$1,249,000
Awesome covered-land play opportunity! This exceptional corner lot offers a fantastic development opportunity on a 9,370-square-foot site with U-RH-3A zoning, ideally located just one block from the coveted Sloan's Lake Park.
The existing units benefit from strong rental demand, quick leasing, and phenomenal tenant retention, making this an attractive opportunity for both immediate income and future development potential.
Adding to the appeal, the City of Denver plans to invest $50 million in improvements to Sloan’s Lake, including shoreline restoration and water-quality improvements. These significant enhancements are expected to further improve the surrounding area and enhance the long-term appeal of the property.
Immediate income upside: Two family members currently occupy two of the units at below-market rents. Bringing both units to market rents supports an estimated 4.5% cap rate.
The family member occupying the two-bedroom unit is vacating by the end of October, creating an opportunity to increase annual rental income by more than $7,500.
The family member residing at 1591 Utica is currently on a 30-day notice at a discounted rental rate. Bringing this unit to market rent could increase annual income by more than $9,000.
With strong existing rental performance, significant near-term income upside, desirable zoning, and a prime location near Sloan’s Lake, this property presents an excellent combination of current cash flow and future development potential.
Showing Instructions: Listing agent Will McKinlay must be present for all showings. Please provide tenants with at least 24 hours’ notice prior to any showing.
5
Beds
⋅
4
Baths
⋅
4673068
MLS
4500 W 16th Ave, Denver
Courtesy of Capital Property Group LLC . wmckinlay@capitalpropgroup.com
