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477 N Pennsylvania St 4 Unit Apartment Building $675,000 ($168,750/Unit) 5.15% Cap Rate Denver, CO 80203
EXECUTIVE SUMMARY
477 Pennsylvania St. offers an exceptional value-add opportunity in the heart of Denver’s Alamo Placita Historic District. Priced to sell, this charming 4-unit building consists of three 1-bedroom apartments and one studio. Each residence offers comfortable layouts with strong rental demand driven by the property’s central location near Broadway, Speer, Downtown and Cherry Creek. Well-maintained under the same ownership since 1996, the property presents clear upside for a new owner to add value through upgrades to the apartments or a complete reconfiguration of the building. Surrounded by historic homes on a quiet block, it’s priced accordingly for those seeking either a stable 4-unit
investment or the opportunity to reimagine it as a signature single-family residence.
investment or the opportunity to reimagine it as a signature single-family residence.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$51,900
|
$22.94
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,557
|
$0.69
|
| Effective Gross Income |
$50,343
|
$22.26
|
| Taxes |
$4,206
|
$1.86
|
| Operating Expenses |
$11,367
|
$5.03
|
| Total Expenses |
$15,573
|
$6.88
|
| Net Operating Income |
$34,770
|
$15.37
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $51,900 |
| Annual Per SF | $22.94 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,557 |
| Annual Per SF | $0.69 |
| Effective Gross Income | |
|---|---|
| Annual | $50,343 |
| Annual Per SF | $22.26 |
| Taxes | |
|---|---|
| Annual | $4,206 |
| Annual Per SF | $1.86 |
| Operating Expenses | |
|---|---|
| Annual | $11,367 |
| Annual Per SF | $5.03 |
| Total Expenses | |
|---|---|
| Annual | $15,573 |
| Annual Per SF | $6.88 |
| Net Operating Income | |
|---|---|
| Annual | $34,770 |
| Annual Per SF | $15.37 |
PROPERTY FACTS Under Contract
| Price | $675,000 | Apartment Style | Low-Rise |
| Price Per Unit | $168,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 5.15% | Building Size | 2,262 SF |
| No. Units | 4 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1908 |
| Zoning | U-SU-B1 | ||
| Price | $675,000 |
| Price Per Unit | $168,750 |
| Sale Type | Investment |
| Cap Rate | 5.15% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 2,262 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1908 |
| Zoning | U-SU-B1 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,350 | 500 |
| Studios | 1 | $725.00 | 400 |
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