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Southwest Denver apartment building commands $100K per door

Denver County

Property Location: 2101 S. Depew St., or 5601 W. Green Meadows Pl., Denver

Property Description: 23-unit, three-story apartment building, 13,773 sf, YOC 1961, brick construction; 23-unit, three-story apartment building, 13,773 sf, YOC 1962 (total of 27,546 sf & 46 units)

Land Size: 36,784 sf

Sales Price: $4.6M, or $100,000 per door, or $166.99 psf

Reception No.: 2016168086

Closing Date: 12/1

Grantor: Mozart Properties LLC, Dallas M. Sherman, mgr., 720-366-7864

Grantee: Stratford Plaza South LLC, Benjamin O. Agin, pres., Agin Family Investments Inc., 325 Lafayette St., NYC, NY 10012, 212-925-9060

Financing: $7.35M payable to TCF National Bank, NA

Comments: See APN: 04251-01-031 & 04251-01-030. The phone number for the new owner’s management company, Hudson Grove Property Management, is 303-431-1392. There are 46 one-bedroom units with approximately 500 sf rentable area per unit, with an average rental rate of $650 per month. The property was an off-market deal as the seller was contacted by Pinnacle Real Estate Advisors. The seller was represented by Jeff Johnson & Matt Ritter, while Drew Goodman, 303-407-9785, J.B. Hochman, 303-962-9533, & Justin Brockman negotiated the deal on behalf of the buyer. The property will be completely renovated as the borrower/buyer borrowed an additional $1.6 million to $2.5 million for renovation, equating to a low end of $35,000 per door to $54,000 per door on the upper end. Renovated one-bedroom units in the neighborhood are being rented for $975-$1,015 per unit, depending on the floor the unit is located on. Denver apartment brokers surveyed believe apartment buildings in the southwest Denver market could command a price range of $145,000 to $165,000 per door, as demand for this product is at a “frenzied level.”

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.