Property Description

3251-3263 Olive St. is an attractive 6-unit apartment building located in the Park Hill neighborhood of Denver. The building features (5) 2Bd / 1Ba and (1) 3Bd / 1Ba units situated in a side-by-side layout which is always preferred by both tenants and investors. The property is currently 100% occupied with proven stability of income. This listing boasts a current 6.8% cap rate on real income and expenses. With modest rent increases, investors can improve this to a 7.3% cap rate.

Current ownership completed a full overhaul of the property in 2016 including a new roof, full electrical upgrade, new plumbing throughout, new furnaces, in-unit laundry, and full unit remodels. All units have their own gas (separate furnaces) and electric meters which reduce ownership expenses. Tenants enjoy access to their private laundry, 7 parking spaces for the 6 units, and 4 of the units having access to fenced in back yards. For the right investor, this is a high cash flowing deal with no deferred maintenance in a great neighborhood of Denver.

Highlights:

Full property renovation in 2016 including new: roof, full electrical upgrade, furnaces, in-unit laundry, plumbing throughout, and full unit remodels
Premium 2bedroom and 3bedroom floor plans with in-unit laundry
Separately metered for both gas and electric which tenants pay directly
High returns on day 1 of ownership - 6.8% cap rate!
Attractive Park Hill location