4000-4010 West Conejos Place, a 4,900-square-foot multifamily property in Denver, has sold for $1.9 million. The sale signals a growing trend in short-term rental property investment.
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 backup 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, SuperTarget, 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.
Photo courtesy of CBRE
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July 24, 2020 at 12:39AM
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Short-Term Rental Community in Denver Sells for $1.9M - milehighcre.com
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