7655 67Th Ave Arvada, CO 80004
- Commercial real estate
- 55,204 SF
Current Use by Public Records
- Cinnamon Ridge Apartments / Apartment Building
Property Details for 7655 67Th Ave
- Year built
- 1967
- Property size
- 55,204 SF
- Property type
- Commercial real estate
Description
Exceptional investment opportunity: Cinnamon Ridge Apartments, a 70-unit apartment building in Arvada, Colorado, is offered at $14,000,000. This four-story, 55,204 square foot building sits on a 68,825 square foot lot and boasts a strong 5.57% cap rate, with a pro-forma cap rate of 7.56%. The property features a mix of studio, one-bedroom, and two-bedroom units, with a potential 70th unit conversion from the existing leasing office. Built in 1967, Cinnamon Ridge has undergone significant recent upgrades, including a new roof, energy-efficient windows, an updated boiler, and modern electrical panels. The current NOI is $780,000, with a pro-forma NOI of $1,077,894, reflecting the potential for increased rental income. Additional features include an elevator and solar panels. The property's prime location in Arvada offers residents easy access to amenities, parks, shopping, and dining, while the strong local market presents significant growth potential. The unit mix includes 1 studio, 22 one-bedroom, and 46 two-bedroom apartments, offering a diverse tenant base. The current price per unit is $200,000, and the price per square foot is $253.60. This well-maintained property presents a compelling investment opportunity with a clear path to maximizing rental income.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Arvada
- County
- Jefferson
- State
- Colorado
- Longitude
- -105.08253109161
- Latitude
- 39.818334554657
