3024 Sumac Street Fort Collins, CO 80526
OFFERING MEMORANDUM
INVESTMENT HIGHLIGHTS Property offers historically low vacancy
Prime location near CSU
High demand for rental units will continue to drive rental increases
970-460-4006 | Team@NoCoHomeTeam.com | www.NoCoHomeTeam.com
PROPERTY SUMMARY Fantastic Investment Opportunity! Continue renting out all four units or live in one unit and rent out the other three units, great option for residential owner occupant financing! This single-story updated brick 4-plex in West Fort Collins is conveniently located just 2 miles from CSU, close to the bus line, and just a few minutes walk to multiple foothills open areas.
Each unit features 2 bedrooms, 1 full bath, an open concept living, kitchen, dining area and in-unit washer and dryer (included), and new windows. Three units are fully updated with low-maintenance, landlord-preferred LVP flooring, new countertops, kitchen appliances, cabinets, vanities, lighting, and shower surrounds! Updated units are renting for $1395 per month currently, non updated unit is in great shape, just dated, rented at $985 monthly, room for increases for all. Property comes with reserved parking, and ample off and on street parking. All the hard work has been done!
THE OPPORTUNITY UNIT MIX
OFFERING TERMS PROPERTY SIZE: 3,168 SF
1
792 SF 2 Bed | 1 Bath
UNITS: 4
2
792 SF 2 Bed | 1 Bath
PRICE: $900,000
3
792 SF 2 Bed | 1 Bath
4
792 SF 2 Bed | 1 Bath
ADDRESS 3024 Sumac St. Fort Collins, CO 80526 COUNTY Larimer PARCEL# 9522321004 YEAR BUILT
1971
EXISTING UNITS
4
RENTABLE SF
3,168
LAND AREA (SF)
10,010
STORIES 1 BEDROOMS
8
SIDING Brick/Masonry Wood/Frame ROOFING
Composition
HOA No HOA or Metro District HEATING
UNIT FEATURES • • • • •
Units 1-3 have been recently updated w/ LVP flooring & on-trent paint colors and finishes Each unit has it’s own electric meter and one shared water meter Forced Air Heat & Ceiling Fans/Room Air Conditioning Laundry in each unit - Washers & Dryers Included All units include, refrigerator, stove and dishwasher
PROPERT Y FEATURES •
Building features 4 units with a total of 3,168 SF
•
Complex is nestled into an established neighborhood next to the Foothills
•
No HOA or Metro District
•
Each tenant has 1 reserved off-street parking & access to additional on-street parking
•
Only two miles from CSU & a short walk to several open spaces
Forced Air
HOT WATER Each unit has its own water heater UTILITY METERING Electric separately metered, shared water meter PARKING 4 reserved off street, additional on-street parking LAUNDRY In-unit laundry washers & dryers included
FINANCIAL OVERVIEW RENT ROLL Unit
Size
BD
BA
Current Rent
Lease Start
Lease Expiration
1
792 SF
2
1
$1,395.00
4/17/2022
4/17/2023
2
792 SF
2
1
$1,395.00
N/A
N/A
3
792 SF
2
1
$1,395.00
4/17/2022
4/17/2023
4
792 SF
2
1
$985.00
6/1/2022
4/3/2023
Monthly
$5,170.00
Annual
$62,040.00
CASH FLOW & PROJECTION T-12 (annualized)
Gross Potential Income Vacancy (2%) Effective Rental Income
$62,040.00
ProForma (raising rent to $1,525 & updating 1 unit)
$73,200.00
$1,240 $60,800.00
OPERATING EXPENSES
Property Taxes
$5,040.00
$5,040.00
Insurance
$2,497.00
$2,497.00
Trash & Water
$3,600.00
$3,600.00
OPERATING EXPENSES
$11,097.00
$11,097.00
NET OPERATING INCOME
$49,703.00
$63,000.00
$900,00.00
$900,000.00
5.5%
7%
$225,000.00
$225,000.00
Price Capitalization Rate Price/Unit
The NoCo Home Team Peter Clay, Ian Johnston & Jess Killingsworth Broker Associates Team Cell 970-460-4006 Team@NoCoHomeTeam.com www.NoCoHomeTeam.com
The information on this property was acquired from sources deemed reliable however we do not warrant its accuracy and recommend that all aspects be independently verified by purchaser. © 2022 C3 Real Estate Solutions, LLC.