$1,079,000
$1,100,000
1.9%For more information regarding the value of a property, please contact us for a free consultation.
7 Beds
4 Baths
4,632 SqFt
SOLD DATE : 11/30/2022
Key Details
Sold Price $1,079,000
Property Type Multi-Family
Sub Type Quadplex
Listing Status Sold
Purchase Type For Sale
Square Footage 4,632 sqft
Price per Sqft $232
Subdivision Porters Addition
MLS Listing ID 9774116
Sold Date 11/30/22
Style Denver Square
Bedrooms 7
HOA Y/N No
Originating Board recolorado
Year Built 1907
Annual Tax Amount $6,292
Tax Year 2021
Lot Size 6,098 Sqft
Acres 0.14
Property Description
1142 N Pearl is located in Capitol Hill, one of Denver's most popular neighborhoods. The unit mix consists of three 2Br/1Ba units and one 1Br/1Ba basement unit. There are eight available parking spaces in the back of the property, as well as a shared laundry room.
Due to this property having approximately 1,100 square foot units, this makes this product type one of a kind in this market. With these unit sizes alone, investors should be able to achieve top of market rents.
By investing approximately $25,000 per unit in renovation, the new owner should be able to achieve a 6% cap rate and a 7.27% cash on cash return. Additionally, there are multiple opportunities to boost income by charging for parking and laundry services, currently which are free to tenants.
Recommended improvements are as follows: Complete Unit Renovations, Capital Expenditure Items (Roof, Decking, Etc.), Landscaping/Curb Appeal.
Location
State CO
County Denver
Zoning G-MU-5
Rooms
Basement Partial
Interior
Heating Forced Air
Cooling None
Fireplace N
Exterior
Roof Type Composition
Total Parking Spaces 8
Garage No
Building
Lot Description Level
Story Two
Sewer Public Sewer
Water Public
Level or Stories Two
Structure Type Brick
Schools
Elementary Schools Dora Moore
Middle Schools Morey
High Schools East
School District Denver 1
Others
Senior Community No
Ownership Individual
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
Special Listing Condition None
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6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
Bought with Compass Colorado, LLC - Boulder