Overview
Marcus & Millichap is pleased to present Harlan Apartments, a 52-unit multifamily community located at 2600 Harlan Street in Wheat Ridge, Colorado. Offered by its original developer for the first time since 1972, Harlan represents a rare opportunity to acquire a legacy asset with substantial embedded upside in one of West Denver’s most desirable infill locations.
Harlan Apartments combines a highly differentiated unit mix, significant value-add potential, and accretive seller financing into a compelling investment opportunity. The property features large-format townhome and apartment residences averaging more than 1,020 square feet, creating a housing alternative that is increasingly difficult to replicate in today’s development environment.
With in-place rents materially below market, multiple ancillary income opportunities remaining unexploited, and a fully occupied rent roll, investors can execute a proven value-add strategy through organic lease turnover while maintaining stable cash flow. Complementing the business plan is a proposed seller-financing structure featuring 80% loan-to-value leverage, a fixed 4.00% interest rate, and seven years of interest-only payments, providing investors with below-market debt and enhanced return potential. The combination of a generational ownership history, multiple avenues for NOI growth, and attractive financing creates an opportunity where value is driven by operational execution rather than reliance on market appreciation.
Investment Highlights
Generational Acquisition Opportunity – First Time Offered in Over 50 Years
Offered by its original developer for the first time since 1972, Harlan Apartments presents a rare opportunity to acquire a legacy asset with substantial untapped upside and more than five decades of uninterrupted ownership.
Accretive 4.00% Seller Financing at 80% Loan-to-Value
At a suggested 80% loan-to-value, the 4.00% fixed-rate, interest-only seller financing provides leverage and pricing unavailable in today’s debt markets, significantly enhancing investor returns and cash flow.
Rare Large-Format Townhome Community with Irreplaceable Floor Plans
Featuring 24 townhome-style residences averaging approximately 1,292 square feet and property-wide unit sizes exceeding 1,020 square feet, Harlan offers a highly differentiated housing product that is virtually impossible to replicate today.
Construction Features Decades Ahead of Its Time
Originally built with in-unit laundry hookups, central heating and air conditioning, and finished basement living space, the property delivers amenities uncommon among comparable vintage apartment communities.
Premier Value-Add: Deep Renovation Premiums Across Every Unit Type
A targeted interior renovation program is projected to generate a weighted-average rent premium of $449 per unit per month, producing an attractive blended return on cost of approximately 27%.
Multiple Value-Creation Levers with Up to $830,000 of Immediate Upside
Beyond unit renovations, ownership can unlock additional value through washer/dryer installations and utility reimbursements, representing up to approximately $830,000 of potential value creation.
Achievable Rent Growth Supported by Affordability Cushion
Even at full renovation, projected rents remain meaningfully below new-construction alternatives and the cost of homeownership, supporting sustainable rent growth without pushing the upper limits of the market.
Infill West Denver Location with Strong Demand Drivers
Situated minutes from Sloan’s Lake, Edgewater, The Highlands, and Downtown Denver, the property benefits from strong demographics, excellent connectivity, and limited new workforce housing supply.
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