Turnkey Multifamily Investment
For Sale
$850,000
217 Applewood Ct, Brush, CO 80723
Eight-unit apartment building with strong cash flow and desirable features.
Property Size7,800 SF
Price / SF$108.97
Days on Market195
Property Features for 217 Applewood Ct
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,180
Listing Agency:
exp realty, llc
(303) 558-2300
Listed By:
Kimberly Austin · License #40030051
(303) 558-2300
Source:
Exprealty
Added: Feb 9
Changed: Aug 23
Last Checked: Aug 23 at 8:17AM
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 exp realty, llc
Investment Insights
Based on property information with market context.
This is an eight-unit apartment building. Each unit features 2 bedrooms, 1 bathroom, and a full laundry room with hookups. The property is located directly across from East Morgan County Hospital. The property delivers rents, solid occupancy, and low vacancy. The location gives consistent tenant demand. The property is suited to a buy-and-hold strategy, providing immediate income with upside potential through continued rent growth. The property is in a supply-constrained market. The bike score is 43, indicating it is somewhat bikeable. The walk score is 60, indicating it is somewhat walkable.
Key Highlights
- Strong cash flow and immediate income potential.
- Prime location directly across from a major employer, East Morgan County Hospital, ensuring consistent tenant demand.
- All 8 units feature 2 bedrooms, 1 bathroom, and a full laundry room with hookups, a rare and desirable amenity.
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
8.28%
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 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,869 @ 7.0% cap · market cap 18.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit apartment building with strong cash flow and desirable features.
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 $850,000.
What are key features of this property?
This property features: Strong cash flow and immediate income potential.; Prime location directly across from a major employer, East Morgan County Hospital, ensuring consistent tenant demand.; All 8 units feature 2 bedrooms, 1 bathroom, and a full laundry room with hookups, a rare and desirable amenity.
