Just Sold: Two-Building Multifamily Portfolio in Denver, CO Closes for $4,000,000

Address: 1050-1058 Pearl St., Denver, CO 80203
Sale Price: $4,000,000
Close Date: September 6, 2024
Total Units: 22 ($181,818/Unit)
Property Size: 17,258 SF ($232/SF)
Property Type: Multifamily

Denver, CO – September 10, 2024 – NorthPeak Commercial Advisors is pleased to announce the sale of 1050-1058 Pearl St., Denver, CO 80203.

Dan Hawthorne of NorthPeak Commercial Advisors worked with the buyer in this transaction.

“In 2022, these two buildings were appraised at $5.5M, reflecting the peak of the market. However, current conditions show a significant shift, with inventory levels remaining high and many properties not reaching the closing table. This portfolio exemplifies the market’s adjustment, where properties are typically being discounted by 15% to 30% from their 2021-2022 values. Priced at $4M, this represents a 27% discount from the market’s peak two years ago.

I had the pleasure of securing these properties for my client, who stands to benefit significantly given their favorable purchase price and the excellent condition of both buildings. These properties have been carefully maintained over multiple generations, reflecting the pride and care of the previous owners. The buyers plan to renovate majority of the units while preserving the buildings’ historical integrity, alongside upgrading the electrical systems and replacing all galvanized plumbing.”
– Dan Hawthorne, NorthPeak Commercial Advisors.

For more information on this investment or current market conditions, please contact Dan Hawthorne at (406) 531-4246 or Dan@NorthPeakCRE.com.