1159 Corona St Denver, CO 80218-2822
This fully renovated, seven-unit apartment building in Denver's vibrant Capitol Hill neighborhood presents a compelling investment opportunity. Boasting 4,075 square feet, the property features a desirable mix of studio, one-bedroom, and two-bedroom units, each benefiting from recent plumbing replacements and updated fixtures. Significant capital improvements exceeding $350,000 have been completed, including a new roof (2019), new windows, a brand-new boiler control system, upgraded landscaping, and the installation of on-site laundry facilities (2020) and a security camera system (5 cameras). The building's prime location offers easy access to Cheesman Park, Downtown Denver's employment hub, and a wealth of nearby retail options, including Ideal Market, Potager, and King Soopers. With a 92 Walk Score ("Walker's Paradise"), this property attracts high-quality tenants. Currently generating a Pro-Forma NOI of $112,084 and a Pro-Forma Cap Rate of 5.60%, the below-market rents offer significant potential for increased cash flow through future rent adjustments. The asking price is $2,000,000, representing a price per unit of $285,714.29 and a price per square foot of $490.80. Built in 1900 and extensively renovated in 2023, this property is a turnkey investment ready for immediate income generation and long-term appreciation. The ample parking ratio for central Denver further enhances its appeal.
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G-MU-3 Multi Unit 3 G-MU-5 Multi Unit 5 G-MU-8 Multi Unit 8 G-MU-12 Multi Unit 12 G-MU-20 Multi Unit 20 G-RO-3 Residential Office 3 G-RO-5 Residential Office 5 G-MX-3 Mixed Use 3 G-RX-3 Residential Mixed Use 3 G-RX-5 Residential Mixed Use 5 G-MS-3 Main Street 3 G-MS-5 Main Street 5 SE CTION 6.2.2 RESIDENTIAL DISTRICTS (G-RH-3, G-MU-3 TO -20, G-RO-3, G-RO-5)…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
G-MU-3 · Denver, COG-MU-3 Multi Unit 3 G-MU-5 Multi Unit 5 G-MU-8 Multi Unit 8 G-MU-12 Multi Unit 12 G-MU-20 Multi Unit 20 G-RO-3 Residential Office 3 G-RO-5 Residential Office 5 G-MX-3 Mixed Use 3 G-RX-3 Residential Mixed Use 3 G-RX-5 Residential Mixed Use 5 G-MS-3 Main Street 3 G-MS-5 Main Street 5 SE CTION 6.2.2 RESIDENTIAL DISTRICTS (G-RH-3, G-MU-3 TO -20, G-RO-3, G-RO-5) 6.2.2.1 General Purpose A. The intent of the Residential districts is to promote and protect higher density residential neighborhoods within the character of the General Urban Neighborhood Context. These regulations allow for multi-unit districts with a variety of residential building forms. B. The building form standards, design standards, and uses work together to promote safe, active, pedestrian-scaled residential areas. The standards accommodate the pattern of urban house, duplex, row house, garden court, and apartment. Buildings orient to the street and access is from the alley. Lot coverage is typically high accommodating a consistent, shallow front yard. C. These standards recognize the variation within the General Urban Neighborhood Context and provide eight Residential Zone Districts. The lowest-scale districts with a maximum height of three stories provide a transition to Urban and Urban Edge Neighborhood Contexts. The highest-scale districts with a maximum height of 12 and 20 stories promote a dense, urban residential character where appropriate. The Residential Office (RO) districts provide opportunities for residential and offices uses in low to moderate scale residential building forms. D. The regulations provide a consistent framework to property owners, developers, and neighborhood residents to reinforce desired development patterns, encourage affordable housing, and accommodate reinvestment in residential districts. 6.2.2.2 Specific Intent A. Row House 3 (G-RH-3)
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.