FOR SALE:
650-654 Inca Parkway
Boulder, CO 80303
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Zero vacancy. Secured rent growth.
A tenant profile that sets it apart, in a quiet neighborhood
the market consistently undervalues.
A Rare Boulder Triplex That Performs the Way Investors Actually Want…
This is not a value-add play or a turnaround story. 650-654 Inca Parkway is a proven, performing asset in one of the most durable rental markets in Colorado.
This Williams Village triplex has maintained 100% occupancy throughout its entire ownership history — not because of luck, but because of a deliberate approach to tenant selection, property stewardship, and long-term management. Each of the three units offers 5 bedrooms and 2 bathrooms, producing an income profile that significantly outperforms typical small multifamily properties in the Boulder market.
Forward leases through August 2027 are already signed. A new owner steps in with income secured, rent growth documented, and a professionally managed operation already in place.
$2,910,000
KEY
Highlights
3 units | 5 bed / 2 bath each | 15 total bedrooms
Licensed for up to 16 tenants — City of Boulder Rental License #RHL-0001106
100% occupancy throughout entire ownership period
Forward leases signed through August 2027
$174,240 in secured annual forward income
NOI: $146,032 | Cap Rate: 5.0% | GRM: 16.7
All leases backed by parental guarantees
Professionally managed by an experienced Boulder student-housing operator
Extensive capital improvements completed — minimal deferred maintenance
RM-2 zoning with long-term use flexibility
3 off-street parking spaces | quiet residential neighborhood
The INCOME Story
Most Boulder investment properties ask you to take something on faith — projected rents, hoped-for occupancy, or a value-add thesis that depends on execution. This one doesn't.
Current leases run through August 2026 at $14,325 per month. Forward leases for August 2026 through August 2027 are already executed at $14,520 per month — $174,240 annually. That's documented rent growth, in writing, waiting for a new owner.
Current Leases — Through August 2026
Unit 650: $4,755/mo | Unit 652: $4,645/mo | Unit 654: $4,925/mo
Total: $14,325/mo | $171,900 annually
Forward Leases — Already Signed | August 2026–August 2027
Unit 650: $4,900/mo | Unit 652: $4,500/mo | Unit 654: $5,120/mo
Total: $14,520/mo | $174,240 annually
Financial Summary Pro forma beginning mid-August 2026
Potential Rental Income: $174,240
Vacancy Rate: 0%
Effective Rental Income: $174,240
Gross Operating Income: $174,240
Property Taxes: $10,098
Building Insurance: $7,495
Utilities: $0
Common Area Maintenance: $3,184
Maintenance / Repairs: $6,476
Total Operating Expenses: $28,208
Net Operating Income: $146,032 Cap Rate: 5.0% | GRM: 16.7×
Three units, each identically configured as 5 bedrooms and 2 bathrooms; a layout purpose-built for the Boulder student rental market, where per-bedroom demand remains consistently strong.
Capital improvements throughout ownership mean this is an asset you can own, not one you have to fix. Updates include:
Updated kitchens and bathrooms with above-market finishes
Hardwood flooring throughout
Newer windows (approximately 7 years)
Recent roof replacement
Sump pumps installed
Radon mitigation system
Furnace upgrades and appliance replacement
One unit retains additional interior update potential; a straightforward opportunity to push rents further without disrupting the property's stability.
The PROPERTY
650 Inca Parkway - Main Level and Lower Level Floor Plans
Boulder has no shortage of student rentals. It has a significant shortage of student rentals that actually behave like investment properties.
The owner built something rare: a tenant base of serious, Colorado-based students — people who want a quiet place to live, not a party house near University Hill. Approximately half of all historical tenants have been engineering students. Turnover is structured and predictable: two units cycle roughly every three years, one turns annually or every two years. Every lease carries a parental guarantee.
The numbers reflect it:
0% vacancy throughout entire ownership
~50% of historical tenants engineers or similarly focused students
Low, predictable turnover — not the annual scramble typical of student housing
100% of leases backed by parental guarantees
This is the kind of tenancy that makes a landlord's job quiet. That's the point.
What Makes This Different
THE LOCATION
Williams Village sits in a part of Boulder that investors consistently overlook and tenants consistently choose.
It's not University Hill. That's the advantage. The neighborhood is established, residential, and calm, which is precisely what draws the tenant profile this property has spent years cultivating. It's also genuinely well-connected:
Close proximity to CU Boulder; the demand driver that makes this market work
Direct access to major RTD routes along Baseline Road, including an RTD Park and Ride
Minutes from Meadows on the Parkway; Safeway, restaurants, and everyday essentials
Easy access to East Boulder Recreation Center and Baseline corridor bike routes
Safe, established neighborhood setting with none of the noise or congestion of high-density student areas
Good tenants want a good neighborhood. This one delivers.
652 Inca Parkway - Main Level and Lower Level Floor Plans
Who This Investment is Right For
This property works especially well for:
Investors seeking stable, low-management Boulder income without the volatility of typical student housing
1031 exchange buyers looking for a clean, performing asset with documented fundamentals
Out-of-area investors wanting professional management already in place
Buyers who want genuine rent certainty, not projections, but signed leases
Boulder's rental market is among the most resilient in Colorado. Enrollment at CU Boulder drives consistent demand. Supply constraints — geographic, regulatory, and political — keep vacancy structurally low across well-located properties. Williams Village sits at the intersection of that demand and the kind of neighborhood quality that attracts the market's strongest tenants.
This is not a bet on Boulder. Boulder has already proven itself. This is an opportunity to own a piece of it that's already working.
Schedule your
private showing today.
Performing assets in Boulder don't wait.
This triplex offers what most investors are looking for and rarely find together: zero vacancy history, secured forward income, a stable tenant profile, professional management, and a location that supports long-term hold value.
If you've been looking for a Boulder investment that comes without the usual risk, uncertainty, or work; this is worth a serious look.
Tony Martinez
Owner/Broker
Stellar Properties
