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Mississippi Plaza 1380 W Mississippi Ave 24 Unit Apartment Building $3,900,000 ($162,500/Unit) 7.05% Cap Rate Denver, CO 80223
INVESTMENT HIGHLIGHTS
- 7.05% Current CAP Rate!
- Newer Roof, Windows and Electric Panels
- Proforma Rents Already Being Achieved
- Rare Opportunity to Purchase 1980’s Construction in Denver
- Just 3.37% Current Vacancy = Immediate Rental Upside
EXECUTIVE SUMMARY
REDUCED AGAIN! 24-Unit in Denver; 1980’s Construction; 7.05% Actual CAP Rate!
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$350,340
|
$25.84
|
| Other Income |
$31,219
|
$2.30
|
| Vacancy Loss |
$12,846
|
$0.95
|
| Effective Gross Income |
$368,713
|
$27.19
|
| Taxes |
$24,466
|
$1.80
|
| Operating Expenses |
$69,211
|
$5.10
|
| Total Expenses |
$93,677
|
$6.91
|
| Net Operating Income |
$275,036
|
$20.28
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $350,340 |
| Annual Per SF | $25.84 |
| Other Income | |
|---|---|
| Annual | $31,219 |
| Annual Per SF | $2.30 |
| Vacancy Loss | |
|---|---|
| Annual | $12,846 |
| Annual Per SF | $0.95 |
| Effective Gross Income | |
|---|---|
| Annual | $368,713 |
| Annual Per SF | $27.19 |
| Taxes | |
|---|---|
| Annual | $24,466 |
| Annual Per SF | $1.80 |
| Operating Expenses | |
|---|---|
| Annual | $69,211 |
| Annual Per SF | $5.10 |
| Total Expenses | |
|---|---|
| Annual | $93,677 |
| Annual Per SF | $6.91 |
| Net Operating Income | |
|---|---|
| Annual | $275,036 |
| Annual Per SF | $20.28 |
PROPERTY FACTS
| Price | $3,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $162,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 7.05% | Building Size | 13,560 SF |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 2.21/1,000 SF |
| Price | $3,900,000 |
| Price Per Unit | $162,500 |
| Sale Type | Investment |
| Cap Rate | 7.05% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 13,560 SF |
| No. Stories | 3 |
| Year Built | 1982 |
| Parking Ratio | 2.21/1,000 SF |
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Window Coverings
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | $1,286 | 550 |
PROPERTY TAXES
| Parcel Number | 5211-06-023 | Total Assessment | $308,910 (2023) |
| Land Assessment | $15,430 (2023) | Annual Taxes | $24,466 ($1.80/SF) |
| Improvements Assessment | $293,480 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5211-06-023
Land Assessment
$15,430 (2023)
Improvements Assessment
$293,480 (2023)
Total Assessment
$308,910 (2023)
Annual Taxes
$24,466 ($1.80/SF)
Tax Year
2024
ZONING
| Zoning Code | R3, Denver (R3, Denver) |
| R3, Denver (R3, Denver) |
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Mississippi Plaza | 1380 W Mississippi Ave
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