Expenses Per Unit in Denver

[Terrence W.]

Hi all,

I was looking for someone who has experience in the garden/walk-up level multifamily space in the Denver area. I'm looking to purchase a 10-20 unit class C building, but I'm having a difficult time estimating the costs per unit. It seems like the 50% rule is not as applicable when you have a high rent area such as Denver because the expenses are somewhat fixed while rents will float with the area. I was thinking somewhere along the lines of 4000-4500 per/unit depending on who covers utilities, but would appreciate someone with real numbers to provide some guidance. Thanks again in advance!