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The Flats on 29th 407-422 29th Ave 34 Unit Apartment Building $6,500,000 ($191,176/Unit) 6.44% Cap Rate Denver, CO 80205
INVESTMENT HIGHLIGHTS
- ASSUMABLE FINANCING AT 4.26%, INTEREST ONLY, THROUGH 2029
- INTERIOR UPDATES INCLUDING: NEWER KITCHENS WITH GRANITE COUNTERTOPS; UPDATED CABINETS AND STAINLESS-STEEL APPLIANCES
- NEW EXTERIOR PAINT / CARPETING IN BEDROOMS & WOOD LAMINATE IN LIVING AREAS
- INDIVIDUALLY METERED FOR GAS AND ELECTRIC
- UPDATED BATHROOMS WITH TUBS AND DIVERTERS/ TILE SURROUNDS/ALL PLUMBING FIXTURES
- LOCATED IN DENVER’S HISTORIC FIVE POINTS NEIGHBORHOOD, WITH EASY ACCESS TO RINO ART DISTRICT, DOWNTOWN DENVER AND THE LIGHT RAIL
EXECUTIVE SUMMARY
The Flats on 29th represents an outstanding, renovated 34-unit multifamily investment situated in Denver’s dynamic Five Points neighborhood. This offering
is uniquely compelling due to the opportunity for investors to assume an attractive, fixed-rate financing structure, significantly boosting the initial cash
yield on a property that has been comprehensively updated within the last decade. The diverse unit mix includes one-, two-, and three-bedroom layouts,
providing broad market appeal. Property renovations are extensive, featuring new windows, modern flooring, contemporary paint, and designer lighting.
Furthermore, every kitchen has been upgraded with granite countertops, newer cabinetry, and stainless-steel appliances (with dishwashers in select units).
Enhancing operational efficiency, all 34 units are individually metered for both gas and electric. The core advantage remains the debt assumption: a 4.26%
fixed-rate, interest-only loan offers an immediate, profound financial benefit, reducing debt service and substantially increasing cash flow compared to
current conventional financing. This rare combination of a fully updated physical asset, minimal CapEx exposure, and below-market debt positions The Flats
on 29th as a prime investment ready for long-term growth.
is uniquely compelling due to the opportunity for investors to assume an attractive, fixed-rate financing structure, significantly boosting the initial cash
yield on a property that has been comprehensively updated within the last decade. The diverse unit mix includes one-, two-, and three-bedroom layouts,
providing broad market appeal. Property renovations are extensive, featuring new windows, modern flooring, contemporary paint, and designer lighting.
Furthermore, every kitchen has been upgraded with granite countertops, newer cabinetry, and stainless-steel appliances (with dishwashers in select units).
Enhancing operational efficiency, all 34 units are individually metered for both gas and electric. The core advantage remains the debt assumption: a 4.26%
fixed-rate, interest-only loan offers an immediate, profound financial benefit, reducing debt service and substantially increasing cash flow compared to
current conventional financing. This rare combination of a fully updated physical asset, minimal CapEx exposure, and below-market debt positions The Flats
on 29th as a prime investment ready for long-term growth.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $6,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $191,176 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.53 AC |
| Cap Rate | 6.44% | Building Size | 22,996 SF |
| No. Units | 34 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1929/2014 |
| Property Subtype | Apartment | ||
| Zoning | R4 | ||
| Price | $6,500,000 |
| Price Per Unit | $191,176 |
| Sale Type | Investment |
| Cap Rate | 6.44% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.53 AC |
| Building Size | 22,996 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1929/2014 |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Range
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 19 | - | 540 |
| 1+1 | 6 | - | 641 |
| 2+1 | 6 | - | 591 |
| 3+1 | 3 | - | 938 |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 2264-04-011 | Improvements Assessment | $242,060 (2024) |
| Land Assessment | $26,220 (2024) | Total Assessment | $268,280 (2024) |
PROPERTY TAXES
Parcel Number
2264-04-011
Land Assessment
$26,220 (2024)
Improvements Assessment
$242,060 (2024)
Total Assessment
$268,280 (2024)
(303) 962-9543
x117
CONTACTS
-
Jim Knowlton -
Chris Knowlton -
Jennifer King -
Pinnacle Real Estate Advisors
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The Flats on 29th | 407-422 29th Ave
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