1135 Lipan St Denver, CO 80204

Property Details for 1135 Lipan St

Year built

1943

Property size

3,306 SF

Property type

Apartment buildings

Description

This exceptional six-unit apartment building, located at 1135-1139 Lipan Street in Denver, Colorado's vibrant Lincoln Park neighborhood, presents a compelling investment opportunity. Built in 1943, this Class C multifamily property boasts 3,306 square feet on a 6,250 square foot lot. The building comprises four one-bedroom units and two larger one-bedroom units, each offering unique vintage charm. An attractive feature is the one-to-one off-street parking ratio, a valuable asset in this desirable location. Residents enjoy the convenience of a shared laundry facility. The property benefits from recent renovations to several units and significant system upgrades, including updated wiring and plumbing. Currently generating a NOI of $70,553, representing a 5.32% cap rate, the property's pro-forma NOI is projected at $83,477, indicating a 6.30% pro-forma cap rate. The asking price is $1,325,000, translating to $220,833 per unit and $400.79 per square foot. Below-market rents present a significant opportunity to increase profitability. This property's prime location offers easy access to a variety of local amenities, including restaurants, shops, and entertainment venues. This is a rare chance to acquire a well-maintained, income-producing asset in a thriving Denver neighborhood.