Update on Sternberg’s Hillcrest Apartments

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BACKGROUND:
– Potential one or two units for sale
– Historically intact compound of 6 units plus garage space for 4 vehicles
– Designed by Eugene Sternberg
– Constructed in 1958
– 500 square feet
– Great location – 2 blocks north of Lincoln Avenue in Steamboat Springs
– Incredible views of the ski area, Emerald Mountain, and downtown
– Opportunity to motivate preservation of a National Register-eligible property

OPPORTUNITY: Historically, since 1958, the ownership was shares in the Hillcrest Apartment Association. Now, the process is underway to condominiumize the six units. Brad Bartels, project manager and owner of Unit #6, is confident that the condominiumizing will be approved by summer 2011 and will be governed by a condominium association.

The Association decided in October 2010 that redeveloping the property was not feasible in the current real estate market and will, likely, soon select a contractor to begin to repair/rehabilitate/insulate the butterfly roof and interior drains, replace the sewer line and sidewalk, and repair the sewer line. Informal estimate of cost per unit is approximately $20,000 (Fred Conrath, owner, Unit #3).

2009, 2010 Annual cost/revenue per unit (for the past decade, most or all of the units are rentals.
$8400-9600   Rental income per year. Approximately $700-800/month.
$1600-1800   Annual assessment for property taxes, maintenance, water/sewer

CONTACT:
Linda Kakela
Wayne Kakela Family Trust, owner
970-232-4236 cell
linda.kakela@gmail.com

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