Stu Wright

Broker Associate
License#:

$2,175,000

1938 Spruce St, Boulder, CO 80302  (Sold on )

  • Price Reduced$220,000
  • Open House
  • New Listing
  • Coming Soon
  • 0 BedBeds
  • BathBaths
  • 3,800 SqftSqft
  • TypeIncome Property
  • Under Contract
  • MLS# 1049294
0 More Schedule

Property Description

Exceptional opportunity to acquire a well-located 5-plex in the heart of Boulder offering substantial upside to market rents and the ability to reduce operating expenses, with the benefit of leases in place through July 2026 providing near-term income stability. Opportunities with this combination of location, unit mix, and flexibility are increasingly rare in Boulder's supply-constrained market.The property consists of a detached single-family residence in the front and a four-unit building in the rear, creating privacy, operational flexibility, and strong tenant appeal. The unit mix is ideally suited to Boulder's rental demand, comprising one one-bedroom unit, and four two-bedroom units. Several units have been recently remodeled, positioning the property for future rent growth while limiting immediate capital expenditures.With five off-street parking spaces and a central location near downtown Boulder, the University of Colorado, dining, and trail systems, the property benefits from consistently strong rental demand. Current leases run through July 2026, offering predictable cash flow while creating a clear runway for a buyer to implement a thoughtful rent and expense optimization strategy at rollover.This offering represents a rare chance to secure a scalable Boulder multifamily asset with in-place income, long-term appreciation potential, and compelling value-add upside.

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Property Details

General

  • Subdivision: Boulder O T East & West & North
  • County: Boulder
  • List Date: 01/09/2026
  • Expected Active Date: 01/09/2026
  • DOM: 107
  • Lot SqFt: 7189
  • Basement/Foundation: None
  • Year Built: 1934
  • New construction: NO
  • Sq Ft (total): 3800
  • MLS#: 1049294

Interior Features

  • Heating: Baseboard

Exterior Features

  • Construction: Frame, Brick
  • Roof: Composition
  • Type: Multi Family
  • Outdoor Features: Balcony
  • Road Access: City Street
  • Waterfront: NO

Schools

  • School District: Boulder Valley Dist RE2
  • Elementry: Whittier
  • Middle/Jr: Casey
  • High School: Boulder

Financial Considerations

  • Tax Year: 2024
  • Tax Amount: $12436

Utilities

  • Utilities: Natural Gas Available, Electricity Available
  • Water/Sewer: Public Sewer
  • Water: City
 

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