Rare West Wash Park fourplex priced below recent comps. 768 S Lincoln St offers four renovated units in one of Denver's most sought-after rental neighborhoods, at $237,500 per unit against a recent comparable-sale average of more than $340,000 per unit.
The building has a history of staying full, with strong, consistent rental demand. The unit mix is two 2-bed/1-bath units and two 1-bed/1-bath units. The units were renovated with updated kitchens and baths, so a new owner has minimal near-term capital needs. Current rents produce a 5.50% cap rate at list price, with upside to a 6.04% pro forma as rents move to market.
Location drives the demand. The property is just a short walk from the I-25 & Broadway light rail station, one of Denver's busiest transit hubs, and close to Washington Park, the South Broadway shops and restaurants, and quick routes to Downtown and I-25. Residents also have off-street parking, on-site laundry, basement storage and a fenced shared patio.
A turnkey, fully leased asset with in-place income and room to grow, well suited to a 1031 exchange or a first step into small multifamily. Offering memorandum, rent roll and financials available upon request. Please do not disturb tenants. All showings by appointment with listing broker only.
Property details
Property
Type
Quadruplex
MLS type
Residential Income
Status
Active
Year built
1900
Stories
2
Living area
1,981 sqft
Price / sqft
$480
MLS #
6883828
Interior
Features
Partial
Heating
Radiant
Cooling
Air Conditioning-Room
Exterior & lot
Roof
Composition
Lot
Level
Parking
Tandem
Schools
District
Denver 1
Elementary
Lincoln
Middle
Hill
High
South
Utilities
Sewer
Community
Financial
Annual tax
$3,356
Parcel
5156-07-016
Special conditions
None Known
Location
Subdivision
Washington Park West
County
Denver
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Listed by Jules "J.B." Hochman, Brockman Group LLC