1425 Atchison Ave

The Evergreen Apartments is a 24-unit multi-family property located just west of downtown Trinidad, Colorado.    The Evergreen is well maintained and has recently received capital improvements including the installation of a modern steel handrail system, and a new roof (2022). The Evergreen is positioned for an investor seeking current income and long-term capital appreciation. The property is an immediate 7.00% cap rate with the ability to raise rents by converting units to service shorter term “Workforce Housing.”    Originally constructed in 1995, the 3-building complex sits on 1.7 acres and boasts expansive 360 degree mountain views. The property has 24 apartments – (10) two-bedroom units and (14) three-bedroom units. The 2 bedroom units are 1,000 sf and the 3 bedroom units are 1,200 sf. The current gross monthly rent is $31,250. There is an assumable loan in the amount of $1,519,000 at 3.87% interest rate. Annual property taxes are $8,000 and the annual property insurance premium is $28,000.

Quick Access to I-25 ■ Assumable Loan at 3.87% ■ Large Units (10) 2 Bed/1 Bath 1,000 SF, (14) 3 Bed/1 Bath 1,200 SF ■ Recent Capex Expenditures (Roof, Outer Steel, Parking Lot) ■ High Occupancy