Property Details for 5269 Center Ave

Year built

1983

Property size

12,900 SF

Property type

Commercial real estate

Description

This exceptional 14-unit apartment building, situated on a 24,394 square foot lot in Lakewood, Colorado, presents a compelling investment opportunity. Built in 1983 and extensively renovated in 2022, the property boasts 12,900 square feet of living space, offering a compelling price per square foot of $282.95. Each of the 14 units is a generously sized two-bedroom apartment featuring high-end finishes, including central air conditioning and in-unit laundry. Recent capital improvements encompass new roofs, furnaces, windows, retaining walls, exterior paint, landscaping, decks, and stairs, ensuring long-term value and minimal maintenance needs. The property enjoys a desirable location in a quiet residential area, close to a Montessori school and new residential developments, enhancing its appeal to tenants. Convenient access to major highways (Hwy-6, I-70, I-25, & Hwy-85) further adds to its desirability. The property's strong financial performance is reflected in its current NOI of $221,629 and a pro-forma NOI of $234,689, translating to a 6.07% cap rate and a pro-forma cap rate of 6.43%. The asking price is $3,650,000, or $260,714 per unit. Utilities are separately metered, with tenants responsible for direct payment. The individual deeding of units presents a potential future opportunity for conversion to condominiums. This meticulously maintained property offers a rare chance to acquire a premium multifamily asset in a thriving Colorado submarket poised for continued appreciation.

Location Insight

City

Denver

County

Jefferson

State

Colorado

Longitude

-105.0536181

Latitude

39.7061998