Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold a 12-unit apartment building that is located in the Congress Park neighborhood. The property’s address is 1345 Monroe Street, Denver, CO 80206.
1345 Monroe St. – OLD Marketing Brochure (2014)
NEIGHBORHOOD NAME: Congress Park
ADDRESS: 1345 Monroe Street, Denver, CO 80206
SALE PRICE: $1,895,000 (LIST PRICE: $1,825,000)
SALE DATE: 8/25/2014
BUILDING SIZE: 10,415 SF
LOT SIZE: 5,941 SF
PARKING: 4 Spaces
# OF UNITS: 12
UNIT MIX: 11-1Br/1Ba, 1-Studio
CAP RATE: 5.92% (actual)
CAP RATE: 5.95% (projected)
THE SALE OF RENOVATION PROJECT PAYS HANDSOMELY FOR LOCAL INVESTOR
DENVER, September 15, 2014 – Madison Commercial Properties announces the sale of the apartment building located at 1345 Monroe Street in Denver’s Congress Park neighborhood. The sale price of $1,895,000 equates to nearly $160,000/unit.
Madison Commercial Properties’ veteran brokerage team of Kyle Malnati and Greg Johnson, represented the Seller and Buyer in the sale. This was their second successful transaction on the block this year, having sold the building next door at 1335 Monroe in April.
“We saw the value of renovation in this deal,” commented Mr. Malnati. “A few months ago we sold the neighboring property for $1.4M, and this building commanded a price nearly a half million dollars higher because of the extensive improvements made by the owner, and the higher rents he was able to generate as a result.”
“Investors have been financially rewarded for updates and improvements made to apartment buildings in this strong rental market over the past five years,” added Mr. Johnson. “Tenants have shown they are willing to pay more for quality and comfort.”
The building had recently received new windows, new heating and electrical systems, and extensive remodeling of the apartments units, including new kitchens and baths.
About Madison Commercial Properties:
Madison Commercial Properties is a Denver-based commercial real estate firm specializing in apartment brokerage and investment sales in central Denver. Managed by Kyle Malnati and Greg Johnson, Madison Commercial Properties is a division of Madison & Co. Properties. For more information, please visit http://www.DenverApartmentBuildingsForSale.com or http://www.madisonprops.com.
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Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850