1440 Columbine St Denver, CO 80206

Property Details for 1440 Columbine St

Year built

1894

Property size

2,994 SF

Property type

Commercial real estate

Description

This stunning, turn-of-the-century converted mansion, located at 1440 Columbine St in Denver, CO 80206, presents a unique multifamily investment opportunity. Boasting three recently renovated units – one studio, one one-bedroom, and one two-bedroom – this property offers an excellent unit mix to maximize rental income. The 2,994 square foot building sits on a 4,500 square foot lot and includes four off-street parking spaces, a significant advantage in this desirable Denver neighborhood. Recent capital improvements, completed within the last five years, include a new roof (2018), a new furnace (2019), and updated vinyl windows throughout. Additional upgrades encompass fresh exterior paint, enhanced landscaping featuring a new retaining wall, and new laundry equipment in the basement. The unfinished basement presents potential for expansion, offering the possibility of additional storage for tenants or even the creation of an extra rental unit. The property's current NOI is $44,489, with a pro-forma NOI of $52,721, and a pro-forma cap rate of 5.00%. The asking price is $1,050,000, representing a price per unit of $350,000 and a price per square foot of $357. This turnkey property, situated near City Park and Congress Park, is ideally suited for an owner-operator seeking a low-maintenance, high-return investment in a prime Denver location. The property is zoned U-RH-3A. This is a rare opportunity to acquire a well-maintained, income-producing asset in a highly sought-after area.