Price reduced! Don't miss your chance at a piece of Denver!! The Doolittle House was built in 1897. This renovated home has 6 apartments from studios to 3 bedroom units on a full corner lot of 6250 square feet zoned G-MU-5 (build 5 stories-no historical designation). Adorable original features include historic moldings, large windows, curved wooded three story staircase high ceilings, wood floors, and all updated kitchens and baths. it is currently not on a historic registry and the building has no permitted parking assigned to it.
This location is perfect for in-fill development to either scrape and build up to 14 units or add a second building or addition to rear adding 4+ units. Combining the current building into a remodel and ending with 8 - 2 & 3 bedroom mid-end rental units would serve well here. Property does not qualify for any parking variances that we know of, so that could be a challenge to development over 8 units total without scraping and redeveloping entire lot.
Historical income supports the listing price at 5.5% cap rate. Rents were not raised in late 2019 or 2020, so there is room for value add there. Current financing with 30-40% down at a low interest rate would be approved by local banks. Please see the detailed listing package provided in additional disclosures or request one from the listing agent! This will include a full video tour of each unit.