5275 1St Ave Lakewood, CO 80226

This 32-unit apartment building in Lakewood, Colorado, presents a compelling investment opportunity. The property, situated on a spacious 1.34-acre lot, boasts a strong current cap rate of 6.42%, projected to increase to 7.26%. The 29,770 square foot building, constructed in 1961, features a desirable unit mix, primarily two-bedroom, one-bathroom apartments. Recent capital improvements include a new roof, newer windows and sewer line, exterior painting and lighting upgrades. The property also includes a large storage area with potential to add three studio units, increasing the overall value and rental income. Additional amenities include a fenced-in dog run, 26 covered carport parking spaces, and 30 off-street parking spaces. The property's prime location offers convenient access to Sheridan Boulevard and the 6th Avenue freeway, and is less than two miles from the Belmar Shopping District. The asking price is $6,400,000, representing a price per unit of $200,000 and a price per square foot of $214.98. The property is zoned M-R-S and has a Net Operating Income (NOI) of $411,015, with a pro-forma NOI of $464,615. The land value is $109.64 per square foot. This property is available for individual purchase or as part of a larger portfolio. The property address is 5275 W 1st Ave, Lakewood, CO 80226, APN 49-121-00-099.