Overview
Marcus & Millichap is pleased to present 16680 W 11th Ave, a stabilized five‑unit multifamily asset located in the heart of Golden, Colorado. Built in 1950 and thoughtfully maintained, the property offers investors a low‑maintenance, cash‑flowing opportunity in one of the most supply‑constrained and consistently high‑demand rental submarkets in the Denver metro. With 95% occupancy, strong collections, and an in‑place cap rate of 6.71%, the asset provides immediate, reliable performance rarely available in Golden’s small‑multifamily segment. Current operations generate $56,995 NOI, with Year 1 NOI projected to rise to $80,550 through natural loss‑to‑lease burn‑off, modest rent adjustments, and continued expansion of utility bill‑backs and ancillary income—representing a 41% NOI increase with no major capital expenditure requirements.
Rents average $1,167 for one‑bedrooms and $1,500 for two‑bedrooms across efficient 367 SF and 600 SF floorplans, respectively. Current rents equate to $3.18/SF (1BR) and $2.50/SF (2BR), demonstrating strong rent‑per‑foot performance for the submarket. Despite this efficiency, total rents remain below nearby renovated comparables along Ulysses, W 4th Ave, W 8th Pl, and Nevada, which routinely achieve $1,200–$1,350 for 1BRs and $1,500–$1,795 for 2BRs, creating a clear, well‑supported mark‑to‑market runway.
Year 1 performance is further strengthened by significant growth in other income, increasing from $15,273 to $31,007, driven largely by utility bill‑backs and revenue from the newly renovated ADU, which ownership notes can be conformed by the buyer, adding approximately $1,300/month in additional income. Effective gross income climbs from $89,373 to $108,798, while operating expenses decrease to $28,248, reducing the expense ratio to 25.9%.
Investment Highlights
Stabilized Asset With Immediate, Reliable Cash Flow
16680 W 11th Ave is a stabilized five‑unit multifamily asset operating at 95% occupancy, supported by consistent rent collections and an in‑place 6.71% cap rate—a strong yield within Golden’s high‑barrier, supply‑restricted submarket. The property generates $56,995 of current NOI, with Year 1 NOI projected to increase to $80,550, driven by natural loss‑to‑lease burn‑off, modest rent adjustments, and significant growth in utility bill‑backs and ancillary income. This represents a 41% NOI increase with no major capital expenditures required, providing dependable day‑one cash flow with minimal operational risk.
Below‑Market Rents With Documented Mark‑to‑Market Upside
Current scheduled rents average $1,167 for 1BR units and $1,500 for 2BR units, translating to $3.18/SF (1BR) and $2.50/SF (2BR)—already strong on a rent‑per‑square‑foot basis. Yet nearby comparable properties routinely achieve $1,200–$1,350 for 1BRs and $1,500–$1,795 for 2BRs, confirming that existing rents sit below competitive market levels. As units turn, investors can capture this natural loss‑to‑lease burn‑off without heavy renovation, creating measurable, low‑risk revenue growth.
Value‑Add Potential Through a Fully Renovated ADU
The property includes a newly renovated rear ADU, which ownership indicates can be zoned conforming by a new buyer. Once conformed and leased, the ADU is underwritten to generate approximately $1,300 in additional monthly income, substantially boosting total revenue. This optional sixth‑unit opportunity provides immediate upside without new construction or major capital deployment, enhancing both cash flow and long‑term returns.
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