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Multifamily

Parkside at Lowry

1000 Dayton St, Aurora, CO 80010

Listing Price: $3,900,000

Cap Rate
5.27%
Number of Units
29
Occupancy
97.8%
Price/Unit
$134,483
Price/Gross SF
$213.96
Gross SF
18,228

Investment Overview

Parkside at Lowry is a scrupulously maintained 29-unit multifamily community well-situated at the northeastern corner of 10th Avenue and Dayton Street in Aurora, Colorado. Directly across Dayton Street to the west lies the neighborhood of Lowry and less than two miles to the north sits the Central Park neighborhood. Both are immensely popular areas that have seen incredible growth as residential, recreation and commercial draws in recent years. Built in 1973, the building is a three-story “L” shape with brick/masonry exterior and new galvanized treads on the exterior walk-up stairs. There is a newer flat rubber membrane (EPDM) roof with a 40-year warranty. The property consists of primarily one-bedroom units and a few two-bedroom units. All of the units have been renovated with double pane vinyl windows, LVT hard surface flooring, updated electrical panels, renovated bathrooms, and renovated kitchens equipped with new countertops and updated appliances. The property has 24 assigned off-street parking spaces that the residents pay for as a monthly fee. The large oversized laundry room has three washers and three dryers (owned by the Seller) that are equipped with smart technology where residents can operate and pay using an app on their phone. The property is individually metered for electricity (residents pay directly to Xcel Energy) and master metered for gas, water, and sewer usage (billed to the residents using a utility billing company). The property has two newer boilers that were replaced in 2018. The 0.44-acre lot has mature trees and scrubs and has been professionally landscaped with river rock, mulch, and an irrigated yard. Residents can also enjoy the outdoor seating area with fire pit and BBQ grill. The property has an on-site manager’s office and plenty of additional storage for maintenance or residents. The storage and manager’s office could be converted into additional bedrooms as a value-add opportunity.

Investment Highlights

  • Well-Maintained, Turn-Key Asset w/ Easily Obtainable 6% CAP Proforma
  • Renovated Units w/ Hard Surface Flooring, Updated Kitchens and Bathrooms
  • New Double Pane Windows, New Boilers, New Roof, and New Stair Treads
  • On-Site Income-Producing Laundry w/ New Smart Technology Machines
  • Professionally Landscaped, Off-Street Parking, and Additional Storage
  • Great Location Across from Denver's Popular Lowry Neighborhood
  • Close Proximity to Restaurants, Shopping, Employment, and Public Transportation

Exclusively Listed By

Listing Price: $3,900,000

Cap Rate
5.27%
Number of Units
29
Occupancy
97.8%
Price/Unit
$134,483
Price/Gross SF
$213.96
Gross SF
18,228

Investment Highlights

  • Well-Maintained, Turn-Key Asset w/ Easily Obtainable 6% CAP Proforma
  • Renovated Units w/ Hard Surface Flooring, Updated Kitchens and Bathrooms
  • New Double Pane Windows, New Boilers, New Roof, and New Stair Treads
  • On-Site Income-Producing Laundry w/ New Smart Technology Machines
  • Professionally Landscaped, Off-Street Parking, and Additional Storage
  • Great Location Across from Denver's Popular Lowry Neighborhood
  • Close Proximity to Restaurants, Shopping, Employment, and Public Transportation

Investment Overview

Parkside at Lowry is a scrupulously maintained 29-unit multifamily community well-situated at the northeastern corner of 10th Avenue and Dayton Street in Aurora, Colorado. Directly across Dayton Street to the west lies the neighborhood of Lowry and less than two miles to the north sits the Central Park neighborhood. Both are immensely popular areas that have seen incredible growth as residential, recreation and commercial draws in recent years. Built in 1973, the building is a three-story “L” shape with brick/masonry exterior and new galvanized treads on the exterior walk-up stairs. There is a newer flat rubber membrane (EPDM) roof with a 40-year warranty. The property consists of primarily one-bedroom units and a few two-bedroom units. All of the units have been renovated with double pane vinyl windows, LVT hard surface flooring, updated electrical panels, renovated bathrooms, and renovated kitchens equipped with new countertops and updated appliances. The property has 24 assigned off-street parking spaces that the residents pay for as a monthly fee. The large oversized laundry room has three washers and three dryers (owned by the Seller) that are equipped with smart technology where residents can operate and pay using an app on their phone. The property is individually metered for electricity (residents pay directly to Xcel Energy) and master metered for gas, water, and sewer usage (billed to the residents using a utility billing company). The property has two newer boilers that were replaced in 2018. The 0.44-acre lot has mature trees and scrubs and has been professionally landscaped with river rock, mulch, and an irrigated yard. Residents can also enjoy the outdoor seating area with fire pit and BBQ grill. The property has an on-site manager’s office and plenty of additional storage for maintenance or residents. The storage and manager’s office could be converted into additional bedrooms as a value-add opportunity.

Exclusively Listed By

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