5551 Delaware StLittleton, CO 80120

Property Details for 5551 Delaware St

Year built

1960

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This six-unit apartment building located at 5551 S Delaware St, Littleton, CO 80120, presents a compelling investment opportunity. Built in 1960, the property features a mix of two one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units, each with individual gas and electric meters, allowing tenants to pay utilities directly. Units include in-unit laundry hookups. Heating is provided by individual furnaces. The property boasts a net rentable area of 4,278 square feet and is offered at $1,000,000, representing a price per square foot of $234 and a price per unit of $166,667. The current Net Operating Income (NOI) is $46,554, yielding a 4.70% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $76,610 and a 6.70% cap rate, indicating substantial upside potential. The property benefits from a new roof and below-market rents, providing a clear path for value enhancement through renovations and rent increases. This property is ideal for investors seeking to add value and maximize returns. The property is situated in Arapahoe County.

Location Insight

City

Littleton

County

Arapahoe

State

Colorado

Latitude

39.6159

Longitude

-104.994

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