Property Details for 1685 Teller St

Year built

1932

Property size

3,102 SF

Property type

Commercial real estate

Description

This exceptional 4-unit apartment building at 1685 Teller St, Lakewood, CO 80214, presents a compelling investment opportunity. Boasting a total of 3,102 square feet across two buildings, this property offers a current NOI of $51,442 and a 6.47% cap rate, with a pro-forma NOI of $59,415 and a pro-forma cap rate of 7.47%. Built in 1932 and extensively renovated in 2024, the property includes updated roofs, furnaces, sewer lines, windows, and interior finishes. Each unit features an in-unit washer/dryer, adding significant value. The property also includes a two-car garage with potential for additional income generation. Situated on a 0.7-acre lot, this property offers potential for redevelopment. Its prime location is just a short walk from public transportation, the Lamar Light Rail station, and the Creekside Shopping Center (including Walmart and Chipotle). Nearby attractions include the Edgewater Public Market and Casa Bonita. Individual gas and electric meters enhance efficiency and management. The asking price is $795,000, representing $198,750 per unit and $256.29 per square foot. The land value alone is $26.07 per square foot. The property sits across the street from a future residential development site, further enhancing its long-term potential. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a rapidly growing area.

Location Insight

City

Lakewood

County

Jefferson

State

Colorado

Longitude

-105.0770691

Latitude

39.7428811