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5978 W 29th Ave 11 Unit Apartment Building $2,500,000 ($227,273/Unit) 6.43% Cap Rate Edgewater, CO 80214
INVESTMENT HIGHLIGHTS
- A+ location in Edgewater near Sloan’s Lake – shopping and dining on 29th just steps away
- Well maintained property with extensive recent improvements including roof (2018), electrical panels with permits (2020), laundry machines, lots
- Separately metered gas/electric - tenants pay direct
- High growth submarket with recent development including retail and townhomes
- Attractive layouts with front and back doors and/or balconies
EXECUTIVE SUMMARY
5978 W 29th is a well maintained 11 unit located in one of the hottest submarkets of Denver. Tenants are drawn to this A+ location for easy access to Sloan’s lake for a park day or shopping and dining on 29th just steps away. The area has seen significant development from nearby townhomes to retail at Edgewater public market.
The building consists entirely of 2Bd/1Ba units with a few premium units featuring private balconies. There have been extensive recent improvements to major systems including roof (2018), electrical panels with permits (2020), laundry machines, parking lot, and landscaping. For the right investor, this is an opportunity to buy a clean deal in a strong location that will continue to improve over time.
The building consists entirely of 2Bd/1Ba units with a few premium units featuring private balconies. There have been extensive recent improvements to major systems including roof (2018), electrical panels with permits (2020), laundry machines, parking lot, and landscaping. For the right investor, this is an opportunity to buy a clean deal in a strong location that will continue to improve over time.
PROPERTY FACTS
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $227,273 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 8,932 SF |
| Cap Rate | 6.43% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 2.11/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3, Edgewater | ||
| Price | $2,500,000 |
| Price Per Unit | $227,273 |
| Sale Type | Investment |
| Cap Rate | 6.43% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 8,932 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 2.11/1,000 SF |
| Zoning | R-3, Edgewater |
AMENITIES
UNIT AMENITIES
- Air Conditioning
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 11 | - | 800 - 1,000 |
1 1
PROPERTY TAXES
| Parcel Number | 39-254-00-006 | Improvements Assessment | $121,287 |
| Land Assessment | $26,791 | Total Assessment | $148,078 |
PROPERTY TAXES
Parcel Number
39-254-00-006
Land Assessment
$26,791
Improvements Assessment
$121,287
Total Assessment
$148,078
CONTACTS
-
Hunter Schaefer -
Jack Sherman -
Kevin Calame -
Matthew Lewallen -
NorthPeak Commercial Advisors
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5978 W 29th Ave
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