Listing Courtesy of NorthPeak Commercial Advisors, LLC

3390 S Pearl St

Englewood, CO, 80113

$1,720,000

$430 per ft²
$1,720,000
$430 per ft²
Sold
Sold
carpenters-square
4,000 ft²
property_type
Commercial
calendar
Built 1952
**Contact Hunter Schaefer with questions/interest Hunter@NorthPeakCRE.com 925-989-8930. Please do not contact Matt Lewallen. Absolutely no unsupervised walkthroughs** The James at 3390 S Pearl St consists of 6 units built in 1952 with extensive improvements over the last 5 years. Improvements include high end interior finishes and big ticket Cap-Ex items including roof, furnaces, and water heaters. The units are being operated as corporate rentals with an average lease term of 100 days. One unique component of this deal is zoning that legitimately allows for short term rentals (see attached zoning info). The property sits in an A+ location across the street from Swedish Medical Center and Craig Hospital making this a great housing option for traveling nurses or families that want to be near a loved one in long term care. The unit mix is composed of all 1 bedrooms. We analyzed the property a few ways (1) continuing to operate as corporate rentals with 15% management fee to continue generating massive rents, or (2) operating as apartments. Option 1 results in a mid 5 CAP for a renovated property in an A+ location with option 2 being the potential downside of a market rate mid 4 CAP. We have connected with a potential manager who operates in the area and raves about this deal and location given proximity to the hospital. He manages 60 comparable properties and says he could operate this at current rates with a 15% vacancy for a management fee of 15%. He also says corporate rentals would be more profitable and easier than short term rentals. The current lender loves this deal and provided a soft quote of 75% LTV at a rate of 3.5 4% given that the Buyer has strong financials. Given the fact that he has the current loan and financials, we trust he would be able to perform on this.
MLS® ID:
3728600
Listed:
1/17/22
Updated:
7/6/22

Exterior/Building Features

Sewer
Public Sewer

Other Property Details

Taxes
$1849
Tax Frequency
per YEAR
Garage
No
Parking
N
View
N
County
Arapahoe
Pool
No

Property History

Date
Event
Price
Value
5/23/22
Sold
-
-
5/23/22
Price Change
$1,720,000
-4%
3/2/22
Pending
-
-
2/23/22
Active
-
-
1/27/22
Pending
-
-
 

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