Pinnacle Announces Sale of Rare Multifamily Property in Longmont
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 220 9th Avenue in Longmont, CO. The historic, 5-unit property, sold on November 19th for a Contract Price of $900,000; $180,000 per unit and $227.16 per square foot. The converted property, located just blocks from the restaurants, bars, breweries and boutiques on Main Street, featured an attractive unit mix of 1 – 2Br, 2 – 1Br, and 2 – Studio units, with a newer roof, new hot water heater and dryer, and immediate rental upside. Luke Salazar, Senior Advisor, and Jim Knowlton and Robert Lawson, Principals, represented the Buyer in the transaction.
“We were pleased to find this hidden gem in Longmont for our client as he was looking for a smaller value-add project to add to his portfolio. There is massive rental upside that the new owner will be able to achieve quickly as the current rents were $400-$500 below market,” said Salazar.
For more information on this sale please contact Luke Salazar at 303-962-9534 or LSalazar@PinnacleREA.com.