940-944 Downing St Denver, CO 80218

Property Details for 940-944 Downing St

Year built

1904

Property size

5,839 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 7-unit multifamily property located at 940-944 Downing Street in Denver, Colorado, 80218. The property consists of two adjacent buildings, totaling 5,839 square feet on a 9,375 square foot lot. One building is a fully renovated triplex featuring three units (two 1-bedroom and one 2-bedroom), each boasting oak flooring, custom kitchens with high-end cabinets and concrete countertops. The second building is a four-unit building (two 1-bedroom and two 2-bedroom units), showcasing original hardwood floors and vintage features. The property offers six parking spaces, a rare 1:1 parking ratio. Currently generating a NOI of $92,204, with a pro-forma NOI of $97,319, and a pro-forma cap rate of 5.10%, this property offers significant potential for increased returns. The asking price is $1,900,000 ($325/sq ft and $271,429/unit). A city-approved site development plan from 2020 allows for the addition of three more residential units, six garages, and eight storage units in a carriage house behind the existing buildings. The property benefits from its prime location near Cheesman Park, King Soopers, and various local amenities, ensuring high tenant demand and occupancy. The permitted zoning is G-MU-3. The buildings were constructed in 1904. This presents a unique opportunity to capitalize on immediate cash flow or significantly enhance returns through further development.