12778 W 31st Avenue, Wheat Ridge

This is an excellent opportunity to own a brick 4-unit multifamily money-making machine. This property has a solid rental history earning over $7,000 a month in gross rents. THE PRICE HAS BEEN REDUCED AND IS PRICED TO SELL. All major items like electrical pan-els, water heaters, plumbing fixtures, kitchen cabinetry and countertops have been re-placed during the span of ownership and the roof is estimated to have been replaced less than 10 years ago and is in good condition. Typical maintenance has been done, but just like any property of this age there are other items that may need attention. However, at this NEW PRICE and with the exceptional rental income it simply makes financial sense with a cap rate of over 7%. The property is located in the desirable Wheat Ridge area of town and its location leads to easy access to I-70 and all its connections east and west. Quick ac-cess to Denver, Downtown, and the mountains and close to transportation, groceries, eat-eries, banking and shopping centers. The dwellings are completely occupied, and the ten-ants are very happy. Each unit has a fenced yard, granite counters, and the 2 lower units have new cabinets. One upper-level unit has refinished cabinets. Tenants pay for the gas, electric & trash. There is off-street parking for all 4 units. 12780 has had the same tenant for 10 years & control of the attached garage and storage area. Whether you are a savvy investor seeking immediate returns or just beginning your quest for a real estate portfolio, this one is worth serious consideration. Showings require a 24-hour notice so set that showing now. Important to note: 3 out of the 4 leases are coming up for renewal starting in September so there is an opportunity to raise rents, remodel, or move into one of the units. As mentioned, this one is worth serious consideration and ENCOURAGE YOU COME SEE IT BEFORE ITS GONE, AS ALL OFFERS WILL BE CONSIDERED.

HomeSmart.

Essential Information

MLS® #2168665

Price$899,000

Bedrooms8

Bathrooms4.00

Square Footage3,584

Acres0.31

Year Built1962

TypeIncome

Sub-TypeQuadplex

StyleContemporary

StatusActive

Community Information

Address12778 W 31st Avenue

SubdivisionMaple Grove

CityWheat Ridge

CountyJefferson

StateCO

Zip Code80215

Utilities

Cable Available, Electricity Connected, Internet Access (Wired), Natural Gas Connected

Interior

HeatingForced Air

CoolingNone

StoriesOne

Has BasementYes

BasementFinished

Interior Features

Ceiling Fan(s), Eat-in Kitchen, High Speed Internet

Appliances

Dishwasher, Disposal, Oven, Range, Range Hood, Refrigerator

Exterior

Exterior FeaturesPrivate Yard

RoofComposition

Lot Description

Corner Lot, Level, Near Public Transit

School Information

DistrictJefferson County R-1

ElementaryKullerstrand

MiddleEveritt

HighWheat Ridge

Additional Information

Date ListedMarch 17th, 2024

Parking Spaces8

# of Garages1

Parking

Concrete, Driveway-Dirt, Driveway-Gravel

Listing Details

HomeSmart

Property History

May. 7Price Reduced from $915,000 to $899,000

Apr. 22Price Reduced from $950,000 to $915,000

Apr. 5Price Reduced from $995,000 to $950,000

Mar. 29Price Reduced from $1,030,000 to $995,000

Mar. 20Status Changed from Coming Soon to Active