Denver County
Property Location: 833 Dexter St., Denver “Gloria J Apartments”
Property Description: 20-unit, three-story walk-up-style apartments, 15,000 sf, YOC 1963, brick construction, with nine parking spaces
Land Size: 12,700 sf
Sales Price: $3.9M
Reception No.: 2016108964
Closing Date: 8/17
Grantor: Bear’s Fortress LLC, Ryan D. Geiser, mbr.
Grantee: Dexter Residential LLC by: Red Peak Inc., Michael Zoellner, mgr.
Financing: $2.54M payable to JPMorgan Chase Bank
Comments: The building contains two studio units @ 380 sf that rent for $1,023/mo.; nine one-bed/one-bath units @ 620 sf that rent for $1,081/mo.; and nine two-bed/two-bath units @ 785 sf that for $1,297/mo. The current Income and expenses as of March are: effective gross income (with 3% vacancy) is $288,325; expenses run $3,263 per door and are proformaed at $3,757 per door, reflecting a 5.7% cap rate. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors handled this transaction. The buyer purchased the property July 17, 2015, for $2.83M and realized an appreciation of 37.81%. The property also sold in June 2011 for $1.19M. The property has appreciated 227.73% in five years, or 1.93% per month. The buyer owns several buildings within a 1-square-mile area of this property. Bobby Hutchinson is the acquisitions director for RedPeak, 303-321-7325.
Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.
