6200 East Iliff Avenue
8-Unit Townhome MF|Covered Parking + In-Unit W/D | 5%+ Cap w/ Clear Upside to 6%+ | DU/DTC Location
Marketing description
Pelican Cove Apartments is a rare 8-unit, townhome-style multifamily investment located in a highly desirable South Denver corridor near I-25, the University of Denver, and the Denver Tech Center. The property consists of eight large 2-bedroom, 1-bath units averaging approximately 1,000 square feet, configured as four stacked duplex-style buildings. This low-density layout offers a more residential feel than traditional apartment product and consistently attracts long-term tenants seeking privacy, separation, and functional living space.
Originally built and owned by the same family for over 30 years, the asset has been exceptionally well maintained and presents minimal deferred maintenance. Each unit features in-unit laundry, central air conditioning, and forced air heating, along with access to covered and gated parking—key amenities that support strong tenant retention and rent durability.
Pelican Cove offers investors a compelling combination of stable in-place income and clearly defined value-add potential. Current rents are below market, with a proven path to increased revenue through light interior upgrades, parking monetization, pet rent optimization, and future RUBS implementation. The property’s unit mix, size, and layout position it well for continued rent growth relative to comparable product in the surrounding area.
With its strong operational history, desirable unit configuration, and proximity to major employment and transportation corridors, Pelican Cove represents an attractive opportunity for both local and national investors seeking stable cash flow with long-term upside in a highly accessible Denver location.
Investment highlights
• Rare Townhome-Style 8-Unit Layout – Configured as four stacked duplexes, offering privacy and tenant appeal not found in traditional apartment product
• Large 2BR Units (~1,000 SF) – Desirable floor plans with strong renter demand and long-term retention
• In-Unit Laundry + Central HVAC – Washer/dryer, forced air, and A/C in every unit
• Covered & Gated Parking (2 Spaces/Unit) – Premium amenity with immediate income potential ($25–$50+/space)
• Proven In-Place Income (~$2K Rents) – Stabilized asset with consistent rental history and minimal vacancy
• Documented Value-Add Upside – Path to $2,100+ (upper) and $2,250+ (lower) through light interior upgrades
• RUBS + Expense Optimization Opportunity – Utilities currently not fully recaptured; ability to increase NOI
• Strong Ownership & Maintenance History – Original owner for ~30 years with recent capital improvements and minimal deferred maintenance
• Prime South Denver Location – Minutes to I-25, University of Denver, and Denver Tech Center
• Ideal 1031 Exchange Asset – Stable cash flow with clear upside in a highly liquid multifamily price point
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