1004 High Street, Collbran, CO 81624 | Listings

1004 High Street, Collbran, CO 81624

  • $395,000
  • 3 Beds
  • 3 Full | 2 Partial Baths
  • 2,439 sq ft
  • Year Built: 1900
  • Multi-Unit
  • Listing #20223595

Property Description

Great investment / rental property in the quaint Western Colorado town of Collbran. This (4) unit residential / commercial property is fully leased with (3) residential units and (1) commercial space.

This property presents plenty of unique options to: keep as is with current tenants or provide an excellent live/work opportunity for anyone looking to escape the city and have their own office or retail space adjacent to their residence - or anywhere in between. Currently, the property brings in $2,250 in rental income, with yearly leases in place, but this number could be significantly improved upon as rents on all (4) units are currently below market value.

The property also presents a great historical Vacation Rental opportunity for the cabin that sits above, or for all (3) residential units. The cabin (approx. 600 sq. ft.) was built in the 1890s by the town's first doctor, out of limestone block, and is arguably one of the oldest habitable ‘original structure’ residences in the Plateau Valley. Sitting right above Main Street it offers its historic charm, wonderful views, a fire pit, greenhouse and privacy right in the center of town. The cabin is rented and completely livable, but could entertain a light indoor remodel for the Vacation Rental option. It could also potentially be registered as a historical site.

The commercial space (approx. 540 sq. ft.), facing Main Street, is currently leased by a local specialty grocery market that recently opened doors at this location. It is a satellite location of their main store in Mesa, CO 12 miles away. The owner of the store is related to the current owner of the building and both are flexible to necessitate the sale, however a condition of the sale is that the rental rate on the current lease is honored for the remaining (5) months on the lease, after which it will revert to a month to month lease.

The (2) other residential spaces face Main Street with plenty of curb appeal - newer spacious windows and stucco in the front. Both are one bedroom, but one unit is a bit larger (approx. 770 sq. ft. vs. 529 sq. ft.) with an extra half bath. Both have been maintained well (with recent new hot heater in one and new floors in the dining / kitchen). However both are due for a light remodel (flooring, paint, etc.) in between tenants.

Showings of property will be by-appointment-only. All Buyers must be accompanied by a licensed real estate broker to view property. Rented residential units to be shown on a second showing basis only - to qualified, serious Buyers who provide proof of funds or pre-approval letter.

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All information including but not limited to measurements, square footage, property boundaries, and layouts is deemed reliable, but not guaranteed and should be verified by Buyer(s).

Listing Details

Price$395,000
Bedrooms3 Beds
Bathrooms3 Full | 2 Partial Baths
Year Built1900
Property TypeMulti-Unit
Listing #20223595
StatusActive
Listing TypeFor Sale

Interior Features

Square Feet2,439

Exterior Features

Lot Size0.29 acres

Courtesy of Julia Gross, NextHome Grand

This content last updated on 12/5/2022 10:48 PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
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