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Lookout Apartments 403 23rd St

11 Unit Apartment Building $3,050,000 ($277,273/Unit) 5.21% Cap Rate Golden, CO 80401

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Investment Highlights

5 – Plex, 4 – Plex, Duplex for sale
New roofs (2018); All units have been updated (6 have been fully renovated)
Low vacancy and low turnover with many long term tenants

Assumable financing available at 4.2% for another 6 years
Located one block from Natural Grocers and a 10 minute walk to the School of Mines campus
1.5 Miles from the new Coors Redevelopment Project at Clayworks

Executive Summary

403 23rd Street in Golden, CO is an 11-unit apartment community, comprised of three buildings on one 26,250 square foot parcel. There are (3) 2 bedroom/1 bath units, and (8) 1 bedroom/1 bath units. The property is fully occupied, maintains a near zero vacancy annually, and has very low turnover. It is an easy-going community, mostly comprised of young professionals who work in Golden and a few students from the Colorado School of Mines. The property is located just 1.5 miles from the Coors redevelopment project at Clayworks, which will bring 1.2 million square feet of new office, residential, hotel and retail space to a five-block district.

403 23rd Street - Knowlton Lawson OM (EMAIL)_12.6.24

Financial Summary (Pro forma - 2024)	Annual	Annual Per SF
Gross Rental Income	$226,200	$36.37
Other Income	$5,736	$0.92
Vacancy Loss	$6,786	$1.09
Effective Gross Income	$225,150	$36.20
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$64,777	$10.41
Net Operating Income	$160,373	$25.78

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual	$226,200
Annual Per SF	$36.37

Other Income
Annual	$5,736
Annual Per SF	$0.92

Vacancy Loss
Annual	$6,786
Annual Per SF	$1.09

Effective Gross Income
Annual	$225,150
Annual Per SF	$36.20

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$64,777
Annual Per SF	$10.41

Net Operating Income
Annual	$160,373
Annual Per SF	$25.78

Property Facts

Price	$3,050,000	Building Class	C
Price Per Unit	$277,273	Lot Size	0.60 AC
Sale Type	Investment	Building Size	6,220 SF
Cap Rate	5.21%	Average Occupancy	94%
No. Units	11	No. Stories	1
Property Type	Multifamily	Year Built/Renovated	1929/2018
Property Subtype	Apartment	Parking Ratio	3.86/1,000 SF
Apartment Style	Low Rise

Price	$3,050,000
Price Per Unit	$277,273
Sale Type	Investment
Cap Rate	5.21%
No. Units	11
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.60 AC
Building Size	6,220 SF
Average Occupancy	94%
No. Stories	1
Year Built/Renovated	1929/2018
Parking Ratio	3.86/1,000 SF