The Kensington is a classic 19-unit apartment building with a single-family home (20 total units) built in 1910 close to the University of Northern Colorado the downtown of the Northeast City of Greeley. The property features eight distinct floor plans composed of studios, one-bedrooms, two-bedrooms and a sole four-bedroom unit apartment. The single family home is two-bedrooms and has one bathroom. The property has a strong in-place cap rate of 6.2% with opportunity for value add.
Strong fundamentals such as low vacancy and a high tenant retention over many years of owner-management has proven this asset as a top performer among the competitive set. Some units in the property have newer kitchens, appliances, flooring, paint/texture, window coverings, and mostly updated electrical. Although some units have been updated, a new owner will be able to step in and make improvements as they see fit to increase top line revenue.
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Listing information last updated on September 22nd, 2019 at 8:19pm PDT.