Renovated 12-Unit Condo
For Sale
Contact for pricing
7005-7035 W 16th Place, Lakewood, CO 80215
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 Market89
Property Features for 7005-7035 W 16th Place
General Information
Standard status
Active
Size
7,392 SF
Total Parking Spaces
21
Property subtype
Multifamily
Occupancy
95%
Investment Type
Stabilized
Net Operating Income
$133,763
Additional Details
Multifamily Units
12
Building Details
Year Built
1952
Year Renovated
2021
Units
12
Tenancy
Multi
Listing Agency:
NORTHPEAK Commercial Advisors
Listed By:
Hunter Schaefer · License #FA100086469
Source:
Crexi
Added: Jun 3
Changed: Aug 16
Last Checked: Aug 29 at 12:53AM
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
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
$94,013
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
4.23%
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%
$1,880,260
$1.9M
Cap Rate 7%
$1,343,043
$1.3M
Cap Rate 9%
$1,044,589
$1.0M
Market Conditions
NOI Build-Up for 7,392 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
$181.8K $24.60/SF
− Vacancy
−$10.9K −$1.48/SF
EGI
$170.9K $23.12/SF
− OpEx
−$76.9K −$10.41/SF
NOI
$94.0K $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%
$1,880,260
Cap Rate 7%
$1,343,043
Cap Rate 9%
$1,044,589
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
421
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 - 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
