The Bluette | 2330 E 12th Ave
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The Bluette 2330 E 12th Ave
17 Unit Apartment Building $3,950,000 ($232,353/Unit) 4.96% Cap Rate Denver, CO 80206
Investment Highlights
- Classic Property Full of Vintage Charm
- Immediate Rental Upside
- Attractive Cheesman Park Neighborhood offers Dining, Shops and Recreation
- Available for First Time in 60 Years
- Beautiful Curb Appeal with Private Courtyard
Executive Summary
The BlueEtt Apartments is a classic 1930s building in Denver’s coveted Cheesman Park neighborhood. The property offers 17 spacious one-bedroom units, plus five garages behind the landscaped courtyard. Vintage character is evident in the architecture, masonry and interior features.
Two local families have owned the property together since the 1960s. Recent capital improvements include a roof replacement (2006) and new boiler (2019). There are opportunities for a value-add investor to dramatically raise rents at the property. The BlueEtt is located just two blocks from the Denver Botanic Gardens, the 12th Avenue retail shops, and Cheesman Park.
Two local families have owned the property together since the 1960s. Recent capital improvements include a roof replacement (2006) and new boiler (2019). There are opportunities for a value-add investor to dramatically raise rents at the property. The BlueEtt is located just two blocks from the Denver Botanic Gardens, the 12th Avenue retail shops, and Cheesman Park.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$279,000
|
$19.18
|
| Other Income |
$20,536
|
$1.41
|
| Vacancy Loss |
$11,160
|
$0.77
|
| Effective Gross Income |
$288,376
|
$19.83
|
| Taxes |
$20,481
|
$1.41
|
| Operating Expenses |
$71,829
|
$4.94
|
| Total Expenses |
$92,310
|
$6.35
|
| Net Operating Income |
$196,066
|
$13.48
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $279,000 |
| Annual Per SF | $19.18 |
| Other Income | |
|---|---|
| Annual | $20,536 |
| Annual Per SF | $1.41 |
| Vacancy Loss | |
|---|---|
| Annual | $11,160 |
| Annual Per SF | $0.77 |
| Effective Gross Income | |
|---|---|
| Annual | $288,376 |
| Annual Per SF | $19.83 |
| Taxes | |
|---|---|
| Annual | $20,481 |
| Annual Per SF | $1.41 |
| Operating Expenses | |
|---|---|
| Annual | $71,829 |
| Annual Per SF | $4.94 |
| Total Expenses | |
|---|---|
| Annual | $92,310 |
| Annual Per SF | $6.35 |
| Net Operating Income | |
|---|---|
| Annual | $196,066 |
| Annual Per SF | $13.48 |
Property Facts
| Price | $3,950,000 | Apartment Style | Low Rise |
| Price Per Unit | $232,353 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 4.96% | Building Size | 14,544 SF |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 0.34/1,000 SF |
| Price | $3,950,000 |
| Price Per Unit | $232,353 |
| Sale Type | Investment |
| Cap Rate | 4.96% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 14,544 SF |
| No. Stories | 2 |
| Year Built | 1930 |
| Parking Ratio | 0.34/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Range
Site Amenities
- Vintage Building
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | 649 |
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Walk Score ®
Very Walkable (85)
Bike Score ®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 5012-32-043 | Total Assessment | $264,320 (2023) |
| Land Assessment | $30,320 (2023) | Annual Taxes | $20,481 ($1.41/SF) |
| Improvements Assessment | $234,000 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5012-32-043
Land Assessment
$30,320 (2023)
Improvements Assessment
$234,000 (2023)
Total Assessment
$264,320 (2023)
Annual Taxes
$20,481 ($1.41/SF)
Tax Year
2024
zoning
| Zoning Code | G-MU-3 |
| G-MU-3 |
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The Bluette | 2330 E 12th Ave
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