Sold
Closed
3390 S Pearl St
Englewood CO, 80113
$1,720,000
$430.00 per sqft
Sold
Closed
4,000 sqft
Commercial
Built in 1952
**Contact Hunter Schaefer with questions/interest [email protected] 925-989-8930. Please do not contact Matt Lewallen. Absolutely no unsupervised walkthroughs**
The James at 3390 S Pearl St consists of 6 units built in 1952 with extensive improvements over the last 5 years. Improvements include high end interior finishes and big ticket Cap-Ex items including roof, furnaces, and water heaters. The units are being operated as corporate rentals with an average lease term of 100 days. One unique component of this deal is zoning that legitimately allows for short term rentals (see attached zoning info). The property sits in an A+ location across the street from Swedish Medical Center and Craig Hospital - making this a great housing option for traveling nurses or families that want to be near a loved one in long term care. The unit mix is composed of all 1 bedrooms.
We analyzed the property a few ways - (1) continuing to operate as corporate rentals with 15% management fee to continue generating massive rents, or (2) operating as apartments. Option 1 results in a mid 5 CAP for a renovated property in an A+ location with option 2 being the potential downside of a market rate mid 4 CAP. We have connected with a potential manager who operates in the area and raves about this deal and location given proximity to the hospital. He manages 60 comparable properties and says he could operate this at current rates with a 15% vacancy for a management fee of 15%. He also says corporate rentals would be more profitable and easier than short term rentals. The current lender loves this deal and provided a soft quote of 75% LTV at a rate of 3.5 - 4% given that the Buyer has strong financials. Given the fact that he has the current loan and financials, we trust he would be able to perform on this.
3728600
MLSⓇ ID
January 18, 2022
Listed
October 2, 2024
Updated
Map
3390 S Pearl St
Englewood CO, 80113
Other Property Details
Taxes
$1,849
Tax Frequency
Annually
Garage
No
Parking Total
0
View
No
County
Arapahoe
Pool
No
Listing History
Date | Event | Price |
|---|---|---|
5/12/2023 | Sold | $1,720,000 |
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