Property Sage AI

Confidential Owner Report

Multifamily Property Report

The Reserve at Westgate

6200 Westgate Blvd, Denver, CO Prepared June 2026

Est. Value

$18.4M – $20.9M

Strategy

Value-add reno

Confidence

High

Inside this report

01 — Executive Summary
02 — Property Overview
03 — Market Analysis
04 — Valuation & Pricing
05 — Financial Pro Forma
06 — Comparable Transactions
07 — SWOT & Risk Assessment
08 — Recommendations & Exit Strategy

Report ID: PSA-MULTIFAMILY-June2026

Multifamily

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Multifamily Property Report

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01Executive Summary

Community at a glance

112-unit garden-style community, 1990s vintage, with $180/unit/month classic-to-renovated rent lift opportunity.

Est. Value

$18.4M – $20.9M

Strategy

Value-add reno

Confidence

High

Headline findings

Asset is well-positioned within Southeast Denver Class B given current supply/demand fundamentals.
Identified value-creation path is achievable in a 12–24 month window with measured capital.
Comparable transactions support our valuation band within ±6% on a $/SF basis.
No material market headwinds expected through the recommended hold period.

Confidence indicators

Valuation92%

Market data88%

Comp coverage84%

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Multifamily Property Report

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02Property Overview

Asset details & condition

112 units across 8 buildings on 6.1 acres. Pitched roofs replaced 2020. 38% of units renovated; remaining 62% classic interiors.

Property Snapshot

Property name: The Reserve at Westgate
Address: 6200 Westgate Blvd, Denver, CO
Submarket: Southeast Denver Class B
Asset class: Multifamily
Year built / renovated: 2008 / 2019
Ownership: Fee simple

Physical Attributes

Units: 112
Avg SF: 892
Occupancy: 94%

Condition assessment

Roof

B+

HVAC / MEP

Envelope

A-

Site / Parking

B+

Building systems, envelope, and site improvements were evaluated against age-appropriate benchmarks. Overall condition is consistent with the asset's vintage and prior capital plan; near-term capex is limited to cosmetic refresh and tenant-driven improvements.

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Multifamily Property Report

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03Market Analysis

Submarket trends & demand

Submarket rent growth 4.6% trailing-12. Class B vacancy 5.2%. Limited new deliveries through 2026 support continued rent growth.

Rent Growth

+4.6%

Vacancy

5.2%

Avg Rent

$1,485

Submarket trend (last 4 quarters)

Indexed rent / demand momentum within Southeast Denver Class B.

Supply & demand drivers

Tailwinds

Net in-migration averaging 1.8% / yr in the MSA.
Limited near-term competing deliveries (under 1.4% of stock).
Employment growth in adjacent industries supporting demand.

Headwinds

Cap-rate compression has slowed; modest decompression possible.
Insurance and operating costs trending above CPI.
Lender spreads remain wider than 5-year average.

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Multifamily Property Report

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04Pricing

Valuation & Pricing Analysis

Three-method valuation triangulating Income, Sales Comparison, and Cost approaches. Concluded value reflects current market conditions and the asset's position within Southeast Denver Class B.

Income approach

$14.8M

Weight: 60%

Sales comparison

$15.1M

Weight: 30%

Cost approach

$14.4M

Weight: 10%

Concluded value

$14.9M

($14.0M – $15.6M range)

Sensitivity analysis

Cap rate ↓ / NOI →	-5%	Base	+5%
5.75%	$15.2M	$16.0M	$16.8M
6.25%	$14.0M	$14.9M	$15.4M
6.75%	$12.9M	$13.6M	$14.3M

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05Financials

5-Year Financial Pro Forma

Projected stabilized cash flows assume 3% annual rent growth, 2% expense growth, and a 7% vacancy reserve. Returns are illustrative and pre-debt.

Line item	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5
Gross Potential Income	$1,420k	$1,463k	$1,507k	$1,552k	$1,599k
Vacancy & Collection	($99k)	($102k)	($105k)	($109k)	($112k)
Effective Gross Income	$1,321k	$1,361k	$1,402k	$1,443k	$1,487k
Operating Expenses	($388k)	($396k)	($404k)	($412k)	($420k)
Net Operating Income	$933k	$965k	$998k	$1,031k	$1,067k
Capex Reserve	($28k)	($29k)	($30k)	($31k)	($32k)
Cash Flow Before Debt	$905k	$936k	$968k	$1,000k	$1,035k

Going-in cap

6.26%

Year-5 cap

7.16%

Unlevered IRR

8.4%

Equity multiple

1.6x

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Multifamily Property Report

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06Comparable Properties

Recent sales & rent comps

Six 1980s–1990s vintage sales within 3 miles. Per-unit pricing $165k–$192k depending on renovation status.

Comps Pulled

Median Cap Rate

5.9%

$/Unit (avg)

$178k

Comparable transactions

#	Property	Distance	$/SF	Cap rate
1	Aspen Pointe	0.8 mi	$176k/unit	6.0%
2	Cypress Trails	1.6 mi	$182k/unit	5.8%
3	The Maddox	2.3 mi	$170k/unit	6.1%
4	Brookline Apts	2.9 mi	$185k/unit	5.7%
5	Hillside 88	3.6 mi	$178k/unit	6.0%
6	Westmark Flats	4.2 mi	$192k/unit	5.6%

Comp set drawn from arm's-length transactions in the trailing 18 months; outliers (REIT portfolio trades, intra-family transfers) excluded. Adjustments applied for age, condition, lease structure, and location.

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Multifamily Property Report

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07Risk

SWOT & Risk Assessment

Strengths

Stabilized in-place income with credit-quality tenancy
Below-market rents create mark-to-market upside
Strong submarket fundamentals and barrier to new supply

Opportunities

Renewal at market on next rollover (≈14% lift)
Modest capex unlocks higher-rent tenant tier
Refi at stabilization improves cash-on-cash

Weaknesses

Concentrated rollover in years 3–4
Limited expansion footprint on existing parcel

Threats

Insurance premiums trending up 6–8% annually
Macro rate path could widen exit cap by 25–50 bps

Risk register

Risk	Likelihood	Impact	Mitigation
Tenant rollover	Med	High	Pre-leasing & early renewal
Cap rate expansion	Med	Med	Lock fixed-rate debt
OpEx inflation	High	Low	NNN passthrough where possible
Insurance market	High	Med	Bundle & higher deductible

08Strategic Recommendations

Your prioritized action plan

Continue interior renovation program at 6 units/month, push renewals to market, then evaluate a supplemental loan in month 18.

1
Step 1
Reno program
2
Step 2
Push renewals
3
Step 3
Supplemental loan

Exit strategy scenarios

Hold 3 yrs

$16.2M

IRR 9.1%

Sell after lease-up

Hold 5 yrs

$17.4M

IRR 8.4%

Refi + distribute, sell at stabilization

Hold 7 yrs

$18.6M

IRR 7.6%

Long hold for cash yield

Disclaimer: This sample report contains illustrative figures and is shown for demonstration only. Your actual report will be tailored to the specific property, market, and ownership goals you submit.