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Cinnamon Ridge Apartments 7655 W 67th Ave 70 Unit Apartment Building $10,150,000 ($145,000/Unit) 7.01% Cap Rate Arvada, CO 80004
INVESTMENT HIGHLIGHTS
- Twin T construction
- Elevator
- All major systems have been improved
- Great unit mix with large floor plans
- Solar panels
- Clear path to bringing rents to market
EXECUTIVE SUMMARY
Cinnamon Ridge Apartments is a well-maintained residential property located in the thriving city of Arvada, Colorado. This prime location offers residents the perfect blend of suburban charm and urban convenience, with easy access to nearby amenities, parks, shopping centers, and dining options. Arvada’s strong community atmosphere, coupled with its proximity to major employment centers and public transportation, makes it an attractive place for families and professionals alike. The local real estate market is experiencing steady growth, which further enhances the investment potential for Cinnamon Ridge Apartments.
The property consists of 69 units, comprising 1 studio, 22 one-bedroom, and 46 two-bedroom apartment units. Additionally, there is a unique opportunity to convert the existing leasing office into a 70th unit.
Recent substantial upgrades include a new roof, energy-efficient windows, an updated boiler, and modern electrical panels, which have improved the property’s appeal and operational efficiency.
The management team has developed a clear strategy to improve rental rates consistent with the current condition of the property, while a new operator can identify opportunities through cosmetic renovations and achieve top of market rents.
The property consists of 69 units, comprising 1 studio, 22 one-bedroom, and 46 two-bedroom apartment units. Additionally, there is a unique opportunity to convert the existing leasing office into a 70th unit.
Recent substantial upgrades include a new roof, energy-efficient windows, an updated boiler, and modern electrical panels, which have improved the property’s appeal and operational efficiency.
The management team has developed a clear strategy to improve rental rates consistent with the current condition of the property, while a new operator can identify opportunities through cosmetic renovations and achieve top of market rents.
FINANCIAL SUMMARY (ACTUAL - 2023) 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 |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) 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 | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $10,150,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $145,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.58 AC |
| Cap Rate | 7.01% | Building Size | 55,204 SF |
| No. Units | 70 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment |
| Price | $10,150,000 |
| Price Per Unit | $145,000 |
| Sale Type | Investment |
| Cap Rate | 7.01% |
| No. Units | 70 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.58 AC |
| Building Size | 55,204 SF |
| No. Stories | 4 |
| Year Built | 1967 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Refrigerator
- Range
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Elevator
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 600 |
| 1+1 | 23 | - | 647 |
| 2+1 | 46 | - | 817 |
1 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 39-023-00-013 | Total Assessment | $728,599 (2024) |
| Land Assessment | $92,226 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $636,373 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
39-023-00-013
Land Assessment
$92,226 (2024)
Improvements Assessment
$636,373 (2024)
Total Assessment
$728,599 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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Cinnamon Ridge Apartments | 7655 W 67th Ave
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