 electric meters) No gas /No gas bills! Owner pays the city water bill (one bill per duplex, not side for water sewer and trash) There are 2 decks per duplex, plus 2 carports and 2 storage units, and room to expand for more storage or more garages No real HOA(no cost), a quiet, shared "private park" is included with a pergola (each duplex owns a share of this park 1/5) Room to expand and add revenue with sheds or storage units. or bigger garages. Costs: Water $850 yr,(city of Delta), Taxes $571, Insurance $750, Maint/yr 1,055, Park/yard $400 (The tenants take care of their own yard, the 5 owners takes care of the park, so the $400 can be zeroed out possibly. Total =$3,626 Portion of their share of the yearly yard $400 9 (1/5 of adjacent communal lawn/park/garden) NO HOA! Total cost = $3,626 = NOI =$22,774. Stable 6.6 % CAP RATE There is room to grow this also as #842 is not remodeled and also under rented. notes roof is newer, Hot water heaters are newer, baseboard heat mostly. Swamp coolers included on carport roof,