Lakewood Apartments: Upgraded Units,
For Sale
$1,950,000
10635 W 7th Ave, Lakewood, CO 80215
Updated 10-unit apartment building in Lakewood's Majestic Heights neighborhood.
Property Size10,782 SF
Price / SF$180.86
Days on Market194
Property Features for 10635 W 7th Ave
General Information
Standard status
Active
Size
10,782 SF
Class
C
Property subtype
Multifamily
Building Details
Building Size
10,782 SF
Year Built
1977
Listing Agency:
Pinnacle Real Estate Advisors
(719) 651-8495
Listed By:
Jim Knowlton · License #FA100032419
(719) 651-8495
Source:
Pinnaclerea
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 1:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
The Pines Apartments, located in Lakewood’s Majestic Heights neighborhood, offers a combination of residential comfort and modern convenience. This pet-friendly, professionally managed property features a mix of spacious 2-bedroom/2-bathroom and 3-bedroom/2-bathroom units, including two 2-story townhome-style 3-bedroom/2-bathroom residences. The 10-unit building has been substantially upgraded, with capital improvements including a newer hail-resistant roof installed in 2017. Each unit has been updated with modern finishes, upgraded appliances, new cabinets and countertops, and new durable flooring. On-site amenities include 10 dedicated carports, a 24-hour shared laundry facility, and extra resident storage. The property is situated near the Belmar shopping district, William F. Hayden Park on Green Mountain, and Sloan's Lake. It is conveniently located near the RTD light rail and major highways, providing connectivity to Denver and beyond. The property is near Oak Street & Federal Center Light Rail Stations and close to St. Anthony’s Hospital. There is a future possible condo conversion opportunity. The property size is 10782 square feet.
Key Highlights
- Completely renovated units with modern finishes, upgraded appliances, new cabinets/countertops, and new durable flooring.
- Spacious 2‑bedroom/2‑bathroom and 3‑bedroom/2‑bathroom units, including two unique 2‑story townhome‑style residences.
- Excellent location with easy access to Belmar shopping district, parks (William F. Hayden Park, Sloan's Lake), and RTD light rail.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$137,128
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,742,560
$2.7M
Cap Rate 7%
$1,958,971
$2.0M
Cap Rate 9%
$1,523,644
$1.5M
Market Conditions
NOI Build-Up for 10,782 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$265.2K $24.60/SF
− Vacancy
−$15.9K −$1.48/SF
EGI
$249.3K $23.12/SF
− OpEx
−$112.2K −$10.41/SF
NOI
$137.1K $12.72/SF
Area
Lakewood, CO
Vacancy
6.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,742,560
Cap Rate 7%
$1,958,971
Cap Rate 9%
$1,523,644
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.71M – $2.29M
NOI $137,128 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,060 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
Explore this area
Business Placement
Demographics for 80215, CO
19,908
Population
9,156
Households
2.2
Avg Household Size
42
Median Age
49%
College-Educated
97%
High-School Grad
5.5 sq mi
ZIP Area
3,620
Density / Sq Mi
$85,017
Median Household Income
$49,100
Median Earnings
$1,728
Median Rent
$615,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated 10-unit apartment building in Lakewood's Majestic Heights neighborhood.
Where is this apartment building located?
The property is located at 10635 W 7th Ave Lakewood, CO.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Completely renovated units with modern finishes, upgraded appliances, new cabinets/countertops, and new durable flooring.; Spacious 2‑bedroom/2‑bathroom and 3‑bedroom/2‑bathroom units, including two unique 2‑story townhome‑style residences.; Excellent location with easy access to Belmar shopping district, parks (William F. Hayden Park, Sloan's Lake), and RTD light rail.
