Outside Walkup Priced Below Central Denver Comps

Greg Johnson and Kyle Malnati at Calibrate Real Estate have an investment opportunity priced below recent comparable sales transacted in 2017. The Campus Club apartments are located at 2035 South Josephine Street and are offered for sale at $173,750/unit.

2035 South Josephine Street

“Outside walkup” apartment buildings are a popular style of construction in Denver’s multifamily market. There are hundreds of these buildings across the Denver metro area. The outside walkup was built in Central Denver predominantly from 1965-1970 until changes in zoning/building code and the cost of land made it prohibitive to build in the City/County of Denver. After development of outside walkup apartment buildings diminished in Central Denver, developers built the outside walkup building model across the rest of the Denver metro area.

As all of Denver’s multifamily rental market has appreciated, the sale prices for outside walkup style apartment buildings has also increased. During the first half of 2017, outside walkups have sold at an average price of $198,621/unit! Five buildings contributed to this statistic, and the details of these five sales are provided below.

833 Emerson Street
Sale Price: $187,500/unit
– Sale Date: 6/7/17
– 20-unit Outside Walkup

833 Emerson Street

410 Delaware Street
– Sale Price: $211,765/unit
– Sale Date: 4/5/17
– 17-unit Outside Walkup

410 Delaware Street

245 Bannock Street
– Sale Price: $216,667/unit
– Sale Date: 3/15/17
– 15-unit Outside Walkup

245 Bannock Street

1335 Gaylord Street
– Sale Price: $191,409/unit
– Sale Date: 2/28/17
– 17-unit Outside Walkup

1335 Gaylord Street

About Calibrate Real Estate:
Calibrate Real Estate, LLC, is a Denver-based commercial real estate brokerage company specializing in apartment building brokerage services and investment sales. The firm is led by Kyle Malnati and Greg Johnson and is dedicated to serving clients that own apartment buildings in Central Denver with a focus on precision, excellence and determination in the market. For more information, visit CalibrateRE.com.

# # #

Kyle Malnati (Kyle@CalibrateRE.com)
Greg Johnson (Greg@CalibrateRE.com)
www.DenverApartmentBuildingsForSale.com

 

Calibrate Real Estate
900 East Louisiana Avenue #203, Denver, CO 80210
www.CalibrateRE.com
303-482-2828

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