1258 Marion Street: Denver Apartment Building Sale (Cheesman Park)

SOLD today! The Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson of Madison & Company Properties represented the Buyer in their purchase of a 12-unit apartment building that is located in the Cheesman Park neighborhood. The property’s address is 1258 Marion Street, Denver, CO 80218.

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NEIGHBORHOOD NAME: Cheesman Park
BUILDING NAME: Clarke House
ADDRESS: 1258 Marion Street, Denver, CO 80218
SALE PRICE: $1,530,000 (LIST PRICE: $1,550,000)
SALE DATE: 9/30/2014
BUILDING SIZE: 7,739 SF
LOT SIZE: 6,250 SF
PARKING: 4 Spaces
YEAR BUILT: 1960
# OF UNITS: 12
UNIT MIX: 10-1Br/1Ba, 2-Studio
PRICE/UNIT: $127,500
PRICE/SF: $197.70
CAP RATE: 2.71% (actual)*
*Cap Rate based on 2013 end-of-year expenses and the September annualized rent roll*

1258 Marion Street was sold by a local couple that owned the property for over nineteen years. The Clarke House is definitely a “diamond in the rough” as the building is located in a fabulous urban neighborhood, Cheesman Park, but the building will need some “polishing” to maximize its full potential. FYI: A “diamond in the rough” is a diamond in it’s natural or “rough state” can be a quite plain and ordinary looking stone but underneath lies a beautiful glittering valuable gem. The Buyer is a local investor that will gut and remodel every apartment with the assistance of Cornerstone Apartment Services, a local real estate management company that also assists with construction projects for its clients.

Special thanks to our transaction team:
TITLE: Brianna Hern and Nichole Tinsley – Stewart Title
TRANSACTION MANGER: Valerie Latham – Madison & Company Properties
LENDER: Tim Kelly – First Bank

~Kyle Malnati

For more information about this apartment building sale in Denver’s Cheesman Park neighborhood or other Colorado commercial real estate transactions, please contact:

Madison Commercial Properties
About: Madison Commercial Properties is a Denver-based commercial real estate firm specializing in apartment brokerage and investment sales in central Denver. Managed by Kyle Malnati and Greg Johnson, Madison Commercial Properties is a division of Madison & Co. Properties. For more information, please visit http://www.DenverApartmentBuildingsForSale.com or http://www.madisonprops.com.

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Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850