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Boulder,CO 80302
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 851 sqft
Price per Sqft $276
Subdivision Arapahoe West Condos
MLS Listing ID IR1023681
Bedrooms 2
Half Baths 1
Three Quarter Bath 1
Condo Fees $450
HOA Fees $450/mo
Year Built 1975
Annual Tax Amount $711
Tax Year 2023
Property Description
Discover an exceptional investment opportunity at a competitive price point in the heart of Boulder. Ideal for a variety of uses - including an investment property, second homes or student housing - this residence marries affordability with the coveted Boulder lifestyle. The home backs to serene open space, offering a tranquil setting paired with modern amenities. Hardwood floors grace the main level, which features a remodeled kitchen with sleek Corian counters, a cozy wood-burning fireplace and a convenient powder room. Upstairs, the primary bedroom boasts a private balcony overlooking open space, while a beautifully remodeled bathroom with a skylight adds charm. A finished attic with built-in shelves and another skylight provides versatile storage or creative space. This property's affordability is due to a land lease making it ideal for buyers seeking to maximize value. Cash purchase requested. With Airbnb allowed, this condo offers incredible income potential and lifestyle flexibility. The buyer will purchase the building while leasing the land beneath it until 2073, paying an annual ground rent due every October 1. This ground rent adjusts according to the Consumer Price Index (CPI) and the appraised value of the land with appraisals conducted every five years and has a cap of either 12% of the appraised value or no more than a 50% increase. On october 1, 2024 the initial ground rent was $23,860.74 and the readjusted value after appraisal for additional rent was $11,930.37 due on December 20, 2024.The buyer will also have the right to purchase the real property after 2037. At closing, the prorated ground rent will be credited to the seller and debited to the buyer.
Location
State CO
County Boulder
Zoning RES
Interior
Heating Baseboard
Flooring Wood
Fireplaces Type Living Room
Exterior
Exterior Feature Balcony
Fence Fenced,Partial
Utilities Available Cable Available,Electricity Available,Natural Gas Available
View Mountain(s)
Roof Type Composition
Building
Lot Description Open Space
Sewer Public Sewer
Water Public
Structure Type Wood Frame
Schools
Elementary Schools Flatirons
Middle Schools Manhattan
High Schools Boulder
School District Boulder Valley Re 2
Others
Acceptable Financing Cash
Listing Terms Cash
Pets Allowed Cats OK,Dogs OK