Alpine Apartments

410 Tucker Street, Craig, CO

$1,475,000

Price

32,350 sqft

Building Size

35

Units

Overview
Building Size
32,350 sqft
Units
35
Year Built
1974
Floors
3
Description

Alpine Apartments is a fully stabilized 35-unit apartment complex consisting of two buildings. Alpine’s ideal location at 410 E. Tucker Street, along US HWY 40, provide tenant’s easy access to either downtown Craig or to surrounding Steamboat Springs. The complex offers covered parking, laundry facilities, onsite management & maintenance staff, and 26 fully furnished apartments.
To create a strong tenant mix the in-place manager has developed a working relationship with Memorial Regional Health, Peabody Coal, and Tri-State Generation & Transmission to fulfill their employee housing needs. Since 2015 ownership has spent approximately $125,000 in apartment upgrades. They have also recently implemented that all tenants have a credit card on file to simplify rent payments and new tenants be billed for their electricity usage. Each apartment is an individually mapped condominium unit providing an alternative exit strategy by way of individual condo sales.

Located 42 miles to the west of Steamboat Springs on the banks of the Yampa River, Craig, Colorado is the most populous municipality in Moffat County. Craig considers itself the “Elk Hunting Capital of the World” and has a population of 10,000, which typically doubles during hunting season. The city is home to Colorado Northwestern Community College, Memorial regional Health, Moffat County Fairgrounds, and the Museum of Northwest Colorado. Nearby attractions include Strawberry Park Hot Springs, Elkhead Reservoir State Park, and Steamboat Ski Resort, which sees an average of nearly one-million visitors per year.

Highlights
  • Fully stabilized 35-unit apartment complex with 100% occupancy and onsite management.
  • 26 fully furnished units with recently replaced furniture and carpeting. Since 2015, ownership has spent ~$125,000 on unit upgrades.
  • Ideally located on US HWY 40 in downtown Craig, providing easy access to nearby Steamboat Springs.
  • Apartment complex assists in fulfilling the housing demanded by Craig’s largest employers including Tri-State Generating & Transmission, Peabody Coal, and Memorial Regional Health.
  • Significant Value Add Potential. Current management expense is 18.6% of EGI.
  • Projected 2019 NOI of $105,000.

Location