The Riverpoint Apartments 1380 W Mississippi Ave 24 Unit Apartment Building $3,720,000 ($155,000/Unit) 6.69% Cap Rate Denver, CO 80223

The Riverpoint is a 24-unit multifamily property at 1380 W Mississippi Avenue in Denver's Ruby Hill submarket. The unit mix consists of 17 one-bedroom and 7 two-bedroom apartments across a thoughtfully maintained 1982 building located within blocks of Overland Golf Course, the South Platte River trail system, and the South Broadway retail corridor. The asset offers a rare combination of newer vintage construction, completed capital improvements, and durable in-place cash flow.
The Riverpoint, built in 1982, is fundamentally different from competing product in the immediate area, which is overwhelmingly pre-1970s vintage with original mechanical systems and unrenovated unit interiors. Ownership has already invested across the major systems and exterior components that drive tenant retention and long term capital exposure. Upgrades include new windows, a newer roof, upgraded electrical panels, a refinished parking lot, new perimeter fencing, and rebuilt exterior stairs. This creates a passive, capex-light asset on day one, driven by consistent tenant demand, historically high occupancy, and limited turn costs. In-place cash flow is already strong, while the unrenovated portion of the units provides a clear path to additional NOI growth.
The Riverpoint sits approximately one mile west of Denver Summit FC's new Santa Fe Yards stadium, scheduled to deliver in 2028, and roughly three miles south of Burnham Yard, the Broncos' proposed site for a new stadium and 100+ acre mixed-use district targeting a 2031 opening. The property also sits within the boundaries of Denver's Southwest Area Plan, adopted by City Council in March 2026 to guide 20 years of public investment in housing, mobility, parks, the South Platte River corridor, and the Federal Boulevard commercial spine across the immediate submarket. Combined with a Denver multifamily supply pipeline strongly contracting, The Riverpoint offers a rare opportunity to acquire a stabilized, capex light, vintage advantaged asset at the front edge of a recovering Denver rent cycle.