A downtown property on Colorado Avenue offers a unique opportunity for someone hoping to find an investment property. The property, 945 and 947 Colorado Ave., is a duplex, built in 1928 and zoned residential/office. There are currently tenants in both living units, although one has a lease and the other is on a month-to-month basis.

Located within walking distance to downtown and less than half a block from the 10th Street bicycle corridor, the two homes could appeal to any tenant commuting to CMU or downtown. The property is also within easy bicycling distance to Las Colonias Park and the Colorado Riverfront Trail.

In addition to the original duplex, there is also a newer three-car garage in the back of the property with alley access. Currently the tenants each have access to one bay, while the landlord uses the center bay for storage of maintenance items like the lawnmower. There are also two parking spaces off the alley for tenants’ use, so tenants won’t need to park on Colorado Avenue.

The living units both have more than 1,000 square feet, with a shared front porch. Each home also has a front entrance area, with room to kick off shoes or coats.

Inside, the homes have the original hardwood flooring, with some of the built-in shelves and nooks that were common for homes built almost a hundred years ago. The front entrance leads to an open living and dining area, with one bedroom and bathroom off the common area. There are plenty of windows on all sides of the home, which is somewhat unusual for homes of that age, but which gives the homes lots of natural light.

The kitchens have been updated as needed. The laundry room is off the kitchen, as are the stairs that lead to the second bedroom, which is in the surprisingly light and bright basement, thanks to the large egress window. There’s also a back entry area, which offers both storage and another place to remove muddy shoes.

The entire property is fenced, making it more appealing for tenants with small children or pets. The healthy lawn, which has sprinklers, is also a boon for children, dogs or anyone who’d rather see green grass than weeds.

Current rents are under-valued and could easily be increased, especially on the unit with the month-to-month agreement. Today’s low interest rates would create a positive cash flow for investors with good credit who could put down a 25% deposit, and the property has no HOA.

Because the property is zoned residential/office, it could also offer opportunities for small business owners who want to live in half and use the other half for an office, or it could also be rented to tenants who are looking for a small downtown office space.

Olan Clark with the Vaughn Clark Kleager Group at Coldwell Banker is listing this income-producing property for $439,999.