City Lofts is an excellent entry level investment opportunity that is ideally located next to the University of Denver. The 8-Unit Apartment building has professional management in place or new ownership can choose to self-manage and create additional returns. Recent property improvements combined with the overall low maintenance, will allow new ownership to focus on increasing rents to market rates, creating a true value add opportunity in the next 6-12 months.
2456 S York Street
City Lofts is a two-story, garden-style building located in southeast Denver just ½ block from the University of Denver. Built in 1955, common area features consist of an attractive blonde brick exterior, newer vinyl windows and staircases, pitched asphalt roof, central boiler system and 1/1 off-street parking. City Lofts features eight large studio units with approximately 400 square feet of living space. There are four units on the main level and four units on the second level. A shared laundry facility, which is owned by the Seller, is located on the main level of the building. Each unit contains a full-size kitchen and bathroom, spacious living area with built in desk and hardwood floors. Additional storage space is provided to residents on the second level.
The mechanical system includes a central cast iron boiler with a newer pump, control valves and many other newer components including a new separate domestic hot water heater. Residents are responsible for paying their own electric to Xcel Energy via individual meters, while the owner currently pays for heat, water, sewer and trash services. Rental rates at City Lofts are below market, which will allow new ownership the ability to create value by increasing rents to market rates within the next 6-12 months.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx
1331 17th Street, Suite 550
Denver, CO 80202 // T. 303.689.8312
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