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Rio Platte Apartments 8770-8780 Galen Ct 41 Unit Apartment Building $5,750,000 ($140,244/Unit) 6.73% Cap Rate Denver, CO 80229
Investment Highlights
- Many Recent Capital Improvements Including Newer: Exterior Stairs/Stringers, Walkways, Windows, Boiler, Sliders, Electrical Panels and Balcony Decking
- Excellent Mix of Studios, 1Bd, 2Bd and 3Bd Units
- Priced Well Below Comparable Properties
- Immediate Rental Upside
- Few Rental Options in Immediate Neighborhood
- Less than One Mile to Light Rail Station
Executive Summary
JUST LISTED! 41 Units in Denver; Only $140k/Unit
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$577,284
|
$18.74
|
| Other Income |
$66,720
|
$2.17
|
| Vacancy Loss |
$32,200
|
$1.05
|
| Effective Gross Income |
$611,804
|
$19.86
|
| Taxes |
$52,621
|
$1.71
|
| Operating Expenses |
$208,143
|
$6.76
|
| Total Expenses |
$260,764
|
$8.47
|
| Net Operating Income |
$351,040
|
$11.40
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $577,284 |
| Annual Per SF | $18.74 |
| Other Income | |
|---|---|
| Annual | $66,720 |
| Annual Per SF | $2.17 |
| Vacancy Loss | |
|---|---|
| Annual | $32,200 |
| Annual Per SF | $1.05 |
| Effective Gross Income | |
|---|---|
| Annual | $611,804 |
| Annual Per SF | $19.86 |
| Taxes | |
|---|---|
| Annual | $52,621 |
| Annual Per SF | $1.71 |
| Operating Expenses | |
|---|---|
| Annual | $208,143 |
| Annual Per SF | $6.76 |
| Total Expenses | |
|---|---|
| Annual | $260,764 |
| Annual Per SF | $8.47 |
| Net Operating Income | |
|---|---|
| Annual | $351,040 |
| Annual Per SF | $11.40 |
Property Facts
| Price | $5,750,000 | Building Class | B |
| Price Per Unit | $140,244 | Lot Size | 1.24 AC |
| Sale Type | Investment | Building Size | 30,802 SF |
| Cap Rate | 6.73% | Average Occupancy | 92% |
| No. Units | 41 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2017 |
| Property Subtype | Apartment | Parking Ratio | 2.44/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-IC, County | ||
| Price | $5,750,000 |
| Price Per Unit | $140,244 |
| Sale Type | Investment |
| Cap Rate | 6.73% |
| No. Units | 41 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.24 AC |
| Building Size | 30,802 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built/Renovated | 1973/2017 |
| Parking Ratio | 2.44/1,000 SF |
| Zoning | R-IC, County |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- High Speed Internet Access
- Smoke Free
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Breakfast/Coffee Concierge
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | $1,074 | 550 |
| 2+1 | 26 | $1,270 | 750 |
| 3+1 | 1 | $1,425 | 850 |
| Studios | 1 | $887.00 | 500 |
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Property Taxes
| Parcel Number | 1719-26-1-06-001 | Total Assessment | $366,130 |
| Land Assessment | $60,750 | Annual Taxes | $52,621 ($1.71/SF) |
| Improvements Assessment | $305,380 | Tax Year | 2024 |
Property Taxes
Parcel Number
1719-26-1-06-001
Land Assessment
$60,750
Improvements Assessment
$305,380
Total Assessment
$366,130
Annual Taxes
$52,621 ($1.71/SF)
Tax Year
2024
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Rio Platte Apartments | 8770-8780 Galen Ct
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