3605 Pierce St Wheat Ridge, CO 80033

Property Details for 3605 Pierce St

Year built

1961

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building at 3605 Pierce Street, Wheat Ridge, CO 80033, presents a compelling investment opportunity. The property boasts 8,609 square feet of net rentable space situated on a substantial 23,217 square foot corner lot. Built in 1961, this Class C multifamily property currently features a mix of four one-bedroom and six two-bedroom units. Eight of the ten units have undergone recent renovations, enhancing their appeal and market value. Currently, the property's rental income is below market rates, offering significant potential for increased profitability. The property enjoys a highly desirable location in the heart of Wheat Ridge, providing tenants with convenient access to local amenities and a strong neighborhood feel, surrounded by single-family homes. Most units offer the unique feature of both front and back entries, creating a more private and home-like atmosphere. On-site laundry adds to tenant convenience. The asking price is $1,995,000, representing $199,500 per unit. The current Net Operating Income (NOI) is $104,630, yielding a 5.24% cap rate. Pro-forma NOI is projected at $121,235, resulting in a 6.08% pro-forma cap rate. This well-maintained asset in a prime location offers a strong return on investment and significant upside potential.