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Rio Platte Apartments 8770-8780 Galen Ct 41 Unit Apartment Building $7,814,250 CAD ($190,591 CAD/Unit) 6.73% Cap Rate Denver, CO 80229
Investment Highlights
- Many Recent Capital Improvements Including Newer: Exterior Stairs/Stringers, Walkways, Windows, Boiler, Sliders, Electrical Panels and Balcony Decking
- Excellent Mix of Studios, 1Bd, 2Bd and 3Bd Units
- Priced Well Below Comparable Properties
- Immediate Rental Upside
- Few Rental Options in Immediate Neighborhood
- Less than One Mile to Light Rail Station
Executive Summary
JUST LISTED! 41 Units in Denver; Only $140k/Unit
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$784,529
|
$25.47
|
| Other Income |
$90,672
|
$2.94
|
| Vacancy Loss |
$43,760
|
$1.42
|
| Effective Gross Income |
$831,442
|
$26.99
|
| Taxes |
$71,512
|
$2.32
|
| Operating Expenses |
$282,866
|
$9.18
|
| Total Expenses |
$354,378
|
$11.51
|
| Net Operating Income |
$477,063
|
$15.49
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $784,529 |
| Annual Per SF | $25.47 |
| Other Income (CAD) | |
|---|---|
| Annual | $90,672 |
| Annual Per SF | $2.94 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $43,760 |
| Annual Per SF | $1.42 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $831,442 |
| Annual Per SF | $26.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $71,512 |
| Annual Per SF | $2.32 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $282,866 |
| Annual Per SF | $9.18 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $354,378 |
| Annual Per SF | $11.51 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $477,063 |
| Annual Per SF | $15.49 |
Property Facts
| Price | $7,814,250 CAD | Building Class | B |
| Price Per Unit | $190,591 CAD | Lot Size | 1.24 AC |
| Sale Type | Investment | Building Size | 30,802 SF |
| Cap Rate | 6.73% | Average Occupancy | 92% |
| No. Units | 41 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2017 |
| Property Subtype | Apartment | Parking Ratio | 2.44/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-IC, County | ||
| Price | $7,814,250 CAD |
| Price Per Unit | $190,591 CAD |
| Sale Type | Investment |
| Cap Rate | 6.73% |
| No. Units | 41 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.24 AC |
| Building Size | 30,802 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built/Renovated | 1973/2017 |
| Parking Ratio | 2.44/1,000 SF |
| Zoning | R-IC, County |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- High Speed Internet Access
- Smoke Free
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Breakfast/Coffee Concierge
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | $1,460 CAD | 550 |
| 2+1 | 26 | $1,726 CAD | 750 |
| 3+1 | 1 | $1,936 CAD | 850 |
| Studios | 1 | $1,205 CAD | 500 |
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Property Taxes
| Parcel Number | 1719-26-1-06-001 | Total Assessment | $544,564 CAD (2025) |
| Land Assessment | $90,362 CAD (2025) | Annual Taxes | $71,512 CAD ($2.32 CAD/SF) |
| Improvements Assessment | $454,202 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
1719-26-1-06-001
Land Assessment
$90,362 CAD (2025)
Improvements Assessment
$454,202 CAD (2025)
Total Assessment
$544,564 CAD (2025)
Annual Taxes
$71,512 CAD ($2.32 CAD/SF)
Tax Year
2024
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Rio Platte Apartments | 8770-8780 Galen Ct
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