1631 19th St, Boulder, CO 80302

Property Description

Located blocks from Pearl Street and CU Boulder, 1631 19th St offers a rare opportunity to acquire a 7-unit, 21-bedroom multifamily property in Boulder's desirable Goss Grove neighborhood. The property totals approximately 7,400 SF and features two 2BR units, three 3BR units, two 4BR units, and 12 off-street parking spaces. Significant value-add potential remains across six units. Unit #1 was renovated in 2025, providing a proof of concept for the proposed improvements. The renovation strategy includes interior upgrades, in-unit laundry, and floorplan modifications to increase the property from 21BR/10BA to 23BR/12BA. Proposed improvements include additional bathrooms in Units #3 and #4 and bedrooms in Units #4 and #7. Property management projects approximately 34% growth in stabilized base rental income following renovations, with a $390K estimated budget ($65K/unit). Ownership has invested approximately $300K in exterior capital improvements over the past five years, including roof, windows, siding/insulation, exterior staircases, and bathroom exhaust systems. These improvements allow future capital to focus primarily on interior renovations. At the $4.2M offering price, the property features a 5.58% stabilized as-is cap rate, based on $234,242 in NOI. Following renovations, the model projects $338,003 in stabilized NOI and a 7.36% unleveraged yield on total cost, including the $390K renovation budget. The property has historically achieved full pre-leasing and offers investors a compelling combination of income potential, renovation upside, and a central Boulder location. Projections are subject to permitting, renovation execution, lease timing, and buyer verification. No assumable loan or seller financing.