1733 Paris St Aurora, CO 80010

Property Details for 1733 Paris St

Year built

1950

Lot size

0.15 lot acres

Property type

Commercial real estate

Description

This 8-unit apartment building in Aurora, Colorado, presents a compelling investment opportunity. Located just one block from the Fitzsimons/Anschutz Medical Campus, this property boasts a prime location near a major employment hub with over 40,000 employees. The building, constructed in 1950, sits on a 0.15-acre lot and offers 4,368 square feet of net rentable space. Each of the eight units is a one-bedroom, one-bathroom apartment, featuring updated cabinetry, flooring, light fixtures, and paint. Four units are garden-level, and four are upstairs. The building benefits from a new roof, energy-efficient double-paned windows, and a central boiler heating system. Eight off-street parking spaces are available to residents, accessed through secure front and back entrances. The xeriscaped grounds require minimal maintenance. The property's current pro-forma NOI is $77,660, yielding a 7.50% cap rate at an asking price of $1,035,000 ($129,375 per unit). There's potential to add a community laundry facility, increasing income. The high demand for rental units in this area, particularly from traveling medical professionals, presents an opportunity to convert leases to mid-term rentals, potentially increasing monthly income by 20%. The property's proximity to Fitzsimons, Denver International Airport (DIA), and Stanley Marketplace further enhances its investment appeal. This is a value-add opportunity with significant upside potential through improved operations and rent increases. The low-maintenance brick building and 1:1 parking ratio add to its attractiveness.