Offered @ $1,195,000

Value Add Opportunity on a great block in City Park West/Uptown! This converted 6 unit offers 3 studio units on the main level and 3 one bedroom units (with lofts) on the second level. All tenants have access to a coin operated (Seller owned) washer/dryer in the basement. Seller is in the process of updating all units once leases come due, currently 4 of the 6 units have been updated. This is a great walkable location to all the hots spots on 17th, City Park, and several hospital/health care providers. This is a great asset without having to do anything, it’s currently bringing in close to 100k annually!!

List Price: $1,190,000

Sales Price: $1,114,000 (Represented Buyer)

This multi unit quad is centrally located between City Park to the North, Cheesman Park to the southwest, and Congress Park directly to the south. This income property offers a great unit mix between 1 and 2 bedrooms. There is also several value add scenarios my client plans to address in the coming years. Cap Rate off the purchase was right around 5%; however, after the Buyer addresses some of the value add scenario this Cap should increase by a point or two. At that point it might make sense to sell through a 1031 exchange and get into a larger building without having to pay capital gains on the proceeds/profit.

Are you interested in cash flowing apartment buildings? Value add scenarios? If so, reach out and lets discuss…