6 Unit Apartment Building

1657-1667 Fenton Street

Lakewood, Co 80214

7175 W Jefferson Ave.#1300 Lakewood, Co 80235

Greg Powers 303-588-5958

Exclusive Offering

Edgewater/Sloan’s Lake area

The information contained in the following Marketing Brochure is proprietary and strictly confidential.

It is intended to be reviewed only by the party receiving it from Greg Powers and/or Sterling Real Estate

Group and should not be made available to any other person or entity without the written consent of

Sterling Real Estate Group.

This marketing Brochure has been prepared to provide summary , unverified information to prospec-

tive purchasers, and to establish only a preliminary level of interest in the subject property

Sterling Real Estate Group makes no guarantee, warranty, or representation about the completeness or

accuracy of the information set forth in this Marketing Brochure. The buyer is responsible to inde-

pendently verify it’s accuracy and completeness. Sterling Real Estate Group has prepared this infor-

mation concerning properties in the market, market conditions, and assumptions based on the general

economy and properties in the real estate market. The information contained is not a promise, repre-

sentation or guarantee of future performance of the property although information contained is be-

lieved to be accurate. Sterling Real Estate Group and the property owner disclaim any and all liability

for any expressed or implied representations and warranties contained in, or for any omissions from

the Marketing Brochure.

The information contained in this Marketing Brochure has been obtained from sources we believe to be

reliable: however, Sterling Real Estate Group has not verified and will not verify and of the information

contained herein. All potential buyers must take appropriate measures to verify all of the information

set forth and conduct their own investigation and inspection of the property, improvements, and docu-

mentation.

All Property showings are by appointment only. Do not disturb tenants or disclose any information to

the tenants of this property. Please contact Greg Powers at Sterling Real Estate Group for details.

Confidentiality & Disclaimer

6 x 2 Bed 1 Bath units

Backs to Walker Branch Park

Individually Metered Gas and Electric

Zoned M-R-U Lakewood

Property Highlights and Photos—Photos from 60’ above ground

These are your potential views from the roof top patio if you

build something to the 60ft limit of the M-R-U zoning.

Sloan’s Lake Downtown Denver

Walker Branch Park

Mt. Evans

New roof in 2018, Central Laundry room,

Off Street Parking, Hardwood floors.

Since photo, fence, gable, & shutters have been painted.

Laundry room door replaced and new gate in progress.

Drive by, please don’t disturb tenants.

Property Highlights and Photos

Private courtyard area

small storage area for each unit in common laundry room

Property Highlights and Photos—Courtyard

Property Highlights and Photos—Interior

Hardwood Floors in living

room and bedrooms

Electric Ranges and

Refrigerators included

Kitchens have window

over sink.

Some updates in the

bathrooms.

Prime location for future

development with unob-

structed views to the west as

the property is adjacent to

Walker Branch Park and

walking distance to Sloan’s

Lake and Edgewater busi-

nesses. Newer 3 story town-

homes built within a block at

the corner of 17th and Fen-

ton.

Property Highlights and Overview—Area

Property location

Newer Townhomes

Building Details:

Structure Brick

Units 6

Type All 2 Bed 1 Bath units

All units above grade

Rentable sq-ft 4282

Lot Size 12865sq-ft

0.29 acres

Year Built 1958

Adjusted year built 1979

Parking Off-Street

Roofing: Composition Asphalt

Roofing Year 2018

Heating fuel natural gas

Heating type :

Individual forced air furnaces

Water Heating:

Individual water heaters

Cooling none

Laundry on-site

Lot Size 0.29 acres

12650sq-ft

Zoning M-R-U

Property Highlights and Overview

System Details:

Electricity:

Xcel Energy individually metered

7 meters total

Natural Gas:

Xcel Energy individually metered

7 meters total

Water:

Public Water and Sewer

Common Billing

Cable TV and internet services:

Available

Laundry

1 washer & 1 dryer in common area

Storage

small storage units in common area

Investment Summary—rental data

SUMMARY

Price: $1,250,000

Number of units 6

Price/unit $208,333

Rentable sq-ft 4282

Price/sq-ft $291.92

Current Cap Rate 10.54

Avg. monthly rent/unit $843

Avg. monthly rent/sq-ft $1.18

Current Annualized Operating Data

Potential Cap Rate Matrix *

*Cap rates based on sale price, cur-

rent expenses and pro forma rents

Gross Income $ 60,731.28

Expenses:

Property Management $ 4,789.20

Maintenance $ 1,788.00

Lease fees $ 1,200.00

Other fees- utilities/trash/etc $ 799.08

Taxes $ 4,024.00

Insurance $ 3,785.25

Vacancy Rate Allowance 1% $ 607.31

Total expenses $ 16,992.84

NOI - Net Operating Income $ 43,738.44

monthly rent Cap Rate

$ 900.00 3.82

$ 1,000.00 4.4

$ 1,100.00 4.98

$ 1,200.00 5.55

$ 1,300.00 6.13

$ 1,400.00 6.7

Investment Summary—rental data details

Property details

Roof Replaced in 2018

Water heaters 6 + 1 in Laundry room

4 of 7 replaced;2008,2012,2017,2018

Furnaces 6 individual forced air gas

1 replaced in 2017

Tenants length of occupancy

Move in year Lease expiration

2009 June 2020

2009 Feb 2020

2016 Sept 2019

2017 Nov 2019

2017 Nov 2019

2018 Nov 2019

Comparable advertised rent rates in the area as of June 27th as advertised on Zillow

1805 Eaton Street 750 sq-ft 2 bed 1 bath $1300

1641 Ingalls St. Apt 4 700sq-ft 2 bed 1 bath $1150

1450 Lamar Street 880sq-ft 2 bed 1 bath $1299

2650 Chase Street 800sq-ft 2 bed 1 bath $1375

Comparable sold properties:

2504 Quay St. Lakewood, Co 80214 6x 2bed 1bath Sold 1,035,000 October 2017

not backing to park, not close to Sloan’s lake, 2 year old comp.

4669 Otis St. Wheat Ridge, Co 80033 6x 2bed 1bath Sold 1,065,000 November 2017

not backing to park, not close to Sloan’s lake, 2 year old comp.

9493 W 14th Lakewood, Co 80215 6 x 2bed 1 bath 2x 3bed 1 bath Sold $1,475,000

October 2017. Not backing to park, not close to Sloan’s lake, Very close to Colfax, but al-

so close to light rail. 2 year old comp.

10500 W 8th Ave. Lakewood, Co 80215 8x 1bed 1 bath Sold $1,110,000 June 2018

not backing to park, not close to Sloan’s lake, close to light rail. 1 year old comp.

Zoning—per the city of Lakewood website

Zoning—per the city of Lakewood website

Summary—Broker Remarks

This Property has so much potential. Look around the area at the recent growth around the

Sloan’s Lake and Edgewater area. While this property is technically in Lakewood, you are practical-

ly bordering Denver and Edgewater. Imagine building some tall townhomes on this lot. Just like

the ones on the corner of 17th and Fenton. Lakewood’s M-R-U Zoning allows for building up to

60ft (verify with city) and the view from the rooftop patio overlooking a park to the west would

give the residents unobstructed mountain views with amazing sunsets to the west, and views of

Sloan’s Lake and Downtown to the east. The redevelopment of the area is continuing, and prices

will be heading up as more and more properties are updated and scraped.

In the short term, the current rents are much lower than the asking prices in the area, and there is

even more room to increase rents with some updating or remodeling.

In the long term, being just a few blocks from Sloans Lake, the redeveloped area around Sheridan,

and backing to a park, all contribute to making this location a prime spot for a new high end build-

ing.

The current owner is 99.9% “hands off” and utilizes a property management company that is will-

ing to stay on and manage the building if desired.

Please feel free to call me if your buyer has interest.

We are offering 3.0% co-op to licensed brokers

Greg Powers

303-588-5958

greg.powers@comcast.net

Associate Broker

Sterling Real Estate Group

7175 W Jefferson Ave. #1300

303-274--7724