Avenue 59 Apartments
Avenue 59 Apartments is a 16-unit multifamily asset in Arvada, Colorado, offered at $2,710,000 (6.2% cap, $167,903 NOI). All units are two-bedroom, one-bathroom layouts of approximately 850 SF each, currently renting at $1,396 per month with pro forma potential at $1,445. The property was built in 1970 and previously renovated with modern upgrades; it features brick construction, pitched roofs, and a boiler HVAC system.
Located on a 21,170 SF (0.49-acre) R-M zoned lot at 10165 W 59th Avenue, the property sits minutes from Olde Town Arvada's walkable downtown, major transportation corridors (I-70, Highway 93), and the RTD G-Line commuter rail, which provides a 20-minute link to Denver Union Station. The trade area supports an active demographic with over 150 miles of hiking and biking trails and 90 parks, including Ralston Creek Trail. Arvada's median household income is approximately $117,348, with highly-rated schools and strong community fundamentals. The property offers 19 off-street parking spaces and maintains 95% occupancy.
Current financials show $291,516 in gross rental income against $123,613 in expenses, yielding $167,903 NOI. Pro forma projections indicate $293,571 gross rental income, $103,315 expenses, and $190,255 NOI at a 7.0% cap rate. At the proposed 65% loan-to-value (6% interest, 30-year amortization), the investment generates 4.3% current cash-on-cash return and 6.7% pro forma return.
- All 16 units are uniform 2 bed / 1 bath, 850 SF each
- Previously renovated with modern upgrades; brick construction with pitched roofs
- 20-minute RTD G-Line commuter rail access to Denver Union Station
- Strong neighborhood with $117,348 median household income and 90 parks
- Pro forma 7.0% cap rate with $190,255 NOI and 6.7% cash-on-cash return
- $169,375 price per unit; $191 per SF
More property details
Features & amenities
Location
Located just northwest of Denver, Arvada offers a premier lifestyle that balances historic small-town character with the sophisticated amenities of a major metropolitan submarket. Known for its high quality of life and strong community engagement, the city is a primary draw for young professionals and families seeking a suburban retreat without sacrificing connectivity. At its heart lies Olde Town Arvada, a vibrant, walkable downtown district featuring a curated mix of local breweries, artisanal dining, and boutiques. Strategically positioned as the 'Gateway to the Rockies,' Arvada provides residents with unparalleled access to both urban employment centers and world-class outdoor recreation.
- Minutes from Olde Town Arvada, major transportation corridors (I-70, Highway 93), RTD G-Line commuter rail (20-minute link to Denver Union Station), 150+ miles of hiking and biking trails, 90 parks including Ralston Creek Trail. Median household income approximately $117,348.
Additional details
Arvada is positioned as the 'Gateway to the Rockies' with robust median household income of approximately $117,348 and highly-rated schools. The city is bisected by the RTD G-Line commuter rail offering a seamless 20-minute transit link to Denver Union Station. Over 150 miles of hiking and biking trails and 90 parks support an active demographic. Strong neighborhood fundamentals and steady tenant demand for quality two-bedroom units support this as a solid asset.
This confidential Offering Memorandum has been prepared by NorthPeak Commercial Advisors, LLC for use by a limited number of qualified parties. NorthPeak Commercial Advisors recommends potential buyers/investors perform their own independent examination and inspection of the property. By accepting this Offering Memorandum, you acknowledge that you shall rely solely upon your own examination and investigation of the property and not on any statements made in this Offering Memorandum. NorthPeak Commercial Advisors makes no guarantee, warranty, or representation about the completeness or accuracy of the information set forth herein.