Country Manor Properties

PRICES JUST RADICALLY REDUCED

EXTREMELY MOTIVATED OWNER -  MUST SELL – ALL OFFERS CONSIDERED – ALL PROPERTIES “AS IS”

                                    This 6 acre property (including the motel, store, 4-plex apartment building, 2 bedroom house and 4 bedroom house) is being offered in its entirety for $$950,000 with owner carry back of 20% of  this asking  price . . . OR

                                                The Motel and Country Store with 2 bedroom apartment within may be purchased for $475,000 with owner carry back of 10% of this asking price.

                                                The 4 unit apartment building may be purchased for $295,000 with owner carry back of 10% of this asking price.  Apartments are fully occupied.

                                                The 2 bedroom and 4 bedroom houses with land are not being offered except as a part of the entire 6 acre property.  Both houses are rented.

                                                See “Plat” for approximate accompanying land parcels.  In every case, there is lots of room for future development.

Location                                The Watkins Interchange on I-70 is just 7 miles east of E-470, 10 miles east of Aurora,  2 miles from Front Range Airport  and 5 miles from Denver International Airport. Watkins is a tiny and quiet, clean, crime free town with post office, truck stop, restaurants, night club, etc.. 

Motel                                     The 25 room motel was constructed in 1963 and has been owned by the same family all these years.  The building is 8,652 Sq. Ft. and includes 9 single rooms and 16 doubles, a laundry room with commercial washer and dryer and a maid’s break room.  Sales are over $200,000 annually and stable.  Occupancy is about 40% in winter, 90% in summer.  Rates are $41.95 single; $55 double.  Taxes are $7,521.  Estimated beneficial income to working owner is about $80,000 prior to debt service. Includes about 2 ½ acres of land.

Store                                       The 2,025 Sq. Ft. store building at 32681 E. Colfax has the usual convenience store offerings and includes a 2 bedroom apartment provided to the motel manager and the motel office.   It is open from 7 to 9, is patronized by locals as well as motel guests, and  does over $100,000 in sales annually but just breaks even.  Taxes are $1,099.  Is on same land as the motel. 

Apartment Building            The 4 unit apartment building consisting of 3,584 Sq. Ft. at 32661 and 32671 E. Colfax was constructed in 1957 and contains four 2 bedroom, 1 bath apartments fully leased on a month to month basis as preferred by the owner with total income of $33,840/Yr.  and taxes are $2,800.  Asking price is $73,750 per unit; NOI of $27,548 after allowance for 5% vacancy, taxes & insurance; 9.3% cap.  Includes about 1 ½ acres of land.

2 BR & 4 BR Houses          Two bedroom at 32721 E. Colfax is 900 Sq. Ft.; Taxes of  $892;. Rented at $700/Mo.  Four bedroom at 32781 E. Colfax is 1,935 Sq. Ft..; Taxes of $1,088; Rented at $850/Mo.  These 2 houses are sitting on about 2 acres of land.

Utilities                                   There is a small water system (well) and sewage system on the property.  This system has capacity to support further expansion or development.  Xcel Energy provides electricity; gas by a local utility;

CALL PAUL CASCIO 303-455-2258 (BROKER).  INFORMATION NOT GUARANTEED & SUBJECT TO CHANGE.