Calibrate Real Estate announces that Greg Johnson and Kyle Malnati have successfully brokered the sale of 32 units, comprised of 26 two-story townhomes and 6 two-bedroom apartments, located at 5300-86 E. Asbury Avenue and 2002-2012 S. Glencoe Street in Denver, Colorado. Calibrate Real Estate worked with both Seller and Buyer to broker this transaction.
The property, previously known as Mellnor Apartments, had been owned by the Seller and his family for over 40 years. The new Owners plan extensive renovations for the six building community.
The property was listed for sale earlier this summer, and Calibrate generated 11 offers during the first two weeks of the marketing period. Ultimately, the property sold for more than $300,000 over list price. The purchase was financed by FirstBank of Denver.
See below for more details on this sale;
Denver Neighborhood: Virginia Villiage
Address: 5300 E. Asbury Avenue 80222
Sale Date: October 3rd, 2017
Sale Price: $4,830,000 (List Price: $4,500,000)
# of Units: 32
Building Size: 34,732* SF
Lot Size: 56,515* SF
Year Built: 1960-1964
*Buyer to verify accuracy of square footage. Square footage data was obtained from Denver County Assessor’s website.*
UNIT BY UNIT RENT ROLL:
6 Units: 2Br/1Ba $658/Month
2 Units: 2Br/1.5Ba Small Town home $725/Month
24 Units: 2Br/1.5Ba Town home with Basement $884/Month
– All 32 units are 2 bedrooms in this 6 building community
– Convenient South East Denver location near Evans and Colorado Boulevard
– Walkable location to RTD light rail station
– Spacious floor plans with outdoor space and 1:1 ratio for tenant parking