$1,079,000
$1,100,000
1.9%For more information regarding the value of a property, please contact us for a free consultation.
7 Beds
4 Baths
4,632 SqFt
SOLD DATE : 11/30/2022
Key Details
Sold Price $1,079,000
Property Type Single Family Home
Sub Type Attached Dwelling
Listing Status Sold
Purchase Type For Sale
Square Footage 4,632 sqft
Subdivision Porters Addition
MLS Listing ID 9774116
Sold Date 11/30/22
Style Foursquare/Denver Square
Bedrooms 7
HOA Y/N false
Abv Grd Liv Area 4,632
Originating Board REcolorado
Year Built 1907
Annual Tax Amount $6,292
Lot Size 6,098 Sqft
Acres 0.14
Property Description
1142 N Pearl is located in Capitol Hill, one of Denver's most popular neighborhoods. The unit mix consists of three 2Br/1Ba units and one 1Br/1Ba basement unit. There are eight available parking spaces in the back of the property, as well as a shared laundry room.
Due to this property having approximately 1,100 square foot units, this makes this product type one of a kind in this market. With these unit sizes alone, investors should be able to achieve top of market rents.
By investing approximately $25,000 per unit in renovation, the new owner should be able to achieve a 6% cap rate and a 7.27% cash on cash return. Additionally, there are multiple opportunities to boost income by charging for parking and laundry services, currently which are free to tenants.
Recommended improvements are as follows: Complete Unit Renovations, Capital Expenditure Items (Roof, Decking, Etc.), Landscaping/Curb Appeal.
Location
State CO
County Denver
Area Metro Denver
Zoning G-MU-5
Rooms
Basement Partial
Interior
Heating Forced Air
Exterior
Garage Spaces 8.0
Roof Type Composition
Handicap Access Level Lot
Building
Lot Description Level
Story 2
Sewer City Sewer, Public Sewer
Water City Water
Level or Stories Two
Structure Type Brick/Brick Veneer
New Construction false
Schools
Elementary Schools Dora Moore
Middle Schools Morey
High Schools East
School District Denver 1
Others
Senior Community false
Special Listing Condition Private Owner
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