7250 Newton StWestminster, CO 80030

Property Details for 7250 Newton St

Year built

1961

Property size (Sq ft)

23,364 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Westminster Court Apartments presents a compelling value-add investment opportunity in Westminster, Colorado. This 33-unit apartment community, built in 1961, comprises three two-story buildings totaling 23,364 square feet on a 43,124 square foot lot. The property boasts a 97% occupancy rate (as of October 25, 2024), generating a current NOI of $428,302 and a pro-forma NOI of $431,634, resulting in a 6.59% cap rate and a pro-forma cap rate of 6.64%. The asking price is $6,500,000, translating to $196,970 per unit and $278.21 per square foot. The unit mix includes 18 two-bedroom units (approximately 700 sq ft each) and 15 one-bedroom units (approximately 600 sq ft each). Amenities include 29 off-street parking spaces, separate laundry facilities in each building, and additional storage. Many units feature updated kitchens and bathrooms, newer appliances, and newer carpeting and vinyl flooring. Second-floor units are equipped with air conditioning. The property benefits from a low-maintenance exterior, newer pitched asphalt shingle roofs, and a central gas-fired hot water boiler system. The location offers convenient access to major transportation routes, including US-36 and I-25, and is less than a mile from the Northwest commuter rail "B-line" station. The property is zoned for Westminster and features mature landscaping with an automatic sprinkler system. This well-maintained complex offers significant potential for increased profitability through further value-add improvements. The land value alone is $156.50 per square foot.

Location Insight

City

Westminster

County

Adams

State

Colorado

Latitude

39.8288

Longitude

-105.037

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