10685-10695 W 12th Place

https://khcommercial.com/featured-listings/10685-10695-w-12th-pl-lakewood/
In Place Cap Rate: 5.82%
Market Cap Rate: 6.93%
Current NOI: $54,840
Proforma NOI: $63,438

10685-95 W 12th Place is a side-by-side, ranch-style duplex that lives more like two single-family homes than attached units. Each unit has its own front entry, fireplace, direct-access garage, and private backyard, which help reduce turnover and support long-term, family style living. The quiet residential location in the Eiber Neighborhood is just a few blocks from both Oak Street Station and Sunset Park, while being 15 minutes from both Downtown Denver and the I-70 Corridor.

Tenants pay for their own gas, electricity, and trash, limiting owner expenses to just property taxes, insurance, water/sewer, and general maintenance. The two-bedroom is currently on month-to-month lease at $1,850, and the long-time four-bedroom tenant (most recently $2,700) vacates 1 August, providing a clean slate for new leasing.

Both units currently rent below market and have not received interior cosmetic updates in more than a decade, presenting a straightforward value-add opportunity to reposition the finishes and push rents towards the top-of-market. 10685-10695 W 12th Pl can also be purchased in tandem with the five-unit property across the street located at 10750 W 12th Pl.