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Turnkey 6.5 Cap Multifamily 1391 Lima St 8 Unit Apartment Building $1,200,000 ($150,000/Unit) 6.50% Cap Rate Aurora, CO 80010
Investment Highlights
- Located just a few minutes from the Anschutz Medical Facility
- Interior Upgrades: Each unit has undergone interior renovations as well as updated appliances as needed
- Upside Potential: With current rents below market rates, and no current utility billback, there is substantial opportunity for income increases
- Unlock higher income potential by converting this building into mid-term rentals! Perfectly positioned for traveling nurses
Executive Summary
Actual cap rate is 6.5% with huge upside potential. Increase income immediately by charging for laundry and utilities, which are currently not being billed for and/or convert to mid-term rental due to proximity to Anschutz Medical Facility!
This property recently got a new boiler.
This property recently got a new boiler.
Property Facts
| Price | $1,200,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 5,320 SF |
| Cap Rate | 6.50% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 0.61/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | OA-RMU - Original Aurora Residential Mixed-Use District | ||
| Price | $1,200,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,320 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 0.61/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | OA-RMU - Original Aurora Residential Mixed-Use District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Freezer
- Smoke Free
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Security System
- Trash Pickup - Curbside
- Storage Space
- Key Fob Entry
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 7 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 1973-02-2-16-024 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $75,000 |
Property Taxes
Parcel Number
1973-02-2-16-024
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$75,000
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Turnkey 6.5 Cap Multifamily | 1391 Lima St