3440 Corona St Englewood, CO 80113

Property Details for 3440 Corona St

Property size

45,576 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents two adjacent, individually deeded apartment buildings totaling 71 units in Englewood, Colorado. Located at 3440 S Corona St and 3445 S Downing St, this portfolio boasts a combined 45,576 square feet on a 46,260 square foot lot. Built in 1970 and 1968, the properties underwent renovations in 2023, including new asphalt parking lots, updated stairwells, and significant AC unit replacements (70% of units). A new boiler was also installed in one building. The property features meticulously landscaped grounds, tenant storage lockers, onsite laundry facilities, and off-street parking. Currently generating a NOI of $689,927, with a pro-forma NOI of $892,646, this presents a compelling 4.76% cap rate and a pro-forma cap rate of 6.16%. The asking price is $14,500,000, representing a price per unit of $204,225.35 and a price per square foot of $318.15. Situated just one block from Swedish Medical Center and Craig Hospital, this prime location offers proximity to major medical facilities, restaurants, retail, and the University of Denver. The property benefits from an assumable debt at a fixed 3.27% interest rate for seven more years, representing a significant advantage for the buyer. This value-add opportunity allows for immediate rental upside through lease adjustments and completing renovations on the remaining units. The property is located in an Opportunity Zone. The seller prefers a single buyer for both properties, but will consider individual sales.