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Browse More Listings in Multifamily For Sale, Denver, CO or Colorado

Multifamily Property For Sale

Franklin Flats

1338 Franklin Street, Denver, CO 80218

Price:
$1,650,000
No. Units:
17
Building Size:
9,456 SF
Price/Unit:
$97,058.82
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
6.50%
No. Stories:
3
Year Built:
1966
Find Out More...

Last Verified 11/9/2009 Listing ID 16424850

Highlights

Upgraded Units with Contemporary Finishes
Coveted Cheesman Park Location
New Appliances and Hardwood Floors

Low-Maintenance Building with Premium Rents
Charming Street with Historic Homes

Description

Franklin Flats offer an exceptional opportunity to own a fully-renovated building less than one block from Denver' s Cheesman Park. The building is truly in turn-key condition following a complete renovation of the property over the past year. The renovation has dramatically improved rents and occupancy, and has reduced operational and maintenance costs.

Following renovation, the property has consistently earned premium rents, with units renting above $1.50 per square foot. Residents are drawn to the quality fixtures and features of the apartments. The property provides the look and feel of newly-constructed properties, at a fraction of the monthly rents charged in Lower Downtown (LoDo). Due to the gap in pricing, rents can be raised at Franklin Flats as the rental market strengthens.

The renovation of the property included installation of hardwood floors, counters and sinks, premium lighting and upgraded kitchen appliances. The common areas were improved with tasteful landscaping, a wireless Internet system, and security gates with an electronic entry system. High-efficiency laundry machines were installed in 2009 and the property retains 100% of the laundry income.

Surrounded by historic homes and mansions, the property is set on one of the most handsome blocks in the Cheesman Park neighborhood. The neighborhood is popular with active and affluent renters because of its proximity to downtown and the Cherry Creek shopping district, its collection of local taverns and restaurants, and the 81 acres of open space in Cheesman Park.

This is a solid investment for an investor seeking a true turn-key opportunity. The property is offered at a 6.5% CAP rate based on current performance. The strength of the property' s location, excellent condition and financial stability make this an ideal opportunity to own a premium investment.

Financial Summary

Unit Mix Information

Debt & Equity Information

Actual
Scheduled Gross Income
$161,615
Effective Gross Income
$153,827
Operating Expenses
$46,559
Net Operating Income
$107,268
Pre-Tax Cash Flow
$18,712

Description	No. Units	Avg. Mo. Rent	Sq. Ft.
Two Bedroom, One Bath	1	$950	646
One Bedroom, One Bath	6	$780	557
One Bedroom, One Bath	10	$736	480

Map of 1338 Franklin Street, Denver, CO 80218 (Denver County)

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Presented by

Cornerstone Apartment Services, Inc.

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Contact Listing Broker

Greg Johnson (303) 333-1999

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Created 10/8/2009

Additional Information for 1338 Franklin Street, Denver, CO 80218

Active For Sale - 1 Listing
Active For Lease - 0 Listing
Previously Listed - 0 Historic Listing
Sales Comparables Available - 2 RecentSales Records

View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.

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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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Multifamily Property For Sale - Franklin Flats

1338 Franklin Street, Denver, CO, 80218