350 Arapahoe Ave , #6

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 offers two parking spaces, 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. With Airbnb allowed, this condo offers incredible income potential and lifestyle flexibility. Financing Options: Cash or portfolio loan.The property is situated on leased land, with annual payments due each October. The owner has the option to purchase the land at its appraised value after 2037. The lease may qualify as "redeemable ground rent" for tax deduction purposes; please consult your accountant for guidance.In 2024, the land was appraised adjusting the lease to $35,791.11. The lease amount adjusts annually based on the Consumer Price Index (CPI) and is reappraised every five years.At closing, the prorated portion of the lease payment will be credited to the seller and debited to the buyer. HOA dues include water, trash, heating, exterior maintenance, and hazard insurance. Electric and gas are billed separately.