Lakewood Multifamily Investment
For Sale
$825,000
5530 W 3rd Pl, Lakewood, CO 80226
Workforce housing asset with income growth potential in central Lakewood.
Property Size3,020 SF
Days on Market179
Property Features for 5530 W 3rd Pl
General Information
Standard status
Active
Size
3,020 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Workforce housing with attainable rents around $1,300, offering affordability in West Denver near major employment hubs.
All two-bedroom units enable a consistent, repeatable renovation plan that minimizes complexity.
Priced at $206,250/unit, offering an attractive entry point with strong value-add and rent-growth potential.
Building Details
Building Size
3,020 SF
Units
4
Listed By:
Jason Hornik · License #License(s): CO: FA. 100070708
(303) 328-2064
Source:
Marcusmillichap
Added: Apr 24
Changed: Oct 1
Last Checked: Oct 19 at 3:20AM
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 Jason Hornik
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Investment Insights
Based on property information with market context.
Located in central Lakewood, 5530 W 3rd Pl offers investors the opportunity to acquire a workforce housing asset. The property has potential for income growth through below-market in-place rents. Modest interior improvements and natural lease rollover may allow a new owner to achieve NOI expansion, delivering yield growth within a stable renter demand segment. The location has a bike score of 62, indicating it is bikeable, a walk score of 48, indicating car-dependence, and a transit score of 35, indicating some transit options are available.
Key Highlights
- Opportunity to increase income through rent increases to market rates.
- Below‑market in‑place rents provide immediate upside potential.
- Potential for NOI expansion through interior improvements and lease rollover.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,409
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,180
$768.2K
Cap Rate 7%
$548,700
$548.7K
Cap Rate 9%
$426,767
$426.8K
Market Conditions
NOI Build-Up for 3,020 SF
Gross rent
$74.3K $24.60/SF
− Vacancy
−$4.5K −$1.48/SF
EGI
$69.8K $23.12/SF
− OpEx
−$31.4K −$10.41/SF
NOI
$38.4K $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 Rate 5%
$768,180
Cap Rate 7%
$548,700
Cap Rate 9%
$426,767
Alternative Uses
Best Use
Apartment 5plus
$548.7K
$480.1K – $640.2K
NOI $38,409 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$904.6K
$791.5K – $1.06M
NOI $63,319 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
562
Businesses Nearby
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Business Placement
Demographics for 80226, CO
33,142
Population
14,742
Households
2.2
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
4,092
Density / Sq Mi
$78,466
Median Household Income
$44,640
Median Earnings
$1,738
Median Rent
$547,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Workforce housing asset with income growth potential in central Lakewood.
Where is this apartment building located?
The property is located at 5530 W 3rd Pl Lakewood, CO.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Opportunity to increase income through rent increases to market rates.; Below‑market in‑place rents provide immediate upside potential.; Potential for NOI expansion through interior improvements and lease rollover.
