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Greetings Investors!
We have three important topics in this newsletter to share with you:
We just listed a single family home in Wheat Ridge. Great location just west of Tennyson St and Sloans Lake. Just needs cosmetic updates.
We have partnered with a terrific property management company and negotiated reduced rates for our clients.
Highlights from the Apartment Association of Metro Denver Market Update!
Scroll down for more information!
West Peak Properties is a boutique real estate brokerage specializing in residential income properties ranging from a condo to a 20 unit apartment in the Denver Metro Area. Over the past 10 years we have helped hundreds of investors achieve their financial goals through investing in real state. Please give us a call. We would enjoy the opportunity to discuss how we can help with your real estate needs.
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Just Listed! Off Market Home In Wheat Ridge ! $429,900
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Located at 7055 W. 33rd Ave, in Wheat Ridge. Property is vacant and ready for a new owner. 5bd, 3ba, approximately 2,600sf. Large main floor master with walk in closet. Hardwood floors upstairs. Nice yard, and new roof. Great neighborhood just west of Tennyson St and Sloan Lake areas. Just needs some cosmetic updates. Call Jay for details 720-495-2412.
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For Sale! Denver
Tri-Plex! $399,000
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House Hacker Special! Perfect for the investor that wants to live in one unit and rent the others to live for free. This is a non-conforming tri-plex with 2 studio units and a 2bd, 2ba, unit. Every room has its own bathroom. Built-in 2000 with maintenance free siding, vaulted ceilings, and lots of natural light. Conveniently located in southwest Denver near Garfield Lake. Call Brad for financials and details 720-989-7727.
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Introducing Property Management for Less!
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West Peak Properties proudly announces a relationship with an established Denver Metro property management company that focuses solely on property management. They have been in business for over 20 years with over 400 units under management and are offering rates as low as 5% depending on how many units you have. We looked for over 2 years to find a group we could trust to refer our investors to and have found the perfect fit.
If you are interested in learning more please reach out to us and we'll introduce you!
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Here are the highlights from the Apartment Association of Metro Denver multi-family outlook as presented by the guys at Newmark Knight Frank:
- Unemployment in Denver is at 3%. Historic low!
- Population growth is 1,000 per week
- Nearly 1,000,000 millennials in Metro Denver
- Denver is Forbe's #1 best place for business and careers
- 100,000 jobs added
- Overall vacancy is 5.9%
- Ave price of a home is up 98% since 2009, $523k for single family and $350k for a condo
- Colo Springs is the fastest growing city for millennials.
- Ave sale price per unit for multi-family is $228k
- Number of rental units added has not kept pace with in-migration.
In summary, the market dynamics are favorable for continued rent and price growth, albeit at a slower pace. The limiting factor is rising interest rates which make it harder for the numbers on property investments to pencil. Every 100 basis point increase in rates decreases the value by 7 to 9%.
Our personal experience with recent sales is that properties are on the market slightly longer and price reductions are more common. Still a sellers market but beginning to neutralize.
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Under Contract! Updated and well maintained 4-plex in Lakewood
4-Plex! $650,000
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Located at 5365 W. 3rd Ave. in Lakewood. Well maintained and updated 4-plex. New Roof, updated kitchens and baths, newer windows, furnaces, water heaters, and flooring. Below market rents provide upside potential. Well located with easy access to Denver. Call Brad for financials and details 720-989-7727.
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Sold! Value Add Duplex in Denver. Listed at $375,000
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Located at 3250 W. Custer Pl., in Denver. This is a side by side brick duplex with upside potential. Needs updating. Each side has 2 bedrooms and a bathroom. There is alley access in the rear for potential additional parking or a garage. Newer roof, carpet, and water heaters. Walking distance to Munroe Elementary School. Located near Alameda and Federal with easy access to Downtown Denver. Call Jay Peterson for details at (720) 495-2412.
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Sold! Large Duplex near Sloans Lake. $605,000
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Located at 1401 Wolff St., in Denver. This is a nice side by side brick duplex. Each side has 2 bedrooms and a bathroom upstairs with 2 non-conforming bedrooms and a bathroom downstairs. Detached 2 car garage, newer roof, and updated windows upstairs. Located in the upcoming West Colfax neighborhood three blocks from Sloans Lake with easy access to Downtown Denver. Call Jay Peterson for details at (720) 495-2412.
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Buyer Needs! 2 to 12 Unit Properties
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We currently have several 1031 buyers looking for property up to $3M. If you have anything to sell let us know. Thanks for keeping us in mind!!
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