1685 Chester St Aurora, CO 80010

This 1951-built, four-unit apartment building in Aurora, CO (APN: 1823-34-3-19-022), offers a compelling investment opportunity. The property boasts 3,588 square feet of rentable space across four units, with a current 100% occupancy rate (as of May 25, 2024). The units feature a mix of updated and original finishes, including newer tile floors, refinished wood floors, updated bathrooms, and new appliances in some units. One unit is a four-bedroom, two-bathroom unit with a basement, potentially ideal for owner-occupancy. The property also includes a 798 square foot garage/workshop, currently used as a workshop but offering potential for additional rental income. Recent renovations (2015 and 2023) include a new roof and gutters, a new storage shed, new cement work, newer vinyl windows, and a newer electrical panel in the garage with 220-volt service and a separate utility meter. The property sits on a 12,700 square foot lot and offers four off-street parking spaces. Utilities (water, sewer, and trash) are included in the rent. The property's strong financial performance is highlighted by a current NOI of $58,141 and a pro-forma NOI of $71,401, resulting in a current cap rate of 6.12% and a pro-forma cap rate of 7.52%. The asking price is $949,500 ($237,375 per unit and $264.63 per square foot). Its convenient location near Central Park, Stapleton, Fitzsimons Medical Center, Lowry, and the Shops at Northfield, with easy access to public transportation and major roadways (East Colfax and Interstate 225), makes it highly attractive. The property is eligible for VA and FHA financing. Showings require proof of funds or a lender letter and a minimum 48-hour notice. The seller may require additional time to remove items from the garage and storage and may consider a rent-back option depending on closing circumstances.