4560 Everett St Wheat Ridge, CO 80033

Property Details for 4560 Everett St

Year built

1962

Property size

5,850 SF

Property type

Commercial real estate

Description

This exceptional 7-unit apartment building, located at 4560 Everett St, Wheat Ridge, CO 80033, presents a compelling investment opportunity. Boasting 5,850 square feet, the property features six 2-bedroom/1-bathroom units and one 1-bedroom/1-bathroom unit, all fully occupied. A complete renovation in 2022 included updated kitchens and bathrooms with stainless steel appliances, modern countertops, and new vanities and fixtures. New vinyl flooring and fresh paint enhance the units' appeal. In-unit washers and dryers add to tenant convenience. The property also includes 10 parking spaces. The building, constructed in 1962 and situated on a single story, benefits from an R3 zoning designation. Its prime location offers easy access to I-70, providing convenient commutes to downtown Denver and the mountains. Proximity to outdoor recreation, dining, and retail options contributes to high tenant retention. The current NOI is $113,693, with a pro-forma NOI of $126,962, reflecting a 6.41% cap rate and a pro-forma cap rate of 7.15%. Further planned improvements include landscaping updates and the addition of A/C condensers to existing furnaces, promising increased rental rates and long-term value appreciation. The asking price is $1,775,000, representing a price per unit of $253,571.43 and a price per square foot of $303.42. This is a stabilized investment with excellent potential for future growth.