Details

Property Description

Rare West Wash Park fourplex priced below recent comps. 768 S Lincoln St offers four renovated units in one of Denver's most sought-after rental neighborhoods, at $237, 500 per unit against a recent comparable-sale average of more than $340, 000 per unit.

The building has a history of staying full, with strong, consistent rental demand. The unit mix is two 2-bed / 1-bath units and two 1-bed / 1-bath units. The units were renovated with updated kitchens and baths, so a new owner has minimal near-term capital needs. Current rents produce a 5.50% cap rate at list price, with upside to a 6.04% pro forma as rents move to market.

Location drives the demand. The property is just a short walk from the I-25 and Broadway light rail station, one of Denver's busiest transit hubs, and close to Washington Park, the South Broadway shops and restaurants, and quick routes to Downtown and I-25. Residents also have off-street parking, on-site laundry, basement storage and a fenced shared patio.

A turnkey, fully leased asset with in-place income and room to grow, well suited to a 1031 exchange or a first step into small multifamily. Offering memorandum, rent roll and financials available upon request. Please do not disturb tenants. All showings by appointment with listing broker only.