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708-724 Cedar Creek Ave 5 Unit Apartment Building $2,665,260 CAD ($533,052 CAD/Unit) 7.37% Cap Rate Montrose, CO 81401
Investment Highlights
- Opportunity Zone
Executive Summary
Firm on Price due to appraised value, but will entertain offers over asking. 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 |
$264,722
|
$30.43
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,236
|
$1.52
|
| Effective Gross Income |
$251,486
|
$28.91
|
| Taxes |
$8,064
|
$0.93
|
| Operating Expenses |
$45,334
|
$5.21
|
| Total Expenses |
$53,398
|
$6.14
|
| Net Operating Income |
$198,088
|
$22.77
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $264,722 |
| Annual Per SF | $30.43 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $13,236 |
| Annual Per SF | $1.52 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $251,486 |
| Annual Per SF | $28.91 |
| Taxes (CAD) | |
|---|---|
| Annual | $8,064 |
| Annual Per SF | $0.93 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $45,334 |
| Annual Per SF | $5.21 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $53,398 |
| Annual Per SF | $6.14 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $198,088 |
| Annual Per SF | $22.77 |
Property Facts
| Price | $2,665,260 CAD | Building Class | C |
| Price Per Unit | $533,052 CAD | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 8,700 SF |
| Cap Rate | 7.37% | 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, Opportunity Zone | ||
| Price | $2,665,260 CAD |
| Price Per Unit | $533,052 CAD |
| Sale Type | Investment |
| Cap Rate | 7.37% |
| 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, Opportunity Zone |
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 | $43,915 CAD |
| Land Assessment | $43,915 CAD | Annual Taxes | $8,064 CAD ($0.93 CAD/SF) |
| Improvements Assessment | $0 CAD | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
R0022039
Land Assessment
$43,915 CAD
Improvements Assessment
$0 CAD
Total Assessment
$43,915 CAD
Annual Taxes
$8,064 CAD ($0.93 CAD/SF)
Tax Year
2025 Payable 2025
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708-724 Cedar Creek Ave
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