The Reed 1679-1695 Reed St 41 Unit Apartment Building $7,700,000 ($187,805/Unit) 6.66% Cap Rate Lakewood, CO 80214

The Reed is a fully renovated 40-unit multifamily asset in the desirable Edgewater-adjacent submarket of Lakewood, Colorado — just 10 minutes from Downtown Denver with walkable access to Edgewater Public Market, Sloan's Lake, and the West Colfax retail corridor, plus easy connectivity to 6th Ave, I-70, and RTD light rail at Lakewood/Wadsworth and Lamar. Built in 1953 and comprising five separate 8-unit walk-up buildings on 1.94 acres, the property has undergone over $1,000,000 in recent capital improvements, including newer roofs, boilers, windows, and updated electrical panels throughout. The five-building configuration offers operational flexibility and phased exit optionality rarely available at this unit count.
The asset features an exceptional unit mix weighted toward 2- and 3-bedroom floor plans, with turnkey updated interiors including new flooring and lighting, updated kitchens and bathrooms with granite countertops, stainless appliances, new windows with coverings, and private balconies and patios. Community amenities include individual laundry rooms, a shared courtyard, dog area, community garden with pergola and BBQ, secure access to each building, and off-street parking on recently resurfaced and painted lots.
At a purchase price of $7,700,000, the asset reflects a below-market price per unit for similar product, paired with above-market returns on current income. Meaningful additional upside exists by bringing all rents to current market — where top achieved rents in the property support further expansion of proforma returns. The Reed presents an exceptional opportunity for investors seeking both immediate cash flow and future straight-forward upside.