Value-add 48-unit community in coveted Platt Park
1290 South Pearl Street · Denver · Denver County, CO 80210
Asking price
$14,750,000
Building
58,000 sqft
Lot
1.1 ac
Cap rate
5.2%
The pitch
Section 01 / 03Investment highlights
- 48 units, 94% occupied
- Rents ~18% under market
- Walk to light rail and South Pearl
- Separately metered electric
Executive summary
A 48-unit garden community two blocks from the South Pearl Street shops and the light-rail station. In-place rents sit 18% below market with all-original interiors — a clean value-add story for a buyer ready to renovate and push rents.
The asset
Section 02 / 03Pricing & Size
- Building Size
- 58,000 sqft
- Cap Rate
- 5.2 %
- Net Operating Income
- 767,000 $/yr
- Building Class
- Class C
Building
- Construction Type
- Wood Frame
- Condition
- Fair
- Stories
- 3
- Parking Spaces
- 56
- Parking Ratio
- 1.17 per 1k sqft
Utilities
- Water
- Municipal
- Sewer
- Municipal
Multifamily Features
- Number of Units
- 48
- Occupancy
- 94 %
- Average Rent
- 1,625 $/mo
- Unit Mix
- 30 × 1BR / 18 × 2BR
- Laundry
- Shared on-site
Location & Zoning
- Zoning
- R-M
- FEMA Flood Zone
- X
- Opportunity Zone
- No
Location & area
Section 03 / 03Location
39.68620, -104.97990Area & market data
Third-party sourcesNeighborhood Demographics
- Median Household Income
- $78,177
- Median Age
- 35 yrs
- Population
- 715,522 people
- Households
- 322,888
Location Context
Walk Score
61 / 100
Transit Score
47 / 100
Risk Assessment
- Seismic Zone
- 1
- Seismic Risk Category
- Low
Market Context
- Median Sale Price (5mi)
- $4,200,000
- Median Lease Rate (5mi)
- 24.5 $/sqft/yr