Historic 40-Unit Multifamily Property in Denver Sells for $10M
The historic Wolcott apartment community located at 1410 N Marion St. and 1321 E 14th Ave., Denver, has sold for $10 million.
The buyer, an unnamed investment group, consisting of a local investor and a Southern California investor, is planning extensive renovations for the 40 apartments within the turn-of-the-century former school buildings. Greg Johnson and Conner Piretti of NorthPeak Commercial Advisors represented the buyer and seller in this transaction.
“The seller had owned the property for over 40 years and was excited to find a new owner ready to care for this property that is a significant piece of the neighborhood’s colorful history,” stated Johnson.
- Address: 1410 N Marion St. & 1321 E 14th Ave., Denver, 80218
- Sale Price: $10M
- Closed Date: May 9, 2023
- Property Size: 53,044 SF ($188/SF)
- Units: 40 ($250,000/Unit)
- Cap Rate: 4.4%
Founded by Mrs. Anna Wolcott Vaile in 1898, The historic Wolcott was once an elite private boarding and day school for girls seeking higher education, including first lady, Mamie Eisenhower, and Margaret “Molly” Brown’s daughter, Helen Brown.
A building that was once complete with a gymnasium, auditorium, bowling alley, clubhouse, a small library, and even an attached school home, now holds over forty apartments varying from studios, one, two, and three-bedroom units!
Located in the Cheesman Park neighborhood, this building is surrounded by vintage residential homes and buildings but is also nearby many of today’s popular local restaurants, bars, and coffee shops, like The Mansion, Thump Coffee, and The Corner Beet.