1445 Detroit Street

1445 Detroit is a 17-unit apartment building in Denver’s coveted Congress Park neighborhood. The 4-story property features 16 covered parking spaces, which is a rare and valuable amenity in this popular location. The property has been under the same ownership for over twenty years and offers a clear value-add opportunity. The building’s systems are in good working order, including 70-amp electrical service with new GE breaker panels, an upgraded elevator and a new roof installed last summer. The HVAC system has also been upgraded with separate boilers for building heat and domestic hot water. By renovating unit interiors, a new owner maximizes income potential. Similar apartments with full renovations are achieving $1,650/month in the neighborhood. Our analysis proposes a $40,000/unit renovation budget allowing for upgraded kitchens and in-unit laundry.