2303 & 2305 S. Townsend Ave. Montrose, Colorado 81401

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1 2303 & 2305 S. Townsend Ave Commercial Information Sale Packet John Renfrow * Joey Huskey Renfrow Realty Member of: Page 1

2 Executive Summary FULLY LEASED S TOWNSEND SHOPPING CENTER! MLS# Address Building Sq.Ft. (MOL) Listing Price $/Sq.Ft. 2303, 2305 S. Townsend Ave. & Tract A $1,600,000 $ S. Townsend Ave $999,888 $ S. Townsend Ave $999,888 $ Outstanding Investment Opportunity Two commercial strip buildings totaling 21,845 sq.ft. (MOL) of retail space currently fully leased! Three separately deeded parcels totaling 3.03 acres S Townsend Ave 13,925 sq.ft. building with four separate units. Units include retail/office space, a service bay with two overhead doors and a former restaurant. New roof and heated sidewalk S Townsend Ave 7,920 sq.ft. building with five separate units. Units include three retail/office spaces, a salon and a restaurant. Tract A Contains a loading dock. Buildings are ADA compliant and so is parking lot. Parcels are Zoned B-2 in the City of Montrose. Excellent visibility on South Townsend Ave/Hwy 550. Ample on-site parking. Perfect for an investor! Contact John Renfrow or Joey Huskey at (970) Page 2

3 S. Townsend Ave./Hwy & 2305 S. Townsend Ave. SALE Aerial Photo Tract A 2303 S Townsend Ave S Townsend Ave. E. Oak Grove Rd. Page 3

4 Directions to Property Starting from Renfrow Realty at 1832 South Townsend Ave., Montrose, CO Office number (970) Page 4

5 APOD / Cap Rate* Property Name 2303 & 2305 S Townsend Ave ACTUAL PROPERTY OPERATING DATA Location Montrose, CO Type of Property Commercial Building B-2 Purchase Price: $1,600,000 Size of property 22,366 (Sq.Ft./Units) Purpose of analysis Listing Cap Rate = $113,427/$1,600,000 Cap Rate ~ 7.1% Rental income amounts are actual Some Leases are NNN Some Leases are Adjusted Gross Landlord pays building tax and property insurance Assumes no property management fee Additional information can be provided upon request Disclosure statement will need to be signed prior to release Adjusted Basis as of 11/2/2018 $1,600,000 ALL FIGURES ARE ANNUAL $/Sq.Ft. or $/Unit COMMENTS 1 ACTUAL RENTAL INCOME 139,866 2 Less: Vacancy & Cr. Losses ( ) 9,821 DMV Expenses 3 EFFECTIVE RENTAL INCOME 4 Plus: Other Income (collectable) 60,554 NNN income and Park lot maintenace charge from ShopNLube 5 GROSS OPERATING INCOME 190,599 OPERATING EXPENSES: 7 Real Estate Taxes 32, Estimated 8 Personal Property Taxes 9 Property Insurance 5, Actual 10 Management 13, Actual 11 Payroll 12 Expenses/Benefits 13 Taxes/Worker's Compensation 14 Repairs and Maintenance 8, Actual Utilities: 15 Black Hills Energy Actual 16 Trash 4, Actual 17 Water 2, Actual 18 Electric 5, Actual 19 Accounting and Legal 1, Actual 20 Licenses/Permits 21 Advertising 22 Supplies 23 Misc. Expenses: 24 Fire suppression Actual TOTAL OPERATING EXPENSES 77, NET OPERATING INCOME 113, Less: Annual Debt Service 32 Less: Participation Payments 33 Less: Leasing Commissions Created 34 Less: by Funded John Renfrow Reserves / Joey Huskey 35 (970) CASH FLOW BEFORE / (970) TAXES $113,427 Information deemed reliable, but not guaranteed and should be verified. Rev R *Information is un-audited and should be verified. Page 5

6 Site Plan Property is made up of 3 separately deeded lots South Townsend Ave./HWY S Townsend Ave Office Depot & Bealls Loading Dock 2303 S Townsend Ave This lot with loading dock is included in listing, but does have a first right of refusal with current tenant. Tract A Page 6

7 Common Utility Area & 2305 S. Townsend Ave. SALE Sketch of 2303 S Townsend Ave* Unit C 2793 sq.ft Kitchen sink X4 access Unit A/B 5500 sq.ft. Common Utility Area 41 8 sink ADA ADA ADA Unit D 2752 sq.ft Ceiling Unit E 2880 sq.ft W X 14 2 H Overhead Door Service Bay W X 14 2 H Overhead Door *Drawing is representational only, not drawn to scale. Page 7

8 Photographs 2303 S Townsend Ave. Unit A/B Unit C Unit D Unit E Page 8

9 Washer Dryer Hook-up Closet & 2305 S. Townsend Ave. SALE Sketch of 2305 S Townsend Ave* Men s ADA Bathroom Women s ADA Bathroom Storage Room 9 5 Office 10 Cooking Hood Kitchen Serving Kitchen Unit E 2260 sq.ft Walk-in Cooler Half-Wall/ Serving Bar Bathroom Unit D 1210 sq.ft Closet Unisex ADA Bathroom Unit C 1170 sq.ft. DMV Closet X Bathroom Unit B 1580 sq.ft Unisex ADA Bathroom Unit A 1700 sq. ft Low Salon Sinks Kitchenette Front of Building *Drawing is representational only, not drawn to scale. Page 9

10 Photographs 2305 S Townsend Ave. Unit A Unit B Unit C Page 10

11 Photographs 2305 S Townsend Ave. Unit D Unit E Page 11

12 General Information UTILITIES Water: City of Montrose (970) One water tap shared by both buildings One domestic fire water tap for building to the east Irrigation water is on a separate tap shared with the Penn Center and may need a separate agreement with property owner Sewer: City of Montrose (970) Waste Disposal: City of Montrose (970) Electricity: DMEA (970) Phone: CenturyLink (800) Natural Gas: Black Hills Energy (800) Cable/Internet: Charter Spectrum (888) INCLUSIONS List to be provided EXCLUSIONS Tenant & Owner s Personal Property Sign will be a common area element for all properties. Buyer would agree to allow pedestal sign to be a common area element for 2303, 2305 and Shop N Lube Express (2301) S. Townsend Ave. PORPERTY SPECIFICS 2303 & 2305 S Townsend Heating Cooling Forced Air Forced Air/ Refrigeration Unit Page 12

13 Montrose County Assessor Property Account Detail* (2303) Account: R Owner Information Owner Name STIMATZE FAMILY TRUST Account Detail Legal Description Version End MAX Parcel Number Tax Area Id Situs Address 2303 S TOWNSEND AVE Estimated Taxes Tax Year Taxes 2018 $18, City MONTROSE Legal Summary Subd: PENN CENTER MALL FILING NO 2 Lot: 3 S: 34 T: 49 R: 9 Actual Year Built 2003 Assessment Actual (2018) $921,870 Assessed $267,340 Type Actual Assessed Acres SQFT Units Improvements $617,720 $179, Land $304,150 $88, Building size is 13,925 sq.ft. *For more information please contact the Montrose County Assessor at (970) Page 13

14 Montrose County Assessor Property Account Detail* (2305) Account: R Owner Information Owner Name STIMATZE FAMILY TRUST Estimated Taxes Tax Year Taxes 2018 $14, Account Detail Version End MAX Parcel Number Tax Area Id Legal Description Situs Address 2305 S TOWNSEND AVE #A 2305 S TOWNSEND AVE #B 2305 S TOWNSEND AVE #C 2305 S TOWNSEND AVE #D 2305 S TOWNSEND AVE #E City MONTROSE Legal Summary Subd: PENN CENTER MALL FILING NO 2 Lot: 1 S: 34 T: 49 R: 9 Assessment Actual (2018) $722,600 Actual Year Built 2000 Assessed $209,550 Type Actual Assessed Acres SQFT Units Improvements $367,450 $106, Land $355,150 $102, Building size is 7,920 sq.ft. *For more information please contact the Montrose County Assessor at (970) Page 14

15 Montrose County Assessor Property Account Detail* (Tract A) Account: R Owner Information Owner Name STIMATZE FAMILY TRUST Tax Year Estimated Taxes Taxes 2018 $ Account Detail Version End MAX Parcel Number Tax Area Id Situs Address City MONTROSE Legal Description Legal Summary Subd: PENN CENTER MALL FILING NO 2 Tract: A S: 34 T: 49 R: 9 Assessment Actual Year Built 1996 Actual (2018) $26,910 Assessed $7,800 Type Actual Assessed Acres SQFT Units Improvements $5,120 $1, Land $21,790 $6, *For more information please contact the Montrose County Assessor at (970) Page 15

16 City of Montrose Zoning Map Subject property is zoned B-2 in the City of Montrose Zoning regulations for B-2 includes uses-by-right for B-1 Zoning breakdown is on the following page For more information please call the City of Montrose at (970) Page 16

17 Zoning Breakdown* B-2 Highway Commercial District : "B-2" HIGHWAY COMMERCIAL DISTRICT (A) Intent: The B-2" Highway Commercial District is intended to provide for business oriented toward serving the vehicular customer. This District provides for the convenient exchange of goods and services along the major thoroughfares of the City. (B) Uses by Right: (1) Those listed in the B-1" District as uses by right. (2) Self-service laundry facilities. (3) Drive-in or drive-thru restaurants. (4) Car washes. (5) Child care facilities (6) Rental storage units inside a building (7) Veterinary clinics or hospitals for small animals (8) Skilled nursing and assisted living facilities (9) Retail building material supply businesses (10) Parking facilities (11) Renewable energy facilities (C) Conditional Uses: (1) Those conditional uses listed for the B-1" District. (2) Recreational vehicle parks and campgrounds (3) Retail stores, business and service establishments serving the general public but which also involve limited manufacturing of the products supplied. (4) Antennas and towers are allowed only as conditional uses in all ones and are subject to the provisions of Section and the other applicable requirements of the City ordinances and regulations (D) The following uses are not to be construed as a use by right or conditional use in the B-2" Highway Commercial District: (1) Farm implement sales or service establishments. (2) Construction and contractor s equipment storage facilities (3) Machine and welding shops (4) Manufacturing and industrial uses except as allowed by Subsection (C)3. (5) Storage facilities (small rental storage units are allowed se Section (B)(7) (E) Performance Standards: No use shall be established, maintained or conducted in any B-2" Highway Commercial District that will result in any public or private nuisance : "B-1" CENTRAL BUSINESS DISTRICT (A) Intent: The B-1 District is intended as a shopping and business center for the City and surrounding area. The most intensive ommercial use of buildings and land is encouraged with parking primarily of public concern. No off-street parking is required, except where otherwise specified. This District is oriented to pedestrian traffic. (B) Uses by Right: (1) Retail stores, business and professional offices and service establishments which cater to the general shopping public. (2) Libraries and museums. (3) Government buildings and facilities. (4) Public utility service facilities. (5) Private and fraternal clubs. (6) Theaters. (7) Restaurants and taverns. (8) College or other place of adult education (9) Fueling stations which comply with the following criteria: (a) All fuel storage, except propane, shall be located underground. (b) All fuel pumps, lubrication and service facilities shall be located at least 20 from any street right-of-way line. (10) Churches. (11) Child care facilities. (12) Parks and playgrounds (13) Accessory uses (14) Hotels and motels (off-street parking required). (15) Single family homes, duplexes, and multiple family residences (offstreet parking required). (16) Parking facilities (17) Public transportation facilities (18) Renewable energy facilities (C) Conditional Uses: (1) Schools (2) Funeral homes (3) Building material businesses (4) Automobile and other vehicle sales of service establishments (5) Automobile body shops (6) Distribution, warehouse and wholesale operations (7) Dive-in or drive-thru restaurants (8) Storage facilities (9) Antennas and towers are allowed only as conditional uses in all ones and are subject to the provisions of Section and the other applicable requirements of the City ordinances and regulations (D) The following uses are not to be construed as a use by right or a conditional use in the B-1" Central Business District: Businesses that need outdoor storage are not compatible with this district. * Taken from City of Montrose Zoning Regulations March 2016 Page 17

18 Map of Vicinity Downtown Colorado Mesa University & Montrose Library Montrose High School Black Canyon Golf Course Pomona Elementary Columbine Middle School Rotary Park Baldridge Park Bridges Golf Course Russell Stovers Subject property Page 18

19 Recap MLS# Address Building Sq.Ft. (MOL) Listing Price $/Sq.Ft. 2303, 2305 S. Townsend Ave. & Tract A $1,600,000 $ S. Towns end Ave $999,888 $ S. Towns end Ave $999,888 $ Two fully-leased commercial strip buildings 2303 S Townsend Ave 13,925 sq.ft. building with four separate units. Units include retail/office space, a service bay with two overhead doors and a former restaurant. New roof and heated sidewalk S Townsend Ave 7,920 sq.ft. building with four separate units. Units include three retail/office spaces, a salon and a restaurant. Three separately deeded parcels Lots 3 & 4 each have a building Tract A - Contains a loading dock Ample on-site parking Parcels are Zoned B-2 in the City of Montrose Excellent visibility on S Townsend Ave/Hwy 550 Perfect for an investor! Listing Price: $1,600,000 Contact John Renfrow or Joey Huskey at (970) Page 19