1485 Florida Road , 17 Units 4 Buil

Description

Priced below replacement cost the entire East Animas & Florida Commercial Center is being offered including the undivided majority ownership interest in these Class "A" Buildings with onsite paved parking. There are 17 individually deeded Condominium Units that total 29,281 sq ft in over 31,000 sq ft of building area including the common lobbies, hallways, and elevators. Currently 13 Commercial Condominiums are leased, plus 4 residential Condominiums located on the 3.35 acre P.U.D., at the Northeast corner of the City of Durango at the "CR 250 and Florida Road Stoplight". This busy commercial center features neighborhood commercial businesses which include Domino's Pizza, San Juan Regional Medical Center, Salon, Macho's Restaurant, Star Liquor, Engineers, Yoga Durango, Physicians, Insurance and Financial Advisors, plus there is adjacent 0.483 acre development parcel previously approved with plans for a 16 unit residential condominium project. The 41,000+ sq ft of concrete and steel constructed buildings, built in 2009, are in good condition, and have long term rental history with low vacancy. 2023 monthly gross rental income is over $48,000 per month from the commercial triple net leases, plus residential rental agreements. Rents are less than market rates and are increasing 3% per year, plus there is additional revenue available from 2 bedroom residential unit A203 the owner keeps vacant for friends and family that could generate additional income per month. Call broker for details and do not show property without advance notice with Broker approval.