6200 E Iliff Avenue, Denver, CO 80222

Property Description

Pelican Cove Apartments is a rare 8-unit, townhome-style multifamily investment in a highly desirable South Denver location near I-25, the University of Denver, and the Denver Tech Center. The property consists of eight large 2-bedroom, 1-bath units averaging approximately 1,000 square feet, each featuring in-unit laundry, central air conditioning, and forced air heating. Configured as four stacked duplex-style buildings, the property offers a low-density layout that consistently attracts long-term tenants seeking privacy, separation, and livability not typically found in traditional apartment product. Originally built and owned by the same family for over 30 years, the asset has been exceptionally maintained with recent capital improvements including newer water heaters, upgraded exterior lighting, and resurfaced parking areas. Each unit benefits from covered parking with additional income potential through parking monetization, pet rent, and future RUBS implementation. Current rents remain below market, presenting a clear and executable value-add opportunity through interior upgrades, with strong support for rent growth based on comparable product in the area. With its combination of strong in-place income, desirable unit mix, excellent condition, and clear upside, Pelican Cove represents a compelling investment opportunity for both local and national multifamily investors seeking stable cash flow with long-term growth potential in a high-demand rental corridor.