Renovated 12-Unit Condo
7005-7035 W 16th Place Lakewood, CO 80215
For Sale
Contact for pricing
Twelve side-by-side 1-bed condos with front and back doors and nearly 2:1 off-street parking.
Property Size7,392 SF
Price / SF$301
Days on Market52
Property Features for 7005-7035 W 16th Place
General Information
- Standard status
- Active
- Size
- 7,392 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1952
Listing Agency:
NORTHPEAK Commercial Advisors
Listed By:
Hunter Schaefer · License #FA100086469
Source:
Crexi
Added: Jun 3
Changed: Jul 10
Last Checked: Jul 23 at 8:43AM
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 NORTHPEAK Commercial Advisors
Investment Insights
Based on property information with market context.
The Flats at 16th is a 12-unit condo building featuring 1-bedroom, 1-bath residences with attractive side-by-side layouts and both front and back doors. The property has been upgraded with renovated interiors, along with recent improvements that include a new roof, new windows, updated electrical, refreshed landscaping, and re-striped parking. Off-street parking is provided at nearly a 2:1 ratio, supporting tenant convenience and day-to-day operations.
The building is located at 7005–7035 W 16th Place in Lakewood, Colorado. The area described in the remarks includes new development moving west from Sloan’s Lake and walkable access to the Wadsworth Light Rail Station.
For an investor or owner-operator seeking a turnkey multifamily condo asset, the combination of unit layout, parking availability, and documented capital improvements helps reduce near-term maintenance concerns. The property’s recent upgrades and maintained site features can also support consistent presentation for leasing and ongoing occupancy.
The building is located at 7005–7035 W 16th Place in Lakewood, Colorado. The area described in the remarks includes new development moving west from Sloan’s Lake and walkable access to the Wadsworth Light Rail Station.
For an investor or owner-operator seeking a turnkey multifamily condo asset, the combination of unit layout, parking availability, and documented capital improvements helps reduce near-term maintenance concerns. The property’s recent upgrades and maintained site features can also support consistent presentation for leasing and ongoing occupancy.
Key Highlights
- 12 premium condos (side‑by‑side 1BD/1BA units) built in 1952
- Each unit has side‑by‑side layout with front and back doors
- Nearly 2:1 off‑street parking ratio for the complex
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $181.8k | $24.60 |
| − Vacancy | −$10.9k | −$1.48 |
| EGI | $170.9k | $23.12 |
| − OpEx | −$76.9k | −$10.41 |
| NOI | $94.0k | $12.72 |
7,392 SF · lease $24.60/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,013 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,984 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Twelve side-by-side 1-bed condos with front and back doors and nearly 2:1 off-street parking.
Where is this apartment building located?
The property is located at 7005-7035 W 16th Place Lakewood, CO.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: 12 premium condos (side‑by‑side 1BD/1BA units) built in 1952; Each unit has side‑by‑side layout with front and back doors; Nearly 2:1 off‑street parking ratio for the complex
