The Elmira Apartments | 2846 Federal Blvd
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The Elmira Apartments 2846 Federal Blvd
25 Unit Apartment Building $5,190,000 ($207,600/Unit) 5.07% Cap Rate Denver, CO 80211
Investment Highlights
- Future-Proofed: Compliant with Energize Denver standards, ensuring long-term sustainability and efficiency
- Affordable Living: Offers 25 studio apartment units with modern finishes at an affordable price
- Historic Charm: Maintains the beautiful 1920’s era exterior while offering modernized interiors
- Fully Renovated: Complete gut renovation over the past 2 years; all-new plumbing, electrical, kitchens, bathrooms, common areas, windows, and doors
- Proximity to Amenities: Minutes from Downtown Denver, walking distance to public transportation, parks, shopping, restaurants, and entertainment
- Modern Interiors: Featuring wide-plank flooring, updated kitchens and bathrooms, window coverings, energy-efficient stainless steel appliances
Executive Summary
The Elmira is a beautiful turn-key, fully renovated 1920’s era exterior and modernized interior, multifamily investment opportunity in the Highlands neighborhood of Central Denver. The building was completely gutted over the last 2yrs, and everything has been replaced with all new plumbing, electrical, kitchens, bathrooms, common areas, windows/doors, everything has been fully upgraded. The asset provides 25 extremely affordable studio apartment units with modern finishes just minutes to Downtown Denver and walking distance to public transportation, parks, shopping, restaurants, and entertainment. Featuring wide-plank flooring throughout, updated kitchens and bathrooms, window covering, energy efficient stainless appliances, new ductless mini splits heating and air conditioning, new shared laundry area, new pet station, new pet area, and all new common areas. This is a truly turnkey asset, future-proofed for Energize Denver.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$347,160
|
$34.20
|
| Other Income |
$49,146
|
$4.84
|
| Vacancy Loss |
$10,415
|
$1.03
|
| Effective Gross Income |
$385,891
|
$38.01
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$122,774
|
$12.09
|
| Net Operating Income |
$263,117
|
$25.92
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $347,160 |
| Annual Per SF | $34.20 |
| Other Income | |
|---|---|
| Annual | $49,146 |
| Annual Per SF | $4.84 |
| Vacancy Loss | |
|---|---|
| Annual | $10,415 |
| Annual Per SF | $1.03 |
| Effective Gross Income | |
|---|---|
| Annual | $385,891 |
| Annual Per SF | $38.01 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $122,774 |
| Annual Per SF | $12.09 |
| Net Operating Income | |
|---|---|
| Annual | $263,117 |
| Annual Per SF | $25.92 |
Property Facts
| Price | $5,190,000 | Apartment Style | Low Rise |
| Price Per Unit | $207,600 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 5.07% | Building Size | 10,152 SF |
| No. Units | 25 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1924/2022 |
| Property Subtype | Apartment |
| Price | $5,190,000 |
| Price Per Unit | $207,600 |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 10,152 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1924/2022 |
Unit Amenities
- Fireplace
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
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Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 2294-20-001 | Improvements Assessment | $299,110 |
| Land Assessment | $41,750 | Total Assessment | $340,860 |
PROPERTY TAXES
Parcel Number
2294-20-001
Land Assessment
$41,750
Improvements Assessment
$299,110
Total Assessment
$340,860
zoning
| Zoning Code | G-MU-5 |
| G-MU-5 |
Contacts
-
Robert Lawson -
Luke Salazar -
Adam Rakoczy -
Jennifer King -
Pinnacle Real Estate Advisors
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The Elmira Apartments | 2846 Federal Blvd
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