National Fraternity Leased Income Property near Colorado State University

Listing was updated at: 06/03/2019
Property Overview
Price/Rent PSF $ 1,580,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 5,408
Date Available 11/30/2018
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Floors 3
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Located right next to Colorado State University in a neighborhood with other fraternities and homes. One block west of Highway 287 (College Ave.) which is the main commercial thoroughfare through Fort Collins. Central Fort Collins location within blocks of restaurants, hotels, shops, urgent care, other services and grocers.

Phi Kappa Tau, with 85 active chapters across the country and almost 4700 collegiate members, is the sole tenant in a 3-year lease with extension options in this investment offering. The property was recently renovated, and features 13 rooms and 5.5 baths. Current lease rate is $10,980 per month with about $1,000 per month expenses. Projected CAP rate is 7% after expenses and cap-ex reserve allowance.