The Birney — Sale in Denver, CO

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Denver, CO 80203

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Investment Figures

Cap rate
4.04%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present 1550 Pennsylvania Street, The Birney, a well maintained 25-unit apartment community located in the Capitol Hill neighborhood in the thriving city of Denver, Colorado. Originally constructed in 1950, the property boasts an immense amount of historical charm from the early 1950’s. The property offers its tenants 25 large one-bedroom/one-bathroom units measuring around 640 square feet. The interior of the units feature hardwood floors, original built in kitchen cabinets, tile countertops, gas ranges, large closets, ceiling fans and tile surrounds in bathroom. Other recent capital renovations include a newer boiler, water heater and a recent overlay on the roof. In the basement, there are three large storage rooms that can be converted to amenity space which could include a gym, game room, storage lockers or resident lounge. The Birney places residents within walking distance to many of Denver’s best amenities. Civic Center Park sits 0.5 miles away and Denver’s Central Business District is 0.9 miles from The Birney. Civic Center Park is one of the most well-maintained parks Denver has to offer, providing outdoor activities such as biking, volleyball, running and yearly festivals. The Birney is one block from Colfax, which hosts a vast assortment of bars, shops, restaurants, and music venues. The neighborhood is highly sought after by Denver apartment residents and investors alike due to the historic charm and unique characteristics. The investment appeal of The Birney is driven by strong employment fundamentals, low vacancy levels, and an especially strong expanding rental demand in Capitol Hill. This well-located asset, just minutes from downtown Denver, presents an attractive choice for central Colorado renters. Investment Highlights: • Value Add Opportunity in Capitol Hill • Newer Boiler (2000), New Windows, New Water Heater (2021), Roof Overlay (2019) • Walkable to Retail, Bars, Breweries, and Resturants

Market Context

This multifamily in Denver, CO is listed for sale. It is offered at an approximate 4.0% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Denver, CO — view the full market.

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