1045 Balsam St, Unit Lakewood Denver, CO 80214
- Commercial real estate
Current Use by Public Records
- Apartment / Apartment Building
Property Details for 1045 Balsam St
- Year built
- 1960
- Property type
- Commercial real estate
Description
This exceptional 11-unit apartment building at 1045 Balsam St, Lakewood, CO 80214, presents a compelling investment opportunity. Built in 1960 and situated on a 19,950 sq ft lot, this property boasts 8,590 net rentable square feet, currently generating a NOI of $106,537 and a 4.63% cap rate. However, a pro-forma NOI of $137,988 and a 6.00% cap rate demonstrate significant upside potential. The asking price is $2,300,000, or $209,090.91 per unit. The unit mix includes one studio, four one-bedroom/one-bathroom, and six unique two-bedroom/two-bathroom units—the latter offering private bathrooms for each roommate, enhancing their appeal. Desirable features include private balconies (some with multiple), ample parking, and proximity to the W Line light rail. The property is zoned R-4, allowing for flexibility. Individual electric meters and multiple on-site laundry rooms add to the operational efficiency. This property offers an investor the chance to capitalize on above-average unit sizes and further increase rents through continued renovations, maximizing cash flow and property value. The building's strong foundation and location provide a solid base for future growth and returns.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lakewood
- County
- Jefferson
- State
- Colorado
- Longitude
- -105.0887751
- Latitude
- 39.7338791
