Downing Square Apartments | 3280 Downing St
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Downing Square Apartments 3280 Downing St
50 Unit Block of Flats £8,415,750 (£168,315/Unit) 5.82% Net Initial Yield Denver, CO 80205
Executive Summary
The Downing Square Apartments is an impressive property that houses 50 apartment units of which 40 are one-bedroom and 10 are two-bedroom units. Situated in the vibrant neighborhoods of RiNo and Five Points, this LIHTC property also features five commercial units on the ground floor. The property currently has a Low-Income Housing Tax Credit Land Use Restriction Agreement in place that is nearing expiration in approximately five years. The reason this deal is so attractive is it offers great cashflow with a 5.99% cash on cash return with immediate upside. This property affords the ability to convert the property to market rate tenants upon expiration of the rental restriction agreement. With 1998 construction being offered at $199 $/ft this property is an opportunity to obtain a great basis in a rapidly changing neighborhood.
Property Facts Under Contract
| Price | £8,415,750 | Property Subtype | Apartment |
| Price Per Unit | £168,315 | Apartment Style | Mid Rise |
| Sale Type | Investment | Building Class | B |
| Net Initial Yield | 5.82% | Lot Size | 0.75 AC |
| Gross Rent Multiplier | 9.49 | Building Size | 52,650 SF |
| No. Units | 50 | Number of Floors | 4 |
| Property Type | Residential | Year Built | 1998 |
| Price | £8,415,750 |
| Price Per Unit | £168,315 |
| Sale Type | Investment |
| Net Initial Yield | 5.82% |
| Gross Rent Multiplier | 9.49 |
| No. Units | 50 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.75 AC |
| Building Size | 52,650 SF |
| Number of Floors | 4 |
| Year Built | 1998 |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 40 | - | 700 |
| 2+1 | 10 | - | 850 |
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Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (98)
zoning
| Zoning Code | C-MS-5 |
| C-MS-5 |
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Downing Square Apartments | 3280 Downing St
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