2331 Main Avenue , Durango, CO 81301
Durango, CO 81301
Description
A Rare Investment Opportunity. Don’t miss this opportunity to own a successful and longstanding lodging operation in the heart of the North Main Avenue corridor. The Brookside has been owned and operated by the same owners since 1986, providing affordable and workforce housing. This property comprises 14 units across three separate buildings, including a manager's unit and a mix of studio and one-bedroom apartments. The property abuts the City of Durango on two sides, The Chamber of Commerce headquarters and Brookside Park, offering a prime location for residents. The Brookside primarily serves those seeking budget-friendly, no-frills accommodations, fulfilling a vital need in a market with high housing demand and a shortage of affordable options. Residents enjoy convenient access to public transit, grocery stores, retail shops, the Durango Rec Center, the Animas River Trail, schools, and other city amenities. While the buildings are in average condition, several units have received recent updates and renovations. Current rental rates are below market value, with the owner covering all utilities. . This presents an excellent opportunity for buyers to explore potential value-add strategies or run their own proforma to assess future income potential. Whether you're an investor or an owner-user seeking a steady income stream, this property offers endless possibilities. Buyer must sign an NDA for financial package; exclusions to listing- please call broker.
Details
| MLS# | 820482 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Building Name | Brookside Motel |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1927 |
| Days On Site | 34 |
| Listing Provided By | The Wells Group of Durango, LLC | Abbi Munn |
Features
| Bath(s) | 13 Total |
|---|---|
| SQ Feet | 4,726 |
| Story(s) | 1 |
| Units | 14 |
| Zoning | Other |
| Acreage | 0.25 |
Market Activity 81301
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Learn More About This Property
| State | CO |
|---|---|
| County | La Plata |
| City | Durango |
| Zip Code | 81301 |
| Area | Durango In Town |
| Listing VS Median (in 81301) | |
Price: $1,200,000 low | high Med: $734,000 SqFt: 4,726 low | high Med: 1,362 $ / SqFt: $254 low | high Med: $565 On Site: 34 low | high Med: 97.000000 | |