350 Arapahoe Ave Unit 6, Boulder, CO 80302

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.