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2590 Gray St 2590 Gray St 2 Unit Apartment Building $500,000 ($250,000/Unit) 7.10% Cap Rate Edgewater, CO 80214
Investment Highlights
- Great Edgewater Location
- Rent until you redevelop
- Corner lot zoned for multi-family
Executive Summary
An exceptional investment or owner-occupant opportunity in the heart of Edgewater — just steps from Sloan’s Lake, Edgewater Marketplace, and the city’s vibrant Main Street lined with local favorites like Edgewater Beer Garden, Edgewater Inn, and Suzette Bakery & Cafe. 7+% Cap Rate!
This unique property features two separate homes on one 6,621 sq. ft. lot, offering versatile income potential and future development possibilities. Zoned R-PD (Residential Planned Development), this lot allows for multi-family construction, making it ideal for investors, builders, or house hackers looking to generate rental income while planning their next project.
Property Highlights
Two detached homes — separately metered for utilities
Front home: 2 bedrooms, 2 bathrooms, small yard, off-street parking
Rear home: 2 bedrooms, 1 bathroom, small yard
Both homes currently vacant — perfect for owner-occupant, new tenants, or redevelopment
Homes are clean and rentable as-is
Walk to Edgewater’s charming downtown, local bakery, brewery, and restaurants. Enjoy convenient access to Denver, Highlands, Sloan’s Lake, Edgewater Marketplace, and the foothills — all within minutes.
This unique property features two separate homes on one 6,621 sq. ft. lot, offering versatile income potential and future development possibilities. Zoned R-PD (Residential Planned Development), this lot allows for multi-family construction, making it ideal for investors, builders, or house hackers looking to generate rental income while planning their next project.
Property Highlights
Two detached homes — separately metered for utilities
Front home: 2 bedrooms, 2 bathrooms, small yard, off-street parking
Rear home: 2 bedrooms, 1 bathroom, small yard
Both homes currently vacant — perfect for owner-occupant, new tenants, or redevelopment
Homes are clean and rentable as-is
Walk to Edgewater’s charming downtown, local bakery, brewery, and restaurants. Enjoy convenient access to Denver, Highlands, Sloan’s Lake, Edgewater Marketplace, and the foothills — all within minutes.
Property Facts
| Price | $500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $250,000 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 1,444 SF |
| Cap Rate | 7.10% | Average Occupancy | 0% |
| No. Units | 2 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1932 |
| Property Subtype | Apartment | Parking Ratio | 2.77/1,000 SF |
| Zoning | R-PD - Residential Planned Development. Allows for multi-family development. | ||
| Price | $500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 7.10% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Lot Size | 0.15 AC |
| Building Size | 1,444 SF |
| Average Occupancy | 0% |
| No. Stories | 1 |
| Year Built | 1932 |
| Parking Ratio | 2.77/1,000 SF |
| Zoning | R-PD - Residential Planned Development. Allows for multi-family development. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | - | 844 |
| 2+1 | 1 | - | 750 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 39-361-07-023 | Improvements Assessment | $23,967 |
| Land Assessment | $15,081 | Total Assessment | $39,048 |
Property Taxes
Parcel Number
39-361-07-023
Land Assessment
$15,081
Improvements Assessment
$23,967
Total Assessment
$39,048
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