123 St. Highway 172

123 St. Highway 172 Durango, Colorado 81303 United States

Fantastic commercial storage and retail opportunity for the investor or owner occupant, minimal expenses, zero vacancy, long term leases, room for income growth, and easily managed with little time commitment by owner or property manager. 3 acres located at the corner of one of the highest traffic counts in La Plata County, this commercial property offers two retail business spaces, 85+ storage spaces both covered and open, two full hookup RV spots, a single-family home, commercial well, sewer taps, and gated entry to all storage facilities. Building 1 offers 3,750 square feet, split into two retail spaces, one being a very busy convenience store and market, the second a successful fireplace sales and repair business, both with long term leases in place with automatic yearly increases. Fireplace business has two overhead doors for easy access for equipment. Plenty of customer parking with direct access from Highway 172. Behind the secured gate is building #2, metal storage building - 121 feet by 60 feet, offering back-to-back for a total of 24 covered spaces. Each 30 ft x 10 ft covered parking is perfect for boats, conversion vans, travel trailers, or class C RVs. Third metal building is 132 ft by 45 ft, also covered, currently offers 12 spaces for larger motorhomes, fifth wheels, and large equipment. The remaining storage spaces are a mix of cars, trucks, campers, RVs, all open-air spaces behind the secured gate. There is never a vacancy for storage, the owner gets multiple calls per week looking for storage, some tenants have been there over 15 years. A single wide mobile home sits at the back of the property, has some private parking spaces, and offers an option for onsite manager or simply more income for owner, easily rented 3-bedroom home. Two full hook-up RV spots, both occupied all year long, with sewer, water, and electric. Each RV spot has space for camper, parking spot, and small outdoor area. Commercial well onsite that provides for water for commercial businesses up front, singlewide, and RV spots. Commercial spaces have their own Loma Linda sewer taps, two more taps for the residential. This is a great opportunity for a hands-off manager, current owner spends less than a few hours a week in management duties. Rents on many of the spaces are well under market value, owner has not changed pricing on some spots for years. Approximate 5% cap rate, very low expenses, easily self-managed, and huge upside for increasing rents over time as tenants vacate. The property offers an investor the opportunity to capitalize on tremendous upside by adding 3rd party professional management and increasing rents to current market levels.

Listing Courtesy of The Wells Group of Durango, Inc., CREN MLS