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127 N Pearl St 6 Unit Apartment Building Offered at $1,200,000 at a 4.28% Cap Rate Denver, CO 80203
Investment Highlights
- Price reduced by 20% | All units at below market rents
- Attractive unit mix where 1-bedroom layouts comprise 83.3% of the property.
- The 80203 zip code boasts a $77,500 median income and a median age of 33.1.
- Walk Score of 96 and Bike Score of 98 provide tenants with premier, car-free access.
- Spanning 650 to 700 square feet, these units provide up to a 100-square-foot premium over competing mid-century buildings.
- Situated in the Speer neighborhood, the asset bridges Downtown Denver and Cherry Creek.
Executive Summary
This 3,750 SF, 6-unit multi-family asset, located at 127 N Pearl St, offers an exceptional combination of physical size advantages, urban connectivity, and investor upside . Built in 1922, the property has been kept in excellent condition, with units getting new kitchen appliances, repainting the property, getting a new roof, and replacing the windows in all units except 1 in 2019.
Located a block and a half off Speer Blvd, this property boasts an exceptional Walk Score of 96, highlighting its prime location within a highly walkable neighborhood. With easy access to pedestrian-friendly streets, the site bene{ts from consistent foot traffic. Additionally, the property offers a Bike Score of 98, making it ideal for cyclists with nearby bike lanes . Exceptional transportation options are also within reach, including Speer Boulevard, which provides seamless regional connectivity to Downtown Denver and Cherry Creek.
Backed by a high-income demographic profile where 51% of households earn over $75,000 annually, the property offers a dependable platform for long-term occupancy and continued income growth. Speer neighborhood boasts the highest population of 25-44 year olds in any neighborhood in Denver. Over 70% of tenants in the area rent rather than own.
127 North Pearl Street offers a home-like feel in a vintage neighborhood surrounded by the cities greatest amenities. Proximity to major employer corridors and easy access to I-25 makes this property the perfect fit for young renters.
Pearl is a perfect opportunity for an investor looking to build equity over a 3-5 year period. With Speer's rental market showcasing small units renting for more than the larger quiet units at 127 N Pearl, an owner will be able to focus on growing the income stream with regular rent increases and marking rents to market as they become available Leveraging the track record of care from the current owner, a local owner adding to their portfolio, a family building equity for the next generation, or a Millenial/ Gen Z looking to make an initial investment in a neighborhood they'd live in will find success in this property.
Located a block and a half off Speer Blvd, this property boasts an exceptional Walk Score of 96, highlighting its prime location within a highly walkable neighborhood. With easy access to pedestrian-friendly streets, the site bene{ts from consistent foot traffic. Additionally, the property offers a Bike Score of 98, making it ideal for cyclists with nearby bike lanes . Exceptional transportation options are also within reach, including Speer Boulevard, which provides seamless regional connectivity to Downtown Denver and Cherry Creek.
Backed by a high-income demographic profile where 51% of households earn over $75,000 annually, the property offers a dependable platform for long-term occupancy and continued income growth. Speer neighborhood boasts the highest population of 25-44 year olds in any neighborhood in Denver. Over 70% of tenants in the area rent rather than own.
127 North Pearl Street offers a home-like feel in a vintage neighborhood surrounded by the cities greatest amenities. Proximity to major employer corridors and easy access to I-25 makes this property the perfect fit for young renters.
Pearl is a perfect opportunity for an investor looking to build equity over a 3-5 year period. With Speer's rental market showcasing small units renting for more than the larger quiet units at 127 N Pearl, an owner will be able to focus on growing the income stream with regular rent increases and marking rents to market as they become available Leveraging the track record of care from the current owner, a local owner adding to their portfolio, a family building equity for the next generation, or a Millenial/ Gen Z looking to make an initial investment in a neighborhood they'd live in will find success in this property.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 400 - 550 |
| 1+1 | 5 | - | 450 - 650 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 5101-25-015 | Improvements Assessment | $26,850 |
| Land Assessment | $26,850 | Total Assessment | $81,800 |
Property Taxes
Parcel Number
5101-25-015
Land Assessment
$26,850
Improvements Assessment
$26,850
Total Assessment
$81,800
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127 N Pearl St