Eight-Unit Apartment
For Sale
$800,000
217 Applewood Ct, Brush, CO 80723
MULTI_FAMILY - Brush, CO
Property Size7,800 SF
Lot Size0.33 Acres
Price / SF$102.56
Days on Market195
Property Features for 217 Applewood Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RESIDENTIA
Bedrooms
64
Bathrooms
32
Full bathrooms
32
Rooms
Bedroom 37, Bedroom 51, Bathroom 9, Bedroom 10, Bedroom 33, Bathroom 12, Bedroom 32, Bedroom 28, Bathroom 2, Bathroom 26, Bedroom 38, Bedroom 3, Bedroom 47, Bedroom 58, Bedroom 27, Bedroom 29, Bathroom 5, Bathroom 28, Bedroom 16, Bathroom 8, Bathroom 16, Bedroom 14, Bedroom 59, Bathroom 13, Bedroom 17, Bedroom 36, Bedroom 11, Bedroom 48, Bedroom 43, Bedroom 62, Bathroom 22, Bedroom 41, Bedroom 60, Bedroom 4, Bathroom 20, Bathroom 3, Bedroom 34, Bedroom 2, Bathroom 32, Bedroom 45, Bedroom 15, Bedroom 40, Bathroom 15, Bedroom 12, Bedroom 64, Bathroom 19, Bathroom 31, Bathroom 11, Bedroom 1, Bedroom 20, Bedroom 6, Bedroom 54, Bedroom 63, Bedroom 9, Bedroom 31, Bathroom 27, Bedroom 5, Bathroom 1, Bedroom 56, Bedroom 44, Bedroom 25, Bedroom 22, Bedroom 53, Bedroom 49, Bathroom 7, Bedroom 26, Bathroom 24, Bedroom 42, Bathroom 18, Bedroom 8, Bedroom 35, Bedroom 21, Bathroom 21, Bedroom 13, Bathroom 23, Bathroom 6, Bathroom 17, Bedroom 61, Bedroom 7, Bathroom 14, Bedroom 39, Bathroom 4, Bedroom 30, Bathroom 10, Bedroom 50, Bedroom 46, Bathroom 30, Bedroom 24, Bathroom 25, Bedroom 52, Bedroom 18, Bedroom 19, Bedroom 23, Bathroom 29, Bedroom 57, Bedroom 55
Parking
16
Interior features
Eat-in Kitchen, Open Floorplan, Kitchen Island
Appliances
Gas Range, Dishwasher, Refrigerator
Subdivision
Brush
Elementary school
Thomson
Middle school
Brush
High school
Brush
Elementary school district
Brush RE 2J
Middle school district
Brush RE 2J
High school district
Brush RE 2J
Standard status
Active
APN
123104210001
Size
7,800 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6180
Utilities
Utilities
Natural Gas Available
Heating system
Radiant
Amenities
laundry room with hookups
Building Details
Year built
1999
Floors in Building
2
Number of units
8
Building materials
Frame
Listing Agency:
eXp Realty LLC
(888) 440-2724
Listed By:
Kimberly Austin · License #40030051
(303) 558-2301
Added: Feb 9
Changed: Aug 4
Last Checked: Aug 23 at 8:06AM
MLS# 1051193
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This turnkey eight-unit apartment building offers efficient, easy-to-manage layouts with strong tenant appeal. All eight units feature two bedrooms, one bathroom, and a full laundry room with hookups. Interior features include eat-in kitchen space, an open floorplan, and a kitchen island. The building has frame construction and radiant heating, and it was built in 1999. Appliances include a gas range, dishwasher, and refrigerator.
The property sits on a 0.33-acre lot and has a total building size of 7,800 square feet. It is located directly across from East Morgan County Hospital in Brush, Colorado, with natural gas available.
With consistent residential unit configuration throughout the building and on-site laundry setups in every unit, the property is designed to support straightforward day-to-day operations for an owner or operator.
The property sits on a 0.33-acre lot and has a total building size of 7,800 square feet. It is located directly across from East Morgan County Hospital in Brush, Colorado, with natural gas available.
With consistent residential unit configuration throughout the building and on-site laundry setups in every unit, the property is designed to support straightforward day-to-day operations for an owner or operator.
Key Highlights
- 8‑unit apartment building; all units are 2‑bedroom, 1‑bath with full laundry rooms and hookups
- Directly across from East Morgan County Hospital
- Built in 1999 with frame construction and radiant heating
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
$70,378
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
8.80%
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%
$1,407,560
$1.4M
Cap Rate 7%
$1,005,400
$1.0M
Cap Rate 9%
$781,978
$782.0K
Market Conditions
NOI Build-Up for 7,800 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
$137.6K $17.64/SF
− Vacancy
−$9.6K −$1.23/SF
EGI
$128.0K $16.41/SF
− OpEx
−$57.6K −$7.38/SF
NOI
$70.4K $9.02/SF
Area
Morgan County, CO
Vacancy
7.00%
Lease Rate
$17.64 /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%
$1,407,560
Cap Rate 7%
$1,005,400
Cap Rate 9%
$781,978
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$879.7K – $1.17M
NOI $70,378 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,869 @ 7.0% cap · market cap 19.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Explore this area
Business Placement
Demographics for 80723, CO
7,092
Population
2,746
Households
2.6
Avg Household Size
41
Median Age
17%
College-Educated
87%
High-School Grad
265.5 sq mi
ZIP Area
27
Density / Sq Mi
$74,144
Median Household Income
$41,840
Median Earnings
$1,076
Median Rent
$276,000
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 - Turnkey eight-unit building with all units featuring two bedrooms, one bathroom, and full laundry hookups.
Where is this apartment building located?
The property is located at 217 Applewood Ct Brush, CO.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 8‑unit apartment building; all units are 2‑bedroom, 1‑bath with full laundry rooms and hookups; Directly across from East Morgan County Hospital; Built in 1999 with frame construction and radiant heating
