3950 Turnpike Dr Westminster, CO 80030
- Commercial real estate
- 6,570 SF
- 0.34 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 3950 Turnpike Dr
- Year built
- 1962
- Lot size
- 0.34 lot acres
- Property size
- 6,570 SF
- Property type
- Commercial real estate
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Westminster
- County
- Adams
- State
- Colorado
- Longitude
- -105.03939036
- Latitude
- 39.84149378
