Congress Park Three-Story Brick Four-Plex with Attractive Mix of Two Bedroom and Studio Apartments
Pricing
$1,100,000.00
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Price: $1,100,000.00
Price per Sq ft: 289
Projected Net Income: $64,539
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Property Location
1483 Detroit Street
Denver, CO 80206
Features
Units: 4
Bedrooms: 6
Bathrooms: 6
Contact Information
Noreen Doyle, Realtor
 303-525-4440
FIVE STAR PROFESSIONAL Real Estate Agent for 2010 - 2018.
20+ Years of Happy, Referring Clients
PROPERTY SUMMARY:
-Built in 1896, three-story brick four-plex building has covered front porch & balcony with city views
Unit mix:
1. Two bedroom, two bath on 1st floor with private entrance
2. Two bedroom, two bath on 2nd floor with balcony with city views
3. Studio, one bath on 3rd floor
4. Studio, one bath on basement level
-Great opportunity for owner occupant or investor
-Rare four car detached garage
-Fenced yard with greenhouse
-Coin-operated laundry on basement level
-Hardwood, tile and carpet floors
-HVAC System is gas hot water boiler
-One master meter for gas and electric
-Utilities, water, and sewer are paid for by landlord
-Pitched composite shingle roof
-Extra storage room in basement
-Total square feet: 3,801
-Lot size square feet: 6,250
-Inclusions: Four refrigerators, four stoves, coin-operated washer and coin-operated dryer
-Exclusions: Tenant’s belongings
-Historic Congress Park Neighborhood
-Building SqFt - 3,801 & Lot SqFt - 6,250
-ReColorado MLS No. 8347169
-Several blocks walk to City Park
-Wonderful public transportation options
-Colfax Shopping District has restaurants, coffee shops, pubs, diners, movie theater, shopping and Tattered Cover Bookstore at your door step
-Walk Score: 84

UNIT MIX AND AVERAGE RENT SCHEDULE


PROFORMA RENT DATA
Unit 1: 2 Br/2Ba-1st Fl - Proforma Rent - $2,400
Unit 2: 2 Br/2Ba-2nd Fl - Proforma Rent - $2,200
Unit 3: Studio/1 Ba-3rd Fl - Proforma Rent - $1,200
Unit 4: Studio/1 Ba-Basement - Proforma Rent - $1,100

RENT DATA FOR 2017
Unit 1: 2 Br/2Ba-1st Fl - Current Rent - $1,200
Unit 2: 2 Br/2Ba-2nd Fl - Current Rent - $1,375
Unit 3: Studio/1 Ba-3rd Fl - Current Rent - $650
Unit 4: Studio/1 Ba-Basement - Current Rent - $650

OPERATING DATA

PROFORMA OPERATING DATA
INCOME
Gross Annual Rent - Proforma - $81,600
Vacancy Allowance - Proforma - $1,632
Net Rental Income - Proforma - $79,968
Laundry Income – Proforma - $80,568
EXPENSES
Cleaning & Maintenance - Proforma - $1,632
Property Insurance - Proforma - $4,300
Repairs - Proforma - $1,632
Taxes - Proforma - $3,914
Utilities - Proforma - $2,957
Water & Sewer - Proforma - $984
Total Expenses - Proforma - $15,419
NET OPERATING INCOME - Proforma - $64,539 

OPERATING DATA FOR 2017
INCOME
Gross Annual Rent for 2017 - $46,500
Vacancy Allowance for 2017 - $0
Net Rental Income for 2017- $46,500
EXPENSES
Cleaning & Maintenance for 2017 - $2,303
Property Insurance for 2017 - $4,226
Repairs for 2017 - $6,608
Taxes for 2017 - $3,497
Utilities for 2017 - $2,957
Water & Sewer for 2017 - $984
Total Expenses for 2017 - $20,035
NET OPERATING INCOME for 2017 - $26,465

PROFORMA FINANCIAL ANALYSIS

CAP Rate – Proforma – 5.87%
Cash-on-Cash Return – 23.47%
Total Rate of Return – 7.27%

CONGRESS PARK
Congress Park started as Denver's first city nursery in 1903. Denver's first landscape architect, Reinhard Schuetze, imported a variety of tree saplings and started the nursery to care for them. When the original Congress Park was renamed Cheesman Park in 1907, then the city nursery area was dubbed Congress Park because of the streets named after our nation’s presidents. Today, the park offers playgrounds, tennis courts and an outdoor swimming pool.

Architecture in the Congress Park neighborhood varies widely from Arts and Crafts bungalows and Tudor homes to Denver Squares and Victorians homes, most of which are built of brick. Congress Park neighborhood is bordered on the east by Colorado Boulevard, the north by Colfax Avenue, the west by Josephine Street and the south by Sixth Avenue. This includes one of the most prestigious stretches of historic Seventh Avenue Parkway, which boasts an array of mansions with architectural styles ranging from Mission to Dutch Colonial and from Mediterranean to Victorian.

Congress Park offers the best of city living but with a quiet, neighborhood feel. You can easily walk to the Denver Botanic Gardens, City Park, Cheesman Park Cherry Creek North, or the Denver Zoo. Relax at Jazz in the Park, hit a few golf balls at the City Park Golf Course, visit the Denver Zoo or visit Denver Museum of Nature and Science. Or you can pick up a Bicycle just a few blocks away and you can cycle through the neighborhood. The Denver Recreation Center will feature state of the art facilities and equipment. There are great restaurants, cafes and coffee shops within steps from your door both on Colfax and 12th Avenue. You are down the street from Marczyk’s, Sprouts, Trader Joe’s, Safeway and Whole Foods. You are one mile from Cherry Creek North and the Cherry Creek Mall, which features over 270 boutiques and retail shops as well as dining and drinking. You are two miles from Downtown and Union Station for dining, drinking, sports events and entertainment events. Congress Park is the 8th most walkable neighborhood with a Walk Score of 82, Transit Score of 52 and Bike Score of 87. Most errands can be accomplished on foot in Congress Park. 

INTERNET
Website: http://www.1483detroitst.com/
Virtual Tour: https://tours.goodkarmaphoto.com/public/vtour/display/1118046?a=1
YouTube Videos: 



PROPERTY DOCUMENTS
Operating Data - https://drive.google.com/open?id=1V0aubTzSe33P6x6zuscSHVNbyb7ztBfQ


Square Footage Sketch Map –
https://drive.google.com/open?id=10OqnThx1gtsFPJytHj_Q4Swa7jk1O7iF

Flyer –
https://drive.google.com/open?id=1JUHERMLT5FLGJK6Q6qluGb4Y7B6qOB3f 

All information in this site is deemed reliable but is not guaranteed and is subject to change