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1980 Value-Add Property in Highly Desirable Colorado Mountain Town - Availability Details

3465 Douglas Street, Craig, CO 81625

  • For Sale $2,700,000
  • Property Type Other
  • Property Size 58,968 Sqft
  • Lot Size 3.69 Sqft
  • Parking Ratio 1.57/ 1,000 SF
  • Year Built 1980
  • Date Updated Sep 23, 2021

1. Rents in Colorado Ski Towns Increase Demand for Affordable Housing

› Steamboat Springs, a premier Colorado ski resort and mountain town is only 45 minutes from the Timberglen Apartments
› Recently, Steamboat has experienced a flurry of new residents and home buyers leading to rising home prices, tightened inventory and high rents
› Local essential workers are being priced out and moving to nearby markets, like Craig, in order to cut down on their rent expense
› Increased relocation will likely lead to higher demand for apartments in Craig, allowing for higher rents and lower vacancy rates

 2. Craig is the Commercial and Industrial Center of Northwest Colorado 

› Three coal mining operations are located within a short distance of Craig, along with one of the state’s largest power plants
› The city is also a shopping hub for Moffat, Rio Blanco and Routt counties, as well as many people in southwest Wyoming 

 3. Craig Continues to Grow as a Local and Regional Tourist Destination 

› Craig is a hub for outdoor activities including camping, hunting, fishing and hiking
› It is known to be one of the premier hunting destinations in the world, attracting outdoors men every year, with many of them staying in Craig
› Given Craig’s nearly 2.5 million acres of recreational land available to the public, tourism contributes substantially to the local economy

4. Proximity to Economic Hubs and Employment Centers

The Timberglen Apartments are well located in Craig, with employment and amenities within minutes.

› Murdoch’s Ranch & Home Supply – 0.8 Miles
› Walmart Supercenter – 0.9 Miles
› Memorial Regional Hospital – 1.5 Miles
› Colorado Northwestern Community College –1.6 Miles
› City Market – 1.9 Miles
› Steamboat Springs – 43.9 Miles

5. Opportunity to Grow Rents by Implementing Unit Renovation 

The future owner has the opportunity to invest money into the upgrading of unit interiors in order to achieve higher rents. A renovation program that upgrades unit interiors will increase the buildings appeal to a broader spectrum of prospective tenants leading to higher asking rents.

 

Fully Tenant

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Location

  • City Craig, CO
  • Zip Code 81625

Contacts

broker

Keegan Hofer

broker

Craig Stack

broker

Bill Morkes

Frequently Asked Questions

What year was 1980 Value-Add Property in Highly Desirable Colorado Mountain Town built and finished?

1980 Value-Add Property in Highly Desirable Colorado Mountain Town was completed in 1980.

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