Fourplex Multifamily Property Provides Entry Point for Investor
1101 North Emerson, a 4-unit apartment property located at 1101 N. Emerson Street in Denver, according to Skyler G. Cooper, regional manager of the firm’s Denver office. The asset sold for $1,242,500 to an undisclosed buyer.
Boomer Beatty and Peter Standley, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, an individual investor. According to Beatty, this property type is becoming an increasingly sought-after entry point for new investors. Fourplexes can be easily self-managed and allow for 30-year fixed rate financing.
“Pricing in the four-unit market continues to shift upwards,” Beatty said.
This property includes three large 1/1 bath units and one two-story 5/2 bath unit that is over 2,000 square feet. The units include exposed brick walls, plentiful natural light, tall ceilings, original hardwood floors, original wood work, patios, decks, and incredible historical charm. Just a few blocks from Cheesman Park, the property is surrounded by bars, nightlife, restaurants, and shopping in the Capitol Hill neighborhood.
In this case, the buyer is considering converting the property into condos. The process involves obtaining the necessary permits, condo mapping, renovation costs and setting up a home owner’s organization. The process, in turn, adds value for a future re-sale on a per-unit basis.
Photo courtesy of Marcus & Millichap