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    3950 Turnpike Dr Westminster, CO 80030

    Sponsored
    For Sale
    $1,650,000

    9-Unit Apartment Building, High NOI

    Property size:
    6,570 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 9-unit apartment building at 3950 Turnpike Dr, Westminster, CO 80030, presents a compelling investment opportunity. The property, built in 1962, features 6,570 square feet on a 0.338-acre lot and boasts a 100% occupancy rate, generating a strong NOI of $108,343 (with a pro-forma NOI of $116,866). The asking price is $1,650,000, translating to $183,333 per unit and a current cap rate of 6.57% (pro-forma 7.08%). The building comprises three stories and includes 13 parking spaces (tandem). Recent renovations significantly enhance the property's value and reduce maintenance needs. These upgrades include new furnaces, a pitched roof, exterior paint, railings, stringers, stairs, and walkways—all fully permitted by the City of Westminster. The units, primarily two-bedroom, one-bathroom layouts, are individually metered for gas and electric, featuring in-unit water heaters and recently replaced gas furnaces. Residents enjoy a spacious courtyard setting. The property's concrete brick construction and pitched roof further contribute to its long-term appeal. Located in Adams County, this multifamily investment offers a blend of strong current performance and significant upside potential. The permitted zoning is Multi-Family.

    Property Features for 3950 Turnpike Dr

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,570 SF
    Lot Size
    14,723 SF

    Building Details

    Year Built
    1962
    Buildings
    1
    Stories
    3
    Units
    9

    HighLights

    • 9‑unit apartment building in Westminster, CO, offering a strong investment opportunity.
    • Recently renovated with new furnaces, roof, exterior paint, stairs, railings, stringers, and walkways (all permitted).
    • Park‑like courtyard setting.
    • 13 parking spaces (tandem).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westminster
    County
    Adams
    State
    Colorado
    Longitude
    -105.03939036
    Latitude
    39.84149378

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    FAQs

    What type of property is this?
    Multifamily property - 9-Unit Apartment Building, High NOI
    Where is this multifamily property located?
    The property is located at 3950 Turnpike Dr Westminster, CO.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: 9-unit apartment building in Westminster, CO, offering a strong investment opportunity.; Recently renovated with new furnaces, roof, exterior paint, stairs, railings, stringers, and walkways (all permitted).; Park-like courtyard setting.
    Request Owner's contact information
    3950 Turnpike Dr Westminster, CO 80030
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    Westminster, CO 80030
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3950 Turnpike Dr Westminster, CO 80030
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