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Multifamily

St. Cloud Apartments

2805 E 16th Ave, Denver, CO 80206

Listing Price: $3,750,000

Cap Rate
3.40%
Number of Units
15
Occupancy
95.0%
Price/Unit
$250,000
Price/Gross SF
$457.32
Gross SF
8,200

Investment Overview

Marcus & Millichap is pleased to offer the St. Cloud Apartments, located in the City Park neighborhood of Denver, Colorado. St. Cloud Apartments consists of 3 studio units and 12 one-bedroom units. This well maintained building was built in 1891 as a grand hotel. Amenities include 11’ ceilings, wood floors, tall windows, sweeping staircases, on-site laundry, storage lockers, bike storage, and three outdoor balconies. Many units feature historic details including claw-foot tubs, built-in cabinets, exposed brick, and expansive bay windows. Since 2012, six of the units have been remodeled to include dishwashers, disposals, upgraded cabinets, and newer kitchen countertops. Numerous capital improvements have been made recently including electrical and plumbing upgrades, newer boilers for heat and hot water, and stairs/fire escape in rear of building.

Investment Highlights

  • Estimates a conservative cost/premium of $15,000 / $265 (21% ROI). Comparable properties in the submarket are renting for considerable premiums allowing predictable upside to an investor.
  • Most notably, areas such as Uptown Restaurant Row, Cherry Creek Shopping Center, Union Station, Larimer Square, and Denver's 16th Street Mall are all within a 15-minute drive of the St. Cloud.
  • St. Cloud is located minutes from downtown Denver, which currently boasts over 184,400 jobs. Fortune 500 companies BP, Wells Fargo, TransAmerica, CenturyLink and DaVita are all located downtown.

Exclusively Listed By

Multifamily

St. Cloud Apartments

Listing Price: $3,750,000

Cap Rate
3.40%
Number of Units
15
Occupancy
95.0%
Price/Unit
$250,000
Price/Gross SF
$457.32
Gross SF
8,200

Investment Highlights

  • Estimates a conservative cost/premium of $15,000 / $265 (21% ROI). Comparable properties in the submarket are renting for considerable premiums allowing predictable upside to an investor.
  • Most notably, areas such as Uptown Restaurant Row, Cherry Creek Shopping Center, Union Station, Larimer Square, and Denver's 16th Street Mall are all within a 15-minute drive of the St. Cloud.
  • St. Cloud is located minutes from downtown Denver, which currently boasts over 184,400 jobs. Fortune 500 companies BP, Wells Fargo, TransAmerica, CenturyLink and DaVita are all located downtown.

Investment Overview

Marcus & Millichap is pleased to offer the St. Cloud Apartments, located in the City Park neighborhood of Denver, Colorado. St. Cloud Apartments consists of 3 studio units and 12 one-bedroom units. This well maintained building was built in 1891 as a grand hotel. Amenities include 11’ ceilings, wood floors, tall windows, sweeping staircases, on-site laundry, storage lockers, bike storage, and three outdoor balconies. Many units feature historic details including claw-foot tubs, built-in cabinets, exposed brick, and expansive bay windows. Since 2012, six of the units have been remodeled to include dishwashers, disposals, upgraded cabinets, and newer kitchen countertops. Numerous capital improvements have been made recently including electrical and plumbing upgrades, newer boilers for heat and hot water, and stairs/fire escape in rear of building.

Exclusively Listed By

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