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Rio Platte Apartments 8770-8780 Galen Ct 41 Unit Apartment Building $7,926,375 CAD ($193,326 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 |
$795,786
|
$25.84
|
| Other Income |
$91,974
|
$2.99
|
| Vacancy Loss |
$44,388
|
$1.44
|
| Effective Gross Income |
$843,372
|
$27.38
|
| Taxes |
$72,538
|
$2.35
|
| Operating Expenses |
$286,925
|
$9.32
|
| Total Expenses |
$359,463
|
$11.67
|
| Net Operating Income |
$483,909
|
$15.71
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $795,786 |
| Annual Per SF | $25.84 |
| Other Income (CAD) | |
|---|---|
| Annual | $91,974 |
| Annual Per SF | $2.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $44,388 |
| Annual Per SF | $1.44 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $843,372 |
| Annual Per SF | $27.38 |
| Taxes (CAD) | |
|---|---|
| Annual | $72,538 |
| Annual Per SF | $2.35 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $286,925 |
| Annual Per SF | $9.32 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $359,463 |
| Annual Per SF | $11.67 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $483,909 |
| Annual Per SF | $15.71 |
PROPERTY FACTS
| Price | $7,926,375 CAD | Building Class | B |
| Price Per Unit | $193,326 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 | $7,926,375 CAD |
| Price Per Unit | $193,326 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 | $1,481 CAD | 550 |
| 2+1 | 26 | $1,751 CAD | 750 |
| 3+1 | 1 | $1,964 CAD | 850 |
| Studios | 1 | $1,223 CAD | 500 |
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PROPERTY TAXES
| Parcel Number | 1719-26-1-06-001 | Total Assessment | $551,480 CAD (2025) |
| Land Assessment | $91,510 CAD (2025) | Annual Taxes | $72,538 CAD ($2.35 CAD/SF) |
| Improvements Assessment | $459,970 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
1719-26-1-06-001
Land Assessment
$91,510 CAD (2025)
Improvements Assessment
$459,970 CAD (2025)
Total Assessment
$551,480 CAD (2025)
Annual Taxes
$72,538 CAD ($2.35 CAD/SF)
Tax Year
2024
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Rio Platte Apartments | 8770-8780 Galen Ct
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