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Dover Gardens 8662-8682 W 51st Ave 12 Unit Apartment Building $2,700,000 ($225,000/Unit) 6.01% Cap Rate Arvada, CO 80002
INVESTMENT HIGHLIGHTS
- 3 INDIVIDUALLY PARCELED FOUR-PLEX BUILDINGS
- NEW ELECTRICAL PANELS; NEWER WINDOWS AND SLIDING GLASS DOORS
- $100/UNIT IN RENT UPSIDE IN AS-IS CONDITION
- (12) 2BR/1BA TOWNHOME STYLE UNITS WITH INDIVIDUAL BACK PATIOS
- 8 OUT OF 12 UNITS HAVE BEEN RENOVATED
- LOW HISTORIC VACANCY
EXECUTIVE SUMMARY
This offering presents a rare opportunity to acquire three well-maintained four-plex buildings in Arvada, Colorado — an established and growing submarket within the Denver Metro area. With current rents below market, there is significant upside potential through rent optimization and value-add strategies. The property consistently attracts long-term tenants due to its strong curb appeal, excellent upkeep, desirable location, and overall affordability. It is well-positioned for investors seeking stable cash flow and long-term appreciation in a high-demand rental market. Each of the twelve townhome-style units features private fenced patios, access to a central laundry facility, and recent interior updates. Situated on over an acre of land, the property offers ample off-street parking and expansive landscaped grounds, including large grassy common areas. Ideally located near parks, trails, shopping centers, and vibrant Old Town Arvada, this asset is a strategic addition to any investment portfolio.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$236,160
|
$23.15
|
| Other Income |
$14,460
|
$1.42
|
| Vacancy Loss |
$11,808
|
$1.16
|
| Effective Gross Income |
$238,812
|
$23.41
|
| Taxes |
$12,153
|
$1.19
|
| Operating Expenses |
$64,362
|
$6.31
|
| Total Expenses |
$76,515
|
$7.50
|
| Net Operating Income |
$162,297
|
$15.91
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $236,160 |
| Annual Per SF | $23.15 |
| Other Income | |
|---|---|
| Annual | $14,460 |
| Annual Per SF | $1.42 |
| Vacancy Loss | |
|---|---|
| Annual | $11,808 |
| Annual Per SF | $1.16 |
| Effective Gross Income | |
|---|---|
| Annual | $238,812 |
| Annual Per SF | $23.41 |
| Taxes | |
|---|---|
| Annual | $12,153 |
| Annual Per SF | $1.19 |
| Operating Expenses | |
|---|---|
| Annual | $64,362 |
| Annual Per SF | $6.31 |
| Total Expenses | |
|---|---|
| Annual | $76,515 |
| Annual Per SF | $7.50 |
| Net Operating Income | |
|---|---|
| Annual | $162,297 |
| Annual Per SF | $15.91 |
PROPERTY FACTS
| Price | $2,700,000 | Building Class | C |
| Price Per Unit | $225,000 | Lot Size | 1.00 AC |
| Sale Type | Investment | Building Size | 11,184 SF |
| Cap Rate | 6.01% | Average Occupancy | 95% |
| Sale Condition | 1031 Exchange | No. Stories | 2 |
| No. Units | 12 | Year Built/Renovated | 1961/2024 |
| Property Type | Multifamily | Parking Ratio | 1.61/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Townhome | ||
| Zoning | R-3, Jefferson | ||
| Price | $2,700,000 |
| Price Per Unit | $225,000 |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 11,184 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2024 |
| Parking Ratio | 1.61/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3, Jefferson |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Tub/Shower
- Carpet
- Yard
- Double Pane Windows
- Handrails
- Lawn
- Patio
- Window Coverings
- Quartz Countertops
SITE AMENITIES
- Fenced Lot
- Laundry Facilities
- Recycling
- Trash Pickup - Curbside
- Bicycle Storage
- Private Bathroom
- Fiber Optic Internet
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 12 | $1,695 | 890 - 900 |
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PROPERTY TAXES
| Parcel Number | 39-154-04-141 | Total Assessment | $40,696 |
| Land Assessment | $14,254 | Annual Taxes | $12,153 ($1.09/SF) |
| Improvements Assessment | $26,442 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
39-154-04-141
Land Assessment
$14,254
Improvements Assessment
$26,442
Total Assessment
$40,696
Annual Taxes
$12,153 ($1.09/SF)
Tax Year
2024
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Dover Gardens | 8662-8682 W 51st Ave
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