Overview
Marcus & Millichap is pleased to present Boulevard Park Apartments, a 103-unit multifamily community located at 2449 S Colorado Boulevard in the heart of Denver, Colorado. Built in 1960, this garden-style property offers a compelling mix of generously sized studio, one-, two-, and three-bedroom units in a submarket that continues to exhibit strong rental performance, high barriers to entry, and limited multifamily supply.
The property features 17 studio units (432 SF), 29 one-bedroom units (672 SF), 43 two-bedroom units (1,021 SF) and 14 three-bedroom units (1,125 SF), with two- and three-bedroom units exceeding the average unit sizes for comparable Denver assets. These larger floorplans are particularly attractive to renters seeking additional space in a central urban location.
Boulevard Park benefits from its proximity to some of Denver’s most affluent residential neighborhoods, with single-family home prices in the adjacent Observatory Park neighborhood averaging over $2.78 million. This dynamic supports strong renter-bynecessity demand, especially for spacious rental units that serve as viable alternatives to high-priced homeownership. Furthermore, there are few competing rental properties in the immediate vicinity, allowing Boulevard Park to capture strong tenant demand without oversupply pressures.
The property’s location on South Colorado Boulevard offers residents access to an abundance of retail, restaurant, and entertainment options along one of Denver’s most active commercial corridors. Key destinations such as Cherry Creek, the University of Denver, and I-25 are minutes away, providing seamless access to major employment centers including downtown Denver and the Denver Tech Center.
In-place cash flow, combined with the opportunity to modernize unit interiors and common areas, creates an attractive acquisition opportunity of a stabilized asset that still offers value-add potential. With its irreplaceable location, strong market fundamentals, and builtin upside, Boulevard Park Apartments presents an outstanding acquisition opportunity in one of Denver’s most stable and affluent rental corridors.
Investment Highlights
Prime Central Denver Location Boulevard Park Apartments is ideally positioned along South Colorado Boulevard, one of Denver’s most active commercial corridors. Residents enjoy immediate access to retail, dining, and entertainment options, as well as proximity to Cherry Creek, the University of Denver, downtown, and the Denver Tech Center. The property also benefits from nearby light rail connectivity, offering seamless access to major employment hubs.
Desirable Unit Mix with Larger Floorplans The community consists of 103 units with a balanced mix of studios, one-, two-, and three-bedroom apartments. Over 55% of the units are two- and three-bedroom floorplans, which average larger sizes than comparable properties in the submarket. These spacious layouts cater to families and professionals seeking additional living space in a high-demand urban location.
Strong Renter Demand and High Barriers to Entry Surrounded by affluent neighborhoods like Observatory Park, where average home values exceed $2.7 million, Boulevard Park attracts renter-by-necessity demand from residents priced out of homeownership. With few competing multifamily communities nearby, the property maintains strong occupancy and benefits from limited supply pressures.
Attractive Value-Add Opportunity In-place operations generate stable cash flow while leaving significant upside potential through unit renovations and washer/dryer additions. Proven rent premiums of approximately $200 per month on upgraded units present the opportunity for future ownership to unlock $2–4 million in additional value.
Stabilized Asset in a Growing Market Denver’s contracting construction pipeline, paired with record absorption levels, positions existing assets like Boulevard Park for sustained rent growth. With strong demographics, robust employment drivers, and long-term demand for quality housing, the property offers investors both immediate income and durable appreciation potential.
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Contact Information
License #: FA100103127
(303) 328-2035matthew.berk@marcusmillichap.com