1631 19th St, Boulder, CO 80302

Property Description

Located just blocks from Pearl Street and CU Boulder, 1631 19th St presents a rare opportunity to acquire a 7-unit, 21-bedroom multifamily property in Boulder's highly desirable Goss Grove neighborhood. The property totals approximately 7,400 SF and features a diverse unit mix of two 2BR units, three 3BR units and two 4BR units, along with 12 off-street parking spaces. Significant value-add potential remains across six of the seven units. Unit #1 was recently renovated, successfully demonstrating the renovation strategy and achievable rental premium. The proposed renovation plan for the remaining units includes interior upgrades, adding in-unit washer/dryers, and strategic floorplan modifications that would increase the property from **21 bedrooms / 9 bathrooms to 22 bedrooms / 11 bathrooms**. Property management projects approximately 17% rent growth following renovation and stabilization, with an estimated renovation budget of approximately $390K ($65K/unit) for the remaining six units. Ownership has also invested approximately $300K in recent exterior capital improvements, including roof, windows, siding/insulation, exterior staircases and bathroom exhaust systems, providing a strong infrastructure foundation for the next owner while allowing future capital to be focused primarily on the interior value-add opportunity. Current NOI is approximately $235,630, with projected stabilized NOI of approximately $329,229 following execution of the renovation strategy. The property has historically achieved full pre-leasing and offers investors a compelling combination of current cash flow, proven renovation upside and an irreplaceable central Boulder location. No assumable loan or seller financing.