Similar style apartments snagged for $4.2M each

Arapahoe and Denver counties

Property Location: 1. 3505-3515 S. Knox Court, Sheridan, & 2. 1860 S. Grove St., Denver

Property Description: 1. 18-unit (two buildings), two-story walk-up apartment w/11,380 sf, YOC 1961; 2. 18-unit, two-story, brick, garden-level apartment, YOC 1961, 12,253 sf

Land Size: 1. 25,265 sf, 2. 12,576 sf

Sales Price: Arapahoe: $2.1M; Denver $2.1M, total of $4.2 million, or $116,698 per door, or $177.76 psf

Reception No.: D8020333 (Arapahoe) & 2018025252 (Denver)

Closing Date: 2/28

Grantor: Robert E. Mills Jr. and Jill L. Mills

Grantee: MIP COLO V LLC c/o Moore Property Management, 720-525-8229

Comments: The properties were listed by Josh Newell & Joe Hornstein of Pinnacle Real Estate Advisors LLC. 1. 1860 S Grove St., Denver: The 18 units consist of one studio, 12 one-bedroom units and five two-bedroom/one-bath units. Expenses on 1870 S. Grove were approximately $3,630 per door. The apartments had an effective gross Income of 10.6 and an estimated cap rate (based on 5% vacancy rate) of 6.32%. 2. 3505-3515 S. Knox Court, Sheridan: This 18-unit apartment contains 12 one-bedroom units and six two-bedroom/one-bath units. The expenses on this Sheridan apartment complex are $3,315 per door. The income on the apartment indicated a EGI of 9.98 and an estimated cap rate of 7.18%. The blended cap rates of both buildings is 6.75%, based on 5% vacancy. The two buildings are within 18 blocks of each other and were built by the same builder.

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.