SW Denver 1970s vintage apartments command record price of $146,429 per door for area

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Denver County

Property Location: 1330 W. Mississippi Ave., Denver, “Mariposa Apartments”

Property Description: 42-unit, 4-story “walk-up style” apartment complex, 25,592 sf, YOC 2071, brick construction

Land Size: 43,750 sf

Sales Price: $4.53M, or $146,429 per door, or $177.17 per sf

Reception No.: 2016098458

Closing Date: 7/26

Grantor: Mariposa Apartments LLC, Jeffrey L. Young, mgr.

Grantee: ML Bighorn LLC, Eliezer Muller, mgr.

Financing: $1.79M payable to JPMorgan Chase Bank NA, due 8-1-46

Comments: The property was listed by Jim Knowlton, 303-962-9643, Rob Lawson, 303-962-9537, & Chris Knowlton, 303-962-9566, of Pinnacle Real Estate Advisors for $4.6M. Out of the 42 units, 39 have been renovated with new appliances, light fixtures, granite countertops and new floors. There are 33 one-bedroom units @ 650 sf with an average rental rate of $806 per month. The nine two-bedroom, one-bath units @ 800 sf average $1,067 per month. According to the listing broker’s brochure, the expenses are estimated at $2,813 per door but have a pro forma of $3,503 per door, which reflects higher maintenance cost and management cost. With vacancy estimated at 7% and excluding reserves, the cap rate is estimated to be slightly over 7.15%.

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.