CBRE Announces $1.9 Million Sale of a Short-Term Rental Multifamily Property in Denver
23 Jul 2020
CBRE announced the $1.9 million sale of 4000-4010 West Conejos Place, a 4,900-sq.-ft. multifamily property in Denver, Colo. Robert Bratley with CBRE’s Denver office represented the seller, a private local investor, in a sale that closed July 17.
“4000-4010 West Conejos Place has a lodging license allowing short-term rentals, which can significantly increase income, and allowed the property to be sold at a very high price per unit. The property was on the market less than a week before we had a full price offer,” said Robert Bratley, First Vice President, CBRE. “Short-term rentals have made a heroic comeback since the pandemic began in March. By the time this property closed, the occupancy and rates were back up to 80 to 90 percent of their previous levels, which shows the strength and value of properties that can attain a lodging license.”
As the buyer’s first investment property, they plan to run a combination of short-term rentals and long-term apartments.
Located in the Sloan’s Lake neighborhood, the property’s five units include spacious floor plans, stainless steel appliances, custom white cabinets with soft-closed drawers and doors, original hardwood flooring, air conditioning, and ceiling fans. Each unit was fully furnished with high-quality furniture. 4000-4010 West Conejos Place also includes four, one-car garages and two off-street parking spaces.
The property is located near Sloan's Lake Park, Sloan's Tap & Burger, Alamo Drafthouse, Super Target, King Soopers, Joyride Brewing Company and Edgewater Public Market. Additionally, 4000-4010 West Conejos Place is located within a five-minute walk of the Perry light rail station.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.