18 Arkansas Ave Denver, CO 80223
- Apartment buildings
- 2,440 SF
Current Use by Public Records
- Apartment buildings
Property Details for 18 Arkansas Ave
- Year built
- 1915
- Property size
- 2,440 SF
- Property type
- Apartment buildings
Description
This exceptional 4-unit apartment building, located at 18 W Arkansas Ave in Denver, CO 80223, presents a compelling investment opportunity. Built in 1915, this two-story brick masonry building offers 2,440 square feet of living space, with each unit boasting approximately 610 square feet. Recent renovations include new luxury flooring, windows, contemporary lighting, and high-end finishes. Units feature in-unit washer/dryers, vaulted ceilings, spacious closets, and open floor plans. Current leases are 5-20% below market comparables, offering immediate value-add potential. The property benefits from a central Denver location, providing easy access to restaurants, bars, shops, and retail. Street and alley parking is available. Heating is provided by furnaces, and cooling by wall-mounted AC units. Individual gas and electric meters are in place. The building is part of the S Broadway HOA, with a monthly fee of $318 covering reserve funds, grounds and structure maintenance, roof insurance, recycling, trash, water, sewer, and snow removal. The asking price is $850,000, representing a price per unit of $212,500, a 6.33% cap rate, and a pro-forma cap rate of 6.88%. The current NOI is $53,809, with a pro-forma NOI of $58,452. There is an option to re-deed the units separately, allowing for individual sales. This property offers a unique blend of stability and upside potential in a highly desirable Denver location.
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
- Denver
- County
- Denver
- State
- Colorado
- Longitude
- -104.988
- Latitude
- 39.691
