120 JAY ST. LAKEWOOD, CO 80226...•Total Units Just 15 minutes away from Downtown Denver and a...

120 JAY ST. LAKEWOOD, CO 80226

OFFER

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MEM

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This information has been provided to you at your request based upon your assurances that you are a

knowledgeable and sophisticated investor in commercial & residential real estate projects, developments and

investments.

Keller Williams Realty Downtown recommends you, as a potential buyer/investor, should perform your own

independent examination and inspection of the property and perform due diligence. All of the information

provided herein related to the property is deem reliable but not guaranteed.

By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own

examination and investigation of the Property and you shall not rely on any statements made in this Offering

Memorandum or upon any other materials, statements or information provided by Michelle Thomas, Keller

Williams Realty Downtown or its brokers. This Offering Memorandum and the contents are intended to remain

confidential except for such information which is in the public domain or is otherwise available to the public.

We obtained the information above from sources we believe to be reliable. However, we have not verified its

accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility

of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal

without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property. You and your tax and legal advisors should

conduct your own investigation of the property and transaction. Each KW Commercial Brokerage Business is

Independently Owned and Operated

CONFIDENTIALITY DISCLAIMER

PHONE: 720-515-6464 | EMAIL: [email protected] | ADDRESS: 917 AURARIA PARKWAY DENVER CO 80204

PROPERTY OVERVIEW

PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS

• Updated 7 unit apartment building in Lakewood.• Just 15 minutes away from Downtown Denver and a straight shot into the

mountains going West on Highway 6. • Excellent cap rate above 7%• Consist of seven 3-bedroom apartments on a large, well-maintained lot. • Plus a large laundry/mechanical room that includes 7 storage units for

additional income. • This large storage room offer space for a potential 8th unit! • All units have been updated. Strong leases are in place. • Just minutes away from the Light Rail - Denver West Line. • Close to great retail stores such as Walmart, Home Depot and the shops at

Belmar which include Whole Foods and the Lakewood City Commons. • The Lakewood Reinvestment Authority is the major economic force in the

Lakewood area and has encouraged a combination of gentrification and new construction which is occurring within this defined neighborhood.


Total Units 7

Year Built 1958

Building GSF 6,156 sq ft

Land SF 4,000 sq ft

Site Zoning M-R-S

Construction Brick

Parking 10 Off Street Spots

PROPERTY PHOTOS

LOCATION MAP

INCOME STATEMENT

ACTUAL

List Price $1,400,000

Income

Average Rent Unit Annual Total$ 1,840 5 $110,400

$ 1,650 2 $39,600

Gross Rental Income $150,000

General Vacancy 5% (7,500)

Effective Rental Income $142,500

Misc. Income - Laundry $320

Gross Operating Income $142,820

EXPENSES

Property Tax $(4,446)

Insurance $(4,812)

Repairs & Maintenance $(8,400)

Gas/Electric $(3,987)

Water/Sewer $(4,311)

Trash $(5,610)

Management -

Total Operating Expense $(31,566)

Net Operating Income $111,254

Cap Rate 7.9%


PROFORMA

List Price $1,400,000

Income

Average Rent Unit Annual Total$ 1,900 5 $114,000

$ 1,840 2 $44,160

Gross Rental Income $158,160

General Vacancy 5% (7,908)

Effective Rental Income $150,252

Misc. Income - Laundry $320

Gross Operating Income $150,572

EXPENSES

Property Tax $(4,446)

Insurance $(4,812)

Repairs & Maintenance $(8,400)

Gas/Electric $(3,987)

Water/Sewer $(4,311)

Trash $(2,000)

Management 7% $(10,517.54)

Total Operating Expense $38,474

Net Operating Income $112,098

Cap Rate 8.0%

RENT ROLL ANALYSIS

UNIT SUMMARY:Unit Count Bed Bath Square Footage Rent

1 3 1 880 sf $1,840

2 3 1 880 sf $1,840

3 3 1 880 sf $1,840

4 3 1 880 sf $1,870

5 3 1 880 sf $1,650

6 3 1 880 sf $1,840

7 3 1 880 sf $1,649

Total Monthly Gross $12,529


SALES COMPARABLES

Sales Price $1,475,000

Sales Date October 25, 2017

Price Per Unit $184,375

# of Units 8

Days on Market

24 days



Sales Date September 11, 2017


# of Units 5

Days on Market

Unknown


Sales Date August 29, 2016


# of Units 5

Days on Market

81 days

Sales Price $1,200,000 (Per Broker)

Sales Date Under Contract


# of Units 6

Days on Market

81 days

9493 W. 14th Avenue, Lakewood, CO 3603-3611 Stuart Street, Denver, CO

3756-3764 Yates Street, Denver, CO 8520 W. 52nd Avenue, Arvada, CO

LOCATION OVERVIEW

About Lakewood The fifth most populous city in Colorado, Lakewood is west of Denver and is the most populous municipality in Jefferson County, Colorado. Lakewood is a relatively young city, having multiplied due to its prime location. Lakewood is home to Einstein Bros. Bagels headquarters. It has a collection of lakes, providing plenty of opportunities to boat, fish, and swim.

ActivitiesAs a suburb of Denver, Lakewood has an abundance of ways to be outdoors, with nearly one hundred parks and two nearby amphitheaters. It is home to ninety-nine parks and has a heritage center, containing around 30,000 artifacts displaying Lakewood’s history. Lakewood also has Belmar, one of the premier redevelopment projects in the country. Completed in 2004, Belmar has more than eighty shops, restaurants, and entertainment venues.

DemographicsThe cost of living in Lakewood is above average; compared to a U.S. average of 100, the cost of living index for the community is 107.4. As of 2013, the medi-an home value in the city was $238,500, the median selected monthly owner cost was $1,546 for housing units with a mortgage and $442 for those without, and the median gross rent was $940. In the identified market area, the current year population is 297,756. In 2000, the Census count in the market area was 297,064. The rate of change since 2000 was 0.03 percent annually. The five-year projection for the population in the market area is 299,263, representing a change of 0.1 percent annually from 2009 to 2014. Currently, the population is 49.5 percent male and 50.5 percent female.


2454 N Washington StreetDenver, CO 80205

For More Information Contact

MICHELLE THOMAS COMMERICAL & RESIDENTIAL REAL ESTATE BROKER

DIRECT: 720.515.6464 [email protected]

NXT LEVEL PROPERTIES | INVESTMENT REAL ESTATERESIDENTIAL | COMMERCIAL | LAND | DEVELOPMENT

BUY | SELL | INVEST

“WE HELP OUR CLIENTS BUILD WEALTH THROUGH REAL ESTATE”


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