The Fraser Apartments

Greeley, Colorado

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Property Highlights

  • +/- 11,703 SF  | Built 1971 | Recent Interior and Exterior Improvements

$2,200,000 | 6.0% Cap Rate | 17.3% Total Return | 18.0% Leveraged IRR | Renov. 2020/2021

 

LC Real Estate Group is pleased to present the opportunity to purchase The Fraser Apartments in Greeley Colorado. The Fraser Apartments is a well-positioned asset with proximity to the Greeley Mall, University Square grocery retail center, and is less than 1.5 miles from the University of Northern Colorado.

  • Excellent unit mix of Ten 2 Bedroom, 1 Bathroom units, One Two Bedroom, 1 1/2 Bath unit, and One 1 Bedroom, 1 Bathroom Unit
  • Recently interior and exterior renovations improves leasabilty and ability to increase rents along with lower ongoing property maintenance expense
  • Interior renovations include solid surface flooring upgrades of tile and luxury vinyl throughout most living areas, updated kitchen counters, new carpet and paint, new light and plumbing fixtures, and newer appliances
  • HVAC upgrades include updated boiler system and new mini-split HVAC system providing heating and cooling to each unit through tenants electricity bill
  • Exterior renovations include new roof, newly painted balconies with structural reinforcement and new railing, and new paint on the main building and carport
  • The recently repaved parking lot provides 26 off street parking spaces, and the corner lot allows for plenty of street parking for guests.
  • Maintenance of the property is minimal with the recent updates to the boiler system, new mini-splits, recent roof repairs and simple landscaping all supported with the on-site maintenance garage.
Financial Highlights:
  • Lease rollover upside with several units below $1,200 with new leasing at $1,275 to $1,295 after renovations were recently completed
  • Additional income can be generated by leasing back eleven (11) car port spaces (not modeled)
  • Low ongoing capital and maintenance expense due to substantial capital investment in units

Ten Year Cash Flow Return Summary:

  • Capitalization (Cap) Rate
    • 6.0% Current Annualized Cap Rate
  • Cash on Cash Return
    • 12.9% Year 1
    • 11.1% 5 Year Average
    • 12.3% 10 Year Average
  • Total Return
    • 12.9% Year 1 | 14.5% 5 Year Average | 17.3% 10 Year Average
  • Internal Rate of Return (IRR)
    • 15.6% Leveraged 5 Year | 18.0% Leveraged 10 Year
  • Equity Multiple
    • 1.8X 5 Year | 3.4X 10 Year

Exclusively Marketed For Sale By:

Wayne Lewis

Wayne Lewis

Senior Partner
Senior Broker

(303) 588-8808
Rico Devlin

Rico Devlin

Partner
Senior Broker

(970) 413-1182