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Multifamily

1371 Xenia Street

1371 Xenia Street, Denver, CO 80220

Listing Price: $3,350,000

Cap Rate
6.08%
Number of Units
23
GRM
10.30
Occupancy
95.0%
Price/Unit
$145,652

Investment Overview

1371 Xenia Street is a 23-unit apartment community located in East Denver at the SWC of 14th Avenue and Xenia Street. It is 15 minutes east of Downtown Denver and 15 minutes from Denver International Airport. Built in 1961, this “L” shaped 3-story exterior walk-up building is low maintenance with a sturdy all-brick and cinderblock exterior and flat roof. The roof was replaced less than 10 years ago. The 23 units consist of 2 studios, 19 one-bedroom units, and 2 two-bedroom units, most of which have been updated in the last 10 years with hard surface flooring and updated kitchens and bathrooms. Each unit is individually metered for electricity, paid directly by the residents. The building is heated by a central boiler replaced in 2018/2019 and a sidearm water heater was added at the same time for domestic hot water. Gas and Water is master metered paid by the owner, who recently implemented a $50 utility bill-back to recent move-ins. The building offers a central laundry facility with 3 washers and 2 dryers. All are coin-operated and owned by the building. There are 20 off-street parking spaces. The building is well protected with a new security door to the front of the building and a security gate from the alley to the central courtyard, all monitored by security cameras. The property has recently been xeriscaped for water conservancy with artificial grass added to the front of the building and to the renovated central courtyard.

1371 Xenia Street is conveniently located between the popular Lowry Neighborhood and Denver's Central Park Neighborhood and just a 5-minute drive to Fitzsimons Medical Campus. Residents enjoy a property that is walking distance to restaurants, shopping, parks, and public transportation. There is strong up-side for a potential buyer by raising rents to market and continuing to implement the utility bill-back system.

Investment Highlights

  • Value-Add Opportunity, Rental Up-Side
  • Low Price Per Unit in Strong Rental Market
  • 3-Story Exterior Walk-Up with Secured Entry
  • Low Maintenance Brick Building; Zero Landscaping
  • Newer Boiler with Sidearm Water Heater
  • On-Site Laundry Facility with Seller Owned Machines
  • Most Units have Hard-Surface Vinyl Plank Flooring
  • 20 Off-Street Parking Spaces

Exclusively Listed By

Financing By

Multifamily

1371 Xenia Street

Listing Price: $3,350,000

Cap Rate
6.08%
Number of Units
23
GRM
10.30
Occupancy
95.0%
Price/Unit
$145,652

Investment Highlights

  • Value-Add Opportunity, Rental Up-Side
  • Low Price Per Unit in Strong Rental Market
  • 3-Story Exterior Walk-Up with Secured Entry
  • Low Maintenance Brick Building; Zero Landscaping
  • Newer Boiler with Sidearm Water Heater
  • On-Site Laundry Facility with Seller Owned Machines
  • Most Units have Hard-Surface Vinyl Plank Flooring
  • 20 Off-Street Parking Spaces

Investment Overview

1371 Xenia Street is a 23-unit apartment community located in East Denver at the SWC of 14th Avenue and Xenia Street. It is 15 minutes east of Downtown Denver and 15 minutes from Denver International Airport. Built in 1961, this “L” shaped 3-story exterior walk-up building is low maintenance with a sturdy all-brick and cinderblock exterior and flat roof. The roof was replaced less than 10 years ago. The 23 units consist of 2 studios, 19 one-bedroom units, and 2 two-bedroom units, most of which have been updated in the last 10 years with hard surface flooring and updated kitchens and bathrooms. Each unit is individually metered for electricity, paid directly by the residents. The building is heated by a central boiler replaced in 2018/2019 and a sidearm water heater was added at the same time for domestic hot water. Gas and Water is master metered paid by the owner, who recently implemented a $50 utility bill-back to recent move-ins. The building offers a central laundry facility with 3 washers and 2 dryers. All are coin-operated and owned by the building. There are 20 off-street parking spaces. The building is well protected with a new security door to the front of the building and a security gate from the alley to the central courtyard, all monitored by security cameras. The property has recently been xeriscaped for water conservancy with artificial grass added to the front of the building and to the renovated central courtyard. 1371 Xenia Street is conveniently located between the popular Lowry Neighborhood and Denver's Central Park Neighborhood and just a 5-minute drive to Fitzsimons Medical Campus. Residents enjoy a property that is walking distance to restaurants, shopping, parks, and public transportation. There is strong up-side for a potential buyer by raising rents to market and continuing to implement the utility bill-back system.

Exclusively Listed By

Financing By

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