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708-724 Cedar Creek Ave 5 Unit Apartment Building $2,889,222 CAD ($577,844 CAD/Unit) 6.84% Cap Rate Montrose, CO 81401
Executive Summary
We are pleased to exclusively offer the opportunity to purchase this newly built apartment complex in Montrose, CO. Completed in early 2023, this 5+5 unit building is fully occupied and perfect for any investor looking to invest in a stabilized asset with long-term growth potential. The apartment complex comprises five 580 square foot studio apartments, and five 1160 square foot two bedroom one bath units. Montrose lacks a supply of newly built multifamily, boasts an average household income of +$70,000, and is projected to grow consistently in the coming years according to the Housing Study the City of Montrose published.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$267,511
|
$30.75
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,376
|
$1.54
|
| Effective Gross Income |
$254,135
|
$29.21
|
| Taxes |
$8,149
|
$0.94
|
| Operating Expenses |
$45,812
|
$5.27
|
| Total Expenses |
$53,961
|
$6.20
|
| Net Operating Income |
$200,175
|
$23.01
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $267,511 |
| Annual Per SF | $30.75 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $13,376 |
| Annual Per SF | $1.54 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $254,135 |
| Annual Per SF | $29.21 |
| Taxes (CAD) | |
|---|---|
| Annual | $8,149 |
| Annual Per SF | $0.94 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $45,812 |
| Annual Per SF | $5.27 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $53,961 |
| Annual Per SF | $6.20 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $200,175 |
| Annual Per SF | $23.01 |
Property Facts
| Price | $2,889,222 CAD | Building Class | C |
| Price Per Unit | $577,844 CAD | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 8,700 SF |
| Cap Rate | 6.84% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.84 | No. Stories | 3 |
| No. Units | 5 | Year Built | 2023 |
| Property Type | Multifamily | Parking Ratio | 1.72/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-4 High Density - R-4 High Density Multi-Family | ||
| Price | $2,889,222 CAD |
| Price Per Unit | $577,844 CAD |
| Sale Type | Investment |
| Cap Rate | 6.84% |
| Gross Rent Multiplier | 10.84 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 8,700 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 1.72/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-4 High Density - R-4 High Density Multi-Family |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Washer/Dryer
- Kitchen
- Granite Countertops
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Yard
- Patio
Site Amenities
- 24 Hour Access
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 5 | - | 580 |
| 2+2 | 5 | - | 1,160 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | R0022039 | Total Assessment | $36,806 CAD (2024) |
| Land Assessment | $36,806 CAD (2024) | Annual Taxes | $8,149 CAD ($0.94 CAD/SF) |
| Improvements Assessment | $0 CAD (2024) | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
R0022039
Land Assessment
$36,806 CAD (2024)
Improvements Assessment
$0 CAD (2024)
Total Assessment
$36,806 CAD (2024)
Annual Taxes
$8,149 CAD ($0.94 CAD/SF)
Tax Year
2025 Payable 2025
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708-724 Cedar Creek Ave
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