RARE ON MARKET OR IN THIS INSTANCE EXTREMELY OFF THE MARKET MULTI-FAMILY ASSET IN DENVER, COLORADO. 380 UNITS THAT HAVE A WHOPPER OF AN ASSUMABLE LOAN OF $43,000,000 AT 4% INTEREST
PURCHASE PRICE PER THE SELLER OF $81,700,000 PLUS THE BUYER PAID 3% REAL ESTATE COMMISSION POF NEEDED
SUBJECT PROPERTY ADDRESS:
CEDAR RUN APARTMENTS: 888 SOUTH ONEIDA STREET, DENVER, COLORADO 80224
DISCLOSURE: ONCE THE BUYER RECEIVES AND REVIEWS THIS LOADED OFFERING MEMORANDUM (OM), TO GET THE SELLER INVOLVED TO MOVE FORWARD, THE BUYER "MUST" PARTICIPATE. .
CEDAR RUN APARTMENTS IN DENVER
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COMMENTS, STATISTICS, FACTS AND FIGURES FROM THE OWNERSHIP GROUP:
Based on comps analysis, the average price per unit is $315,000, while the highest and lowest prices per unit are $335,000 and $210,000, respectively.
Among the information provided, please recognize Comps. 12 and 13. The referenced properties’ are equally identical to the subject with respect to location and vintage; however, the comps were traded for “substantially higher” than the subject’s asking (Comp 12 was sold on 5/2022 for $213,000/unit and Comp 13 was sold on 10/2022 for $210,000/unit).
Separately, be advised (disclosure) that there was a fire in one of the buildings in early January of 2023. Because of the fire, ownership had to vacate the buildings that were home to 62 units for 9 months. Please note that the 2023 NOI of $3,310,000 may not be a factor in looking at this deal because it reflects loss of revenue due to fire for several months that the units were not in operation.
Ownership confirmed that the building is now fully restored, occupied, and better than new. When annualizing the December NOI of $360,000, we’d get a trailing NOI of $4,300,000, which at $81,700,000, would be a 5.3% cap rate. Consider the in-place debt to be assumed of $43,000,000; this is a pretty appealing opportunity.
The subject consists of over 380 units (a mix of one- and two-bedroom units)
Building size: 630,00+ sf on over 14 acres of land
Year built/last renovation: 1969–2019
Occupancy: 95% (actual and current)
Over $5,000,000 done in recent CapEx
There is an assumable loan at 4%
Amenities include: Outdoor & Indoor Swimming Pools, Fitness Center, Business Center, Volleyball, Indoor Racquetball & Basketball Court, Playground & Park, Clubhouse, Picnic Area, Laundry Facilities in Every Building, Elevator, 24/7 Emergency Maintenance
Centrally located near restaurants, shops, markets, schools, country clubs and golf courses, Garland Park, Denver International Airport, the I-25, I-225 and Route 83
The property is a 30-minute drive to Downtown Denver
Ample parking spaces
ideal 1031 exchange opportunity
