Pending Multi-Family MLS# 2104014

3251-3263 Olive Street

Denver, CO 80207

$1,225,000

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About 3251-3263 Olive Street

3251-3263 Olive St. is an attractive 6-unit apartment building located in the Park Hill neighborhood of Denver. The building features (5) 2Bd/1Ba and (1) 3Bd/1Ba units situated in a side-by-side layout which is always preferred by both tenants and investors. The property is currently 100% occupied with proven stability of income. This listing boasts a current 6.8% cap rate on real income and expenses. With modest rent increases, investors can improve this to a 7.3% cap rate.

Current ownership completed a full overhaul of the property in 2016 including a new roof, full electrical upgrade, new plumbing throughout, new furnaces, in-unit laundry, and full unit remodels. All units have their own gas (separate furnaces) and electric meters which reduce ownership expenses. Tenants enjoy access to their private laundry, 7 parking spaces for the 6 units, and 4 of the units having access to fenced in back yards. For the right investor, this is a high cash flowing deal with no deferred maintenance in a great neighborhood of Denver.

Highlights:

Full property renovation in 2016 including new: roof, full electrical upgrade, furnaces, in-unit laundry, plumbing throughout, and full unit remodels Premium 2bedroom and 3bedroom floor plans with in-unit laundry Separately metered for both gas and electric which tenants pay directly High returns on day 1 of ownership - 6.8% cap rate! Attractive Park Hill location

Property details

Property

Type
Quadruplex
MLS type
Residential Income
Status
Pending
Year built
1955
Stories
1
Living area
3,844 sqft
Price / sqft
$319
MLS #
2104014

Interior

Heating
Floor Furnace
Cooling
Other

Exterior & lot

Roof
Shingle
Lot
Level

Schools

District
Denver 1
Elementary
Smith Renaissance
Middle
Smiley
High
Northfield

Utilities

Sewer
Public Sewer

Financial

Annual tax
$8,020
Parcel
1291-13-010
Special conditions
None Known

Location

Subdivision
Elmwood
County
Denver

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Listed by Jack Sherman, NorthPeak Commercial Advisors, LLC

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