8150 26Th Ave Lakewood, CO 80214

Property Details for 8150 26Th Ave

Year built

1969

Lot size

0.83 lot acres

Property size

18,763 SF

Property type

Commercial real estate

Description

This 19-unit apartment building, located at 8150 W 26th Ave in Lakewood, Colorado, presents a compelling investment opportunity. Built in 1969, the property boasts 18,763 square feet on a 0.83-acre lot and features mostly large, two-bedroom units. The asking price is $4,400,000, representing a price per square foot of $234.50 and a price per unit of $231,579. The property currently generates a Net Operating Income (NOI) of $270,726, resulting in a 6.15% cap rate. A pro-forma NOI of $277,523 projects a 6.31% cap rate. Significant recent improvements include a new roof, boiler, domestic hot water heater, and windows, along with upgraded plumbing and electrical systems. The property also benefits from ample parking and a large lot with potential for carports. A newly created access point off Balsam Street enhances accessibility. An attractive feature is a 3.1% assumable loan fixed until May 2031, offering a current cash-on-cash return of 10.77%. The property's proximity to the Gold's Marketplace redevelopment and Crown Hill Park/Lake open space adds to its appeal. Further value-add potential exists through the continuation of an interior renovation plan, allowing for rental upside. This property is classified as a Class C multifamily building in Jefferson County, zip code 80214.