Completed in 2023, Carr Street Flats offers the benefits of new construction while providing attainable housing as an office to apartment conversion. This comprehensive rebuild included all-new MEP systems, roofing, landings, stairs, water/sewer lines, parking, windows, siding, and stucco, along with upgraded fire/life safety systems and brand-new unit interiors. Residents enjoy modern living at an average in-place rental rate of $1,387, 20% below the submarket average and 67% less than the monthly cost of homeownership. Located in Wheat Ridge, a submarket with the third-lowest vacancy rate in Denver at 4.74%, Carr Street Flats is poised to outperform in a market characterized by smaller rental-oriented households and strong projected household growth over the next five years. With seamless access to neighborhood transit corridors, a nearby light rail station, and proximity to major employment hubs, entertainment districts, and outdoor recreation, Carr Street Flats offers an unmatched combination of convenience and lifestyle for today’s renters. Currently operating on an “all bills paid” model, the property offers investors a compelling opportunity to drive NOI growth by implementing a utility billback program. Investment Highlights Brand New, Modern Apartments –Transformed from an office building into contemporary apartments featuring stainless steel appliances, shaker-style cabinetry, and LVT flooring. Proximity to Major Employment Hubs – Located within fifteen minutes of the Denver Federal Center, Union Boulevard, Denver West, and Downtown Denver, providing access to 165,000+ jobs. Public Transportation – The Lakewood/Wadsworth Light Rail Station is less than one mile away, connecting residents to Union Station and the larger Denver Metro. Adjacent to Retail and Recreation – Positioned between Edgewater/Sloan’s Lake, Lakewood City Commons, and Golden, Carr Street Flats offers access to top retail, dining, and outdoor recreation. Efficient, Attainable Living – Thoughtfully designed floorplans provide modern living at a 67% discount to the monthly cost of homeownership. Operational Value-Add Opportunity – Implementing a utility billback program can increase NOI by over 5%, enhancing the property’s investment potential. Barriers to Entry – Lakewood is less desirable for new developments due to restrictive city ordinances, including a past cap on permits and a new land dedication requirement for parks.