7870 87Th Dr Arvada, CO 80005
- Land
- 2.78 lot acres
Current Use by Public Records
- Land
Property Details for 7870 87Th Dr
- Lot size
- 2.78 lot acres
- Property type
- Land
Description
This exceptional 2.776-acre parcel in Arvada, Colorado, presents a prime multifamily development opportunity. Located at 7870 W 87th Dr, Jefferson County, zip code 80005 (APN 161452 + 194595), the land is zoned MF and boasts a compelling pro-forma cap rate of 5.50% with a projected NOI of $1,118,400. The asking price is $4,125,000, translating to a land value of $34.19 per square foot. Development plans are fully approved, including an ODP approved in August 2023 and a PLAT approved in July 2024. Significant infrastructure is already in place, with water and sewer laterals installed to the lots, and electric and gas stubs also available. A pre-existing parking lot requires only minimal expansion (12 spaces needed for the smaller lot). The approved development encompasses 60 units, including one existing 12-unit building (1-bedroom/1-bathroom units) on a 0.624-acre portion of the site and two additional buildings, each with 16 units (a mix of 2-bedroom/2-bathroom and 2-bedroom/1-bathroom units). This turnkey project offers a rare chance to capitalize on a fully permitted and largely infrastructure-ready multifamily development in a desirable Arvada location. The property is owned by Nottingham Park Place LLC.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Arvada
- County
- Jefferson
- State
- Colorado
- Longitude
- -105.085
- Latitude
- 39.8525
