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10717 W 38th Ave 7 Unit Apartment Building $1,699,000 ($242,714/Unit) 7.47% Cap Rate Wheat Ridge, CO 80033
Investment Highlights
- 7.47% Current CAP Rate!!
- Recent Capital Improvements Include New Roof (2017), Windows & Siding (2019), Parking Lot (2021), and Individual Patio Updates (2021)
- Just 0.20% Vacancy (Trailing 12 Months)
- All Large, Beautifully Renovated Two-Story Townhome- Style Units with Private Yards
- Fully Renovated Interiors Featuring New Kitchen Cabinets, Granite Countertops, Updated Flooring, Remodeled Bathrooms, and More
- Tenant Storage Lockers and Community BBQ Area
Executive Summary
Applewood Townhomes is a rare investment opportunity featuring 7 fully renovated, large two-story townhome-style units with private yards located in the desirable West Wheat Ridge/Applewood submarket.? The property boasts an impressive 7.47% current CAP rate and just 0.20% vacancy over the trailing 12 months, demonstrating exceptional stability and demand.?
Recent capital improvements include a new roof installed in 2017, windows and siding replaced in 2019, parking lot resurfacing in 2021, and individual patio updates in 2021.? The interiors have been fully renovated featuring new kitchen cabinets, granite countertops, updated flooring, remodeled bathrooms, and more.? Additional amenities include tenant storage lockers and a community BBQ area.?
Recent capital improvements include a new roof installed in 2017, windows and siding replaced in 2019, parking lot resurfacing in 2021, and individual patio updates in 2021.? The interiors have been fully renovated featuring new kitchen cabinets, granite countertops, updated flooring, remodeled bathrooms, and more.? Additional amenities include tenant storage lockers and a community BBQ area.?
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$148,140
|
$22.28
|
| Other Income |
$2,400
|
$0.36
|
| Vacancy Loss |
$300
|
$0.05
|
| Effective Gross Income |
$150,240
|
$22.59
|
| Taxes |
$7,060
|
$1.06
|
| Operating Expenses |
$16,248
|
$2.44
|
| Total Expenses |
$23,308
|
$3.50
|
| Net Operating Income |
$126,932
|
$19.09
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $148,140 |
| Annual Per SF | $22.28 |
| Other Income | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.36 |
| Vacancy Loss | |
|---|---|
| Annual | $300 |
| Annual Per SF | $0.05 |
| Effective Gross Income | |
|---|---|
| Annual | $150,240 |
| Annual Per SF | $22.59 |
| Taxes | |
|---|---|
| Annual | $7,060 |
| Annual Per SF | $1.06 |
| Operating Expenses | |
|---|---|
| Annual | $16,248 |
| Annual Per SF | $2.44 |
| Total Expenses | |
|---|---|
| Annual | $23,308 |
| Annual Per SF | $3.50 |
| Net Operating Income | |
|---|---|
| Annual | $126,932 |
| Annual Per SF | $19.09 |
Property Facts
| Price | $1,699,000 | Building Class | C |
| Price Per Unit | $242,714 | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 6,650 SF |
| Cap Rate | 7.47% | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 3.16/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $1,699,000 |
| Price Per Unit | $242,714 |
| Sale Type | Investment |
| Cap Rate | 7.47% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 6,650 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 3.16/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Carpet
- Yard
- Double Pane Windows
- Large Bedrooms
- Quartz Countertops
Site Amenities
- Laundry Facilities
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | - | 950 - 1,000 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 39-214-09-007 | Total Assessment | $85,492 |
| Land Assessment | $17,500 | Annual Taxes | $7,060 ($1.06/SF) |
| Improvements Assessment | $67,992 | Tax Year | 2025 |
Property Taxes
Parcel Number
39-214-09-007
Land Assessment
$17,500
Improvements Assessment
$67,992
Total Assessment
$85,492
Annual Taxes
$7,060 ($1.06/SF)
Tax Year
2025
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10717 W 38th Ave
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