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CHRIS KNOWLTONAssociate Advisor303.962.9566
For more information, please contact:
Pinnacle Real Estate Advisors, LLC1 Broadway #A300, Denver, CO 80203303.962.9555 | www.PinnacleREA.com
JIM KNOWLTONPrincipal303.962.9543
ROBERT LAWSONPrincipal303.962.9537
• One-of-a-Kind Historic Mansion with 6 Additional Rental Units
• Great Unit Mix: (1) Studio, (3) 1BD, (2) 2BD, (1) 4BD
• Turn-Key Trophy Asset at Only $213/SF
• Off-Street Parking and Garages Available
• Newer Roof and Boilers
• Prime Capitol Hill Location
• Walking Distance to Cheesman Park
Sale Price: $2,300,000Property Features:
FOR SALE 1003 Corona Street
Denver, Colorado 80218
FINANCIAL ANALYSIS:UNIT MIX AND AVERAGE RENT SCHEDULE:
# Units Unit Type Est. Size Current Proforma 1 1 Bed 1 Bath 600 $1,420 $1,450 1 1 Bed 1 Bath 600 $1,375 $1,375 1 1 Bed 1 Bath 750 $1,525 $1,525 1 2 Bed 1 Bath 900 $1,795 $1,850 1 2 Bed 2 Bath 1,600 $1,800 $2,000 1 4 Bed 2.5 Bath 5,500 $5,500 $5,700 1 Studio 200 $720 $720 7 10,150 $14,135 $14,620
OPERATING DATA:INCOME Current ProformaGross Rental Income: $169,620 $175,440 Vacancy Allowance (3%): $(5,089) $(5,263)Effective Rental Income: $164,531 $170,177 Other Income: Parking ($50/space): $0 $3,600 Fees/Other/Misc (est): $4,737 $4,737 Gross Operating Income: $169,268 $178,513 ESTIMATED EXPENSES:Property Tax: $10,940 $10,940 Property Insurance: $4,609 $4,609 Utilities: $15,168 $15,168 Trash: $1,339 $1,339 Repairs & Maintenance (Est.$1250/unit): $8,750 $8,750 Management (Current/Est. at 5% of ERI): $14,672 $8,509 Misc: $398 $398 Total Expenses: $55,876 $49,713 Expenses per Unit: $7,982 $7,102Net Operating Income: $113,392 $128,801 FINANCIAL ANALYSIS:
Current ProformaNOI: $113,392 $128,801 Projected Debt Service: $(93,584) $(93,584)Before Tax Cash Flow: $19,809 $35,217 CAP Rate: 4.93% 5.60%Cash-on-Cash Return: 2.46% 4.37%Principal Reduction (yr. 1): $23,069 $23,069 Total Return: 5.3% 7.2%
INVESTMENT SUMMARY:List Price: $2,300,000Price/Unit: $328,571Price/SF: $213
PROPOSED FINANCING:Loan Amount (65%): $1,495,000Down Payment (35%): $805,000Interest Rate: 4.75%Amortization: 30 years
For more information, please contact:
CHRIS KNOWLTONAssociate [email protected]
ROBERT [email protected]
FOR SALE 1003 Corona Street
Denver, Colorado 80218
Property OverviewYear Built: 1906Building GSF: 10,916Lot Size: 10,937Zoning: G-MU-3Roof: FlatHVAC: BoilerParking: 6 Off-Street
4 Garages
Nestled into the core of Central Denver, this property is ideally situated in the sought after Capitol Hill neighborhood. Amenities within walking distance include Cheesman Park, Congress Park, multiple music venues on Colfax Avenue, and many of the city’s top eateries on 17th Avenue dubbed “Restaurant Row”. The building is also located a short distance from Saint Joseph Hospital, Presbyterian St-Lukes Medical Center, the Denver Zoo, East High School, which is Denver’s top rated public high school, and a very short 6 minute driving commute to Downtown, Cherry Creek, and I-70.
Area Overview
COLFAX AVENUE
CO
LO
RA
DO
BO
UL
EV
AR
D
8TH AVENUE
BR
OA
DW
AY
CENTRAL BUSINESSDISTRICT
CHEESMANPARK
CITY PARK
CITY PARKGOLF COURSE
DENVER ZOO
17TH AVENUE EASTHIGH
SCHOOL
Pinnacle Real Estate Advisors, LLCOne Broadway Ste A300 | Denver, Colorado 80203 | 303.962.9555 | www.PinnacleREA.com
For more information, please contact:
CHRIS KNOWLTONAssociate [email protected]
ROBERT [email protected]
© 2016 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable.However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.
1003 Corona StreetDenver, CO
CONGRESSPARK
FOR SALE 1003 Corona Street
Denver, Colorado 80218
Pinnacle Real Estate Advisors, LLCOne Broadway Ste A300 | Denver, Colorado 80203 | 303.962.9555 | www.PinnacleREA.com
For more information, please contact:
CHRIS KNOWLTONAssociate [email protected]
ROBERT [email protected]
© 2016 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable.However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.
FOR SALE 1003 Corona Street
Denver, Colorado 80218