1775 Pearl St Denver, CO 80210

Property Details for 1775 Pearl St

Year built

2020

Construction

CONCRETE

Lot size

0.29 lot acres

Zone code

UMS

Property type

High-rise multifamily apartments

APN

05227-25-050-000

APU

522725050000

Description

This exceptional 27-unit apartment building, completed in 2022, presents a compelling investment opportunity in Denver's coveted Platt Park neighborhood. The property boasts 24,905 square feet on a 12,500 square foot lot and features a desirable unit mix: two studios, twenty-one one-bedroom, and four two-bedroom apartments. An underground parking garage provides 17 secure resident parking spaces, supplemented by one additional off-street space. The building is a Class B property with a current NOI of $485,300 and a pro-forma NOI of $516,023, resulting in a 4.43% cap rate and a pro-forma cap rate of 4.71%. The asking price is $10,950,000, translating to $405,555.56 per unit and $439.67 per square foot. Its prime location offers unparalleled convenience, with proximity to highly-rated restaurants (Sushi Den, Kaos Pizzeria, Park Burger, Sweet Cow), Steam Coffee, and various retail establishments. The all-electric building enjoys the benefit of most utilities being paid directly by tenants. This state-of-the-art asset, situated in a highly sought-after area with limited comparable rental options, represents an irreplaceable trophy asset in the heart of central Denver. The permitted zoning is U-MX -2X.