1142 N Pearl is located in Capitol Hill, one of Denver's most popular neighborhoods. The unit mix consists of three 2Br/1Ba units and one 1Br/1Ba basement unit. There are eight available parking spaces in the back of the property, as well as a shared laundry room.
Due to this property having approximately 1,100 square foot units, this makes this product type one of a kind in this market. With these unit sizes alone, investors should be able to achieve top of market rents.
By investing approximately $25,000 per unit in renovation, the new owner should be able to achieve a 6% cap rate and a 7.27% cash on cash return. Additionally, there are multiple opportunities to boost income by charging for parking and laundry services, currently which are free to tenants.
Recommended improvements are as follows: Complete Unit Renovations, Capital Expenditure Items (Roof, Decking, Etc.), Landscaping/Curb Appeal.