1145 Sherman St Denver, CO 80203-2248
- Garden apartment buildings
- 14,361 SF
- 0.14 lot acres
Current Use by Public Records
- Ryan Software Development / Software Company
- The Palisade Apartments / Apartment Complex
Property Details for 1145 Sherman St
- Year built
- 1927
- Construction
- WOOD
- Lot size
- 0.14 lot acres
- Property size
- 14,361 SF
- Zone code
- C-MX-5
- Property type
- Garden apartment buildings
- APN
- 05033-14-013-000
- APU
- 503314013000
Description
This exceptional 48-unit apartment building, known as The Palisade, presents a compelling investment opportunity in Denver, Colorado. Located on the coveted Poet's Row at 1145 Sherman St, zip code 80203, this property boasts a prime location just two blocks from the State Capitol Building. The building, constructed in 1927 and situated on a 6,251 square foot lot, offers 15,579 square feet of space. Currently generating a NOI of $414,096 and a 4.70% cap rate, the pro-forma NOI is projected at $486,701, resulting in a 5.60% pro-forma cap rate. The asking price is $8,750,000, translating to $182,292 per unit and $561 per square foot. The building features 48 efficient studio units, each equipped with original hardwood floors, vinyl windows, gas ranges, and ceiling fans. Recent renovations include updated common areas with new carpeting, a designer paint scheme, new door hardware, and new light fixtures. On-site amenities include laundry facilities and bike storage. The property benefits from a Walk Score of 97 and is zoned C-MX -5. An attractive assumable loan through Chase is available, fixed at 3.53% until May 2029, with a current balance of $4,675,000 and interest-only payments until May 2025. Further rental increases are anticipated with future kitchen and bathroom upgrades. This property offers a blend of historical charm and modern convenience in a highly desirable Denver location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $6,660,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $6,060,000
- 6.5%
- $6,195,000
- 7%
- $5,450,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $6,640,000
- Geo Method
- $5,410,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $5,415,000
- Retail
- $5,210,000
- Mixed-Use
- $5,495,000
- Hospitality
- $5,405,000
- Educational
- $5,135,000
- Residential Income
- $5,730,000
- Energy
- $5,380,000
- Income-Based Land
- $5,970,000
- Food Service
- $6,155,000
Location Insight
- Map
- Local Demand
- City
- Denver
- County
- Denver
- State
- Colorado
- Longitude
- -104.985
- Latitude
- 39.7348
- CBSA code
- 19740
- CBSA name
- DENVER-AURORA, CO METROPOLITAN STATISTICAL AREA
