Record Apartment Sales Levels Likely to Result in Property Tax Shock Next Spring

A review of recent sales data for Central Denver apartment properties points to shocking news ahead for property owners. Veteran apartment brokers, Greg Johnson and Kyle Malnati of Madison Commercial Properties studied data for all multi-family property sales in Denver’s core neighborhoods this year, and found prices have increased an average of 89% over the last two years.

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1236 Pearl Street Apartment Building Sale

Madison Commercial Properties announces the sale of 1236 Pearl Street in Denver’s Capitol Hill neighborhood for $1,180,000. Originally built in 1886, the 2-unit carriage house is actually the older of the two structures. The main building, a 7-unit built in 1929, has a rare design reminiscent of the classic craftsman construction of the 1920s. “I’ve often wondered which month the building was finished in 1929 as the tenants may have started occupying the units around the beginning of the Great Depression as Black Tuesday occurred on October 29, 1929,” said Kyle Malnati, who has personally sold the property three times in his career.

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