Denver, CO – May 12, 2022 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of 5561-5573 E 70th Ave. and 7011-7023 Holly St., Commerce City CO 80210.
Joe Hornstein and Scott Fetter, Principals at NorthPeak Commercial Advisors, represented the buyer and seller on this transaction.
“This sale was for eight separate income-restricted units in Commerce City. The property features newer construction, two bedroom units with garages for each unit. Like other assets of this nature the owner is required to lease units to qualifying tenants at rates not to exceed specific amounts as determined by Adams CO every year. As a result, this sale price represents above market cash flow to offset the lack of potential appreciation many of our investors are used to achieving. That said, rents will continue to grow and the Buyer has a nice, long lock on their interest rate that was secured before treasuries increased to their present levels.”
-Scott Fetter, NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Scott Fetter at 720-470-3646 or Scott@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Address: 5561-5573 E 70th Ave. and 7011-7023 Holly St., Commerce City CO 80210
- Sale Price: $975,000
- Closed Date: May 10, 2022
- Number of Units: 8
- Property Size: 7,072 SF ($137/SF)
- Property Type: Multifamily
