700 Pearl St Denver, CO 80209

Property Details for 700 Pearl St

Year built

1906

Lot size

3,125.00 lot acres

Property size

6,754 SF

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building, located at 700 S Pearl St in Denver, Colorado, presents a compelling investment opportunity. Built in 1906 and situated on a substantial 3.125-acre lot, the property boasts 6,754 square feet and offers a compelling blend of historical charm and modern potential. Currently configured as nine one-bedroom apartments and a ground-floor commercial suite, the building benefits from a strong location within Denver's West Washington Park neighborhood, just six blocks from Washington Park, the RTD D Light Rail, and a Whole Foods Market. The property has been meticulously maintained under the same family ownership for over 40 years, providing a stable rental history and a solid foundation for future growth. The current Net Operating Income (NOI) is $109,410, with a pro-forma NOI of $110,584, yielding a 5.30% cap rate. The asking price is $2,050,000, or $205,000 per unit, and the property is zoned U-MS-2. Significant rental upside potential exists through strategic renovations and lease adjustments. Surrounded by thriving local businesses, including numerous eateries and coffee shops, this property offers a unique combination of historical significance, strong cash flow, and substantial future appreciation potential in a highly desirable Denver neighborhood. The building's prime location and established tenant base make it an ideal investment for both seasoned and emerging real estate investors seeking a stable and appreciating asset in a vibrant urban setting.