68 Sherman: Denver Apartment Building Sale (Wash Park)

Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold a 12-unit apartment building yesterday in the West Washington Park neighborhood. The property is located at 68 Sherman Street, Denver, CO 80203.

68 Sherman St. – OLD Marketing Brochure (2014)

NEIGHBORHOOD NAME: West Washington Park
PROPERTY NAME: Sherman Street Condos
ADDRESS: 68 Sherman Street, Denver, CO 80203
SALE PRICE: $1,780,000 (LIST PRICE: $1,750,000)
SALE DATE: 11/13/2014
BUILDING SIZE:  8,910* SF
LOT SIZE: 6,140* SF
PARKING: 4 Spaces
# OF UNITS: 12
UNIT MIX: 11-1Br/1Ba, 1-Studio
PRICE/UNIT: $148,334
PRICE/SF: $199.78
CAP RATE: 5.17% (actual)
CAP RATE: 5.93% (projected)

*Reader to verify accuracy of square footage*

68 Sherman St.

68 Sherman St.

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68 Sherman Gallery

PROPERTY HIGHLIGHTS:
– Extensive Renovation in 2001
– Dishwashers in Every Unit
– Updated Flooring
– Vinyl Double-Pane Windows
– Seller-Owned Laundry
– 4 Reserved Off-Street Parking Spaces
– Coveted West Wash Park Location
– Walking Distance to Local Restaurants and Entertainment

LOCAL INVESTOR EXCHANGES GREENHOUSE INTO APARTMENT INVESTMENT

DENVER, December 5, 2014 – Greg Johnson and Kyle Malnati of Madison Commercial Properties announce the sale of the apartment building located at 68 Sherman Street in Denver’s West Washington Park neighborhood.  The sale price of $1,780,000 equates to nearly $150,000/unit.

The veteran brokerage team of Kyle Malnati and Greg Johnson, represented both the Seller and Buyer in the sale.  This was their second successful transaction for the Buyer this year, having previously brokered a similar 12-unit building to them in August.

“Our client expressed a clear preference for updated and well-maintained properties,” commented Mr. Johnson.  “This property was a perfect fit.”

The Buyers came to Malnati and Johnson seeking multi-family opportunities after they received an offer for the greenhouse they owned in Boulder County.  “Our clients were in the floral greenhouse business for many years, but chose to sell that property because the marijuana industry has caused greenhouse values to skyrocket,” explained Mr. Malnati.  “We helped them turn the sale of their greenhouse into two successful apartment purchases.”

Malnati and Johnson had listed the property for sale, and generated several competing offers for the property.  “In the end, the Buyers were willing to pay the highest price.  They have a terrific building that will be easy to operate,” added Mr. Johnson.

About Madison Commercial Properties

Madison Commercial Properties is a Denver-based commercial real estate group 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 www.madisonprops.com or www.DenverApartmentBuildingsForSale.com.

Kyle Malnati (303-358-4250)
Greg Johnson (303-343-8333)
Madison & Company Properties
1221 S. Clarkson St. #300, Denver, CO 80210
http://www.DenverApartmentBuildingsForSale.com
kmalnati@MadisonProps.com
gjohnson@MadisonProps.com
http://www.MadisonProps.com