The Elmira
Major Price Change: 25 Units in the Highlands; 6.96% Actual T12 CAP Rate!
Marketing description
The Elmira at 2846 Federal Boulevard, Denver, CO 80211 is a rare opportunity to acquire a beautifully renovated, turn-key 25-unit multifamily asset in one of Denver’s most desirable urban neighborhoods. Originally built in 1924 and comprehensively updated in 2022, the property features extensive improvements including new electrical, plumbing, HVAC, kitchens, bathrooms, windows, interior hallways, exterior paint, landscaping, and a dedicated dog run. Positioned directly across from Viking Park in the Highlands and just one mile from Downtown Denver, The Elmira offers an exceptional live-work-play setting with a Walk Score of 92 and immediate access to public transit, parks, dining, shopping, and entertainment. The property consists of 25 studio units averaging approximately 350 square feet, with current rents already demonstrating strong performance and additional upside through pro forma growth.
Investment highlights
- 6.96% Actual CAP Rate (Trailing 12 Months)
- Beautifully Renovated, Turn-Key Asset Including New: Electrical, Plumbing, HVAC, Kitchens, Bathrooms, Windows, Interior Hallways, Exterior Paint, Landscaping & Dog Run
- Superb Location in the Highlands Directly Across from Viking Park
- Excellent Neighborhood Demographics: $124,672 Average Household Income within a Two Mile Radius
- Rental Upside: Proforma Rents Already Being Achieved or Surpassed in 60% of the Units
- Walk Score: 92 - Short Distance Public Transportation, Parks, Shopping, Restaurants & Entertainment
- One Mile to Downtown Denver
- Compliant with Energize Denver
- Individual Storage Lockers
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