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49 Royal Crest DR Pueblo, CO 81005
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Key Details
Sold Price $610,000
Property Type Multi-Family
Sub Type Quadplex
Listing Status Sold
Purchase Type For Sale
Square Footage 3,808 sqft
Price per Sqft $160
Subdivision Beulah
MLS Listing ID 9031577
Sold Date 07/26/24
Bedrooms 8
HOA Y/N No
Abv Grd Liv Area 3,808
Originating Board recolorado
Year Built 1980
Annual Tax Amount $1,623
Tax Year 2022
Property Description
8% In-Place Cap Rate. Available as a single 4 unit purchase or to purchase alongside 37 & 43 Royal Crest Drive. C&W is pleased to present the Royal Crest Apartments. This opportunity consists of (3) identically constructed quads in Pueblo, CO. This opportunity is primed for an investor looking to benefit from solid in-place returns as well as reap the reward of continuing to increase rents to market level. The properties offer spacious, townhome style 2-bedroom, 1 ½-bathroom apartment homes with private patios and off-street parking. The properties benefit from their close proximity to several employers including Wal-Mart, Starbucks, Verizon, Discount Tire and various dining & retail. Additionally, the properties are adjacent to nearby parks and suburban neighborhoods such as Kaden C Burger Sports Complex, Pueblo South Football Field & Lehigh Park. Royal Crest Apartments are perfectly positioned to capitalize on the limited supply and high rental demand in the Pueblo market. The attractiveness of these assets is magnified by the limited number of performing properties available in this market. Recent Renovations: Roughly 75% of the units at Royal Crest Apartments have undergone recent renovations. Updates include new LVP flooring and fresh paint throughout. Several units have received new bathroom vanities, tile tub surrounds and updated lighting. These improvements not only increase rental rates and tenant satisfaction but also contribute to the property's long-term value. Turn-key Investment: Current management has positioned these properties with great in-place rents, immediate cash flow and predictable returns. Tenants are responsible for all utilities including water, sewer and trash affording the owner net-zero utility expense. Investors have the opportunity to take advantage of current management offering to stay in-place for a highly competitive fee of 5%.
Location
State CO
County Pueblo
Zoning R-4
Interior
Heating Baseboard
Cooling Evaporative Cooling
Fireplace N
Exterior
Roof Type Composition
Total Parking Spaces 8
Garage No
Building
Sewer Public Sewer
Level or Stories Two
Structure Type Frame
Schools
Elementary Schools Goodnight
Middle Schools Bessemer
High Schools South
School District Pueblo City 60
Others
Senior Community No
Ownership Individual
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition None
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6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
Bought with Coldwell Banker Commercial, NRT