Development Opportunity in the Heart of Downtown! Rare opportunity for an investor to purchase this entitled development parcel with several rentals in place and a total of 75 current parking spaces, which together cash flow approx $10,000/ month. This is the ideal holding place for your 1031 investor or someone who would rather have their funds in real estate rather than stocks. See renderings to illustrate the potential for the future site development as the second phase of the successful Crossroads Durango building. The development package includes the 1/2 acre parcel with existing rentals & 15 parking spaces, in addition to 60 parking spaces along the west side of Narrow Gauge Ave. Also included are the following: Full set of Architectural “Design Development” drawings previously approved by the City of Durango, Phase 2 equipment/amenities installed in Phase 1: • 4 pipe heating/cooling central plant sized for 2nd Phase, in place • 2 of 3 designed elevators for P-1 and P-2, in place • Fire sprinkler service entry and associated equipment for both phases, in place • Security system equipment and infrastructure both phases, in place • Water tap for both phases in place • Public bathrooms at 1st, 2nd, and 3rd floors, sized for both phases, in place • “in lieu of” parking for 8.38 spaces valued at $13,500 per space.
|Price Reduced from $2,700,000 to $2,450,000|
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