NorthPeak Commercial Advisors has been retained as the exclusive advisor for the sale of a three-parcel multifamily portfolio in Denver’s University of Denver neighborhood: 2375 E Evans Avenue, 2085 S Josephine Street, and 2001 S Josephine Street, a 26-space parking lot that serves both buildings. The three parcels are offered together for $6,250,000, which is $145,349 per unit.
The portfolio has 43 units in two brick buildings, built in 1928 and 1954, one block east of the DU campus. The same owner has held it for more than 20 years, and this is the first time it has been offered in that period. Both buildings have been well maintained, and their location near campus and neighborhood amenities supports consistent occupancy.
The pricing is compelling. At $145,349 per unit, the portfolio is 11% below the September 2026 sale of a comparable apartment building in DU ($163,502 per unit at a 5.25% cap rate). It is also below 33 of the 39 older-building DU sales since 2014. Comparable buildings on S Josephine traded at this level in 2018.
The income has room to grow. Rents average $937 per unit, against a market of about $1,111. Bringing rents to market and charging for the 26 parking spaces would raise NOI from $312,057 to $406,641. That takes the cap rate from 5.0% to 6.5% on the same purchase price.
Fifteen units are under a Land Use Restriction Agreement (LURA) that expires in February 2032. Its maximum allowable rents are above current market rents, so it does not limit the rent upside, and students generally qualify. Once it expires, the income-qualification and reporting obligations end.
PROPERTY DETAILS PHOTO GALLERY
