Denver 14-Unit Multifamily Asset Sells for $1.4M
Denver, CO — Unique Apartment Group (UAG), multifamily division of Unique Properties, Inc., recently represented the seller and buyer of a 14-unit multifamily asset located at 1520 Wabash Street in Denver, CO. The property sold for $1,440,000 or $102,857 per unit. The transaction closed on June 13, 2016.
1520 Wabash Street has 14,050 net rentable square feet and a unit mix of 1 studio, 3 one bedroom units, 6 two bedroom units and 4 three bedroom units. The property is just one block from Colfax Avenue, centrally located between Downtown Denver, Lowry Redevelopment and Denver International Airport. Constructed in 1948, the property is a three story brick building that had been well maintained. Prior to the sale, the seller had installed a new high efficiency boiler to lower property expenses. The buyer intends to hold the property long term for future cash flow.
Photo courtesy of Unique Properties, Inc.