950 Allison St Lakewood, CO 80214-4442

Property Details for 950 Allison St

Year built

1950

Construction

STEEL FRAME

Lot size

0.72 lot acres

Property size

1,488 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

49-023-00-012

APU

4902300012

Description

This exceptional 6-unit apartment building, located at 950 Allison Street in Lakewood, Colorado, presents a compelling investment opportunity. The property boasts 6,960 square feet on a spacious 27,200 square foot lot and was built in 1950. The current asking price is $1,400,000, translating to $233,333 per unit. The property features a diverse unit mix, including four two-bedroom units and two three-bedroom units, each with unique features. Four of the six units include private garages, a significant advantage in this market. All units offer in-unit laundry hookups, private backyards, and both front and back door entries. Tenants enjoy hardwood floors and efficient layouts. The property is separately metered for gas and electricity, with tenants responsible for their utility costs. While meticulously maintained with no deferred maintenance, there's potential for value enhancement through interior upgrades, leading to increased rental income. The property's location offers a peaceful, country-like setting while being conveniently located just four blocks from the Wadsworth FasTracks light rail station and providing easy access to Highway 6. The current NOI is $76,799, with a pro-forma NOI of $87,885, resulting in a current cap rate of 5.49% and a pro-forma cap rate of 6.28%. This Lakewood property offers investors a strong foundation for continued performance and growth in a desirable location. The property's solid occupancy and potential for future income growth make it an attractive investment.

Location Insight

City

Lakewood

County

Jefferson

State

Colorado

Longitude

-105.086

Latitude

39.7322

CBSA code

19740

CBSA name

DENVER-AURORA, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments