Marcus and Millichap has been chosen to exclusively market for sale Penn Row Townhomes, 3531-3539 Pennsylvania Street, located in Englewood. The property consists of twelve (12) two-bedroom/three-bathroom units measuring 1,777 SF. They property features modern finishes, hardwood floors, islands, stainless steel appliances, glass shower enclosures, ceiling fans, and dishwashers. In addition, each unit will have a rooftop patio, balconies, and two-car garages.
The Penn Rows Townhomes is a unique opportunity for an investor to capitalize on a few different factors: each of the units will be separately deeded which will allow an owner to sell them off one-by-one for a huge upside in profit, the unit will be delivered completely new with warranties (roof, 2-10, boiler, windows, etc) eliminating any capital expenditures for the next 5-10 years, this project is located in an opportunity zone and allows an investor to completely eliminate capital gains taxes if the property is held for 10 years.
The Englewood area is rapidly expanding and has a lack of rental properties. As one of the lowest vacancy submarkets in Denver, rents are increasing because there are only 149 new units being delivered. The Penn Rows are one block from Swedish Hospital which employs over 2,000 employees and is one of only three level 1 trauma centers in Colorado. “Swedish Hospital is the only center in the world that dedicates its care to the management of vascular malformation in all anatomic locations” (Wikipedia).
Residents are near many walkable amenities This pocket of Englewood boasts an assortment of shopping options and bars as well as restaurants like Cochino Taco, Undici Italian Ristorante, Caribou Coffee, and Cherry Hills Sushi. The neighborhood is highly sought after by apartment dwellers due to the hospital, its easy access to South Broadway, and Downtown Englewood.
The investment appeal of this asset is driven by the strong employment fundamentals, low vacancy levels, and rapidly expanding rental demand in Englewood, CO. This well-located asset is just minutes from downtown Denver, within walking distance to Swedish, and located directly between the major employment centers of Downtown and the Denver Tech Center, presenting an attractive choice for central Colorado renters.
