Small Multifamily Property in Platt Park Sells to Out-of-State Investor
A four-unit, 3,082-square-foot multifamily property, on a 9,040-square-foot lot in Platt Park, has sold for $990,000.
Robert Bratley with CBRE Capital Markets in Denver represented the seller, a local private investor. An out-of-state investor purchased the property in an all-cash transaction with no contingencies that closed in 14 days.
“This property attracted apartment investors and developers alike because of the large lot size in the prestigious Platt Park neighborhood. The area is booming, and there is a limited supply of small rental properties nearby,” stated Bratley. “Many groups considered an extensive value-add strategy, but ultimately the buyer plans to develop new for-sale housing on the site.”
The building, located at 1218-1220 South Sherman Street, is currently a converted mansion at the corner of South Sherman Street and East Arizona Avenue, just south of the I-25/South Broadway interchange. The property is located near the former Gates Rubber plant, a 41-acre site that is undergoing redevelopment. Now coined Broadway Station, the project is one of the largest infill and transit-oriented development sites in Denver.
1218-1220 South Sherman is also located near both the Louisiana & Pearl and Broadway light rail stops. Additionally, the property is a couple blocks from South Pearl Street as well as a Sprouts Farmers Market, Adelitas, Bowman’s, Dos Luces Brewing, Black Project Brewing and Dive Inn.