Top Producer in 2009, Multifamily “Heavy Hitter” in 2008 ...
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MADISON something different. Central Denver Apartment Market Report Kyle Malnati - Principal 2011 — 3rd Quarter Central Denver Neighborhoods In order to provide you, the apartment owner, with detailed and relevant information, I have divided the Central Den- ver area into five distinct neighborhoods. This allows us to focus on trends within a specific neighborhood and not rely on Metro Denver’s generalized statistics. Although this requires more work and research, I be- lieve that property owners in our market will appreciate and can benefit from the more accurate information. FEATURED LISTING 40 Units $60,000/unit! Capitol Hill Corner Lot Diverse Unit Mix Denver is fortunate to have an active apartment sales market. Interest rates are low and rents are consistently in- creasing due to decade-low vacancy rates. Are you thinking, “is now the right time to sell?” Often the best time to consider selling is when operations are good. It’s hard to make that deci- sion because you want to reap the short-term rewards that we have been waiting for. The market currently has amazing Buyer demand. This month I had a listing get 2 offers within the first week on the market. Both offers got accepted (one primary position and the other in back-up) Here are some key statistics about the apartment market in Central Denver: Multifamily Mortgage Interest Rates: (as of September 21, 2011) 4.40% fixed for 3 years 4.65% fixed for 5 years 4.84% fixed for 7 years Kyle Malnati Madison Commercial Properties, LTD 1221 S. Clarkson St. Ste.300 W: 303-771-3850 C: 303-358-4250 [email protected] www.DenverApartmentBuildingsForSale.com Kyle Malnati Principal Hi, I am Kyle Malnati, a commercial real estate broker specializing in multifamily and investment sales. I am a Principal and co-Owner of Madison & Company Properties which is a respected and established boutique firm located in Central Denver. I have been fortunate to experience many successes in my brokerage career which includes the following awards: Company Top Producer in 2009, Multifamily “Heavy Hitter” in 2008, 2009, and 2010, Young Broker “Heavy Hitter” in 2008, and Company Rookie of the Year in 2007. I originally got my start in commercial real estate on the “ground floor” as a Transaction Manager for another established brokerage team in Denver, and I personally oversaw the successful closing of more than $69,000,000 in investment real estate in two years. I attribute my career accomplishments to keeping focused on my clients’ goals, having wonderful mentors, working hard, and becoming an industry specialist. I graduated from the University of Wyoming in 2004 with a B.S. in Finance and a Minor in Banking and Financial Services while serving as a Student Senator and as President of my fraternity. Malnati Recent Sales SOLD: 11/10/2010 1526 Milwaukee St. Price: $475,000 Units: 6 Price/SF: $89.96 Price/Unit: $79,166 Cap Rate: 8.20% Lender: 1st Bank SOLD: 1/7/2011 150 S. Clarkson St. Price: $1,800,000 Units: 25 Price/SF: $134.47 Price/Unit: $72,000 Cap Rate: 6.12% Lender: N/A Cash SOLD: 12/20/2010 760-770 E. 11th Ave. Price: $1,020,000 Units: 13 Price/SF: $105.85 Price/Unit: $78,461 Cap Rate: 7.94% Lender: Steele Street SOLD: 1/14/2011 2401-15 Stout St. Price: $1,110,000 Units: 17 Price/SF: $106.39 Price/Unit: $65,294 Cap Rate: 6.98% Lender: 1st Bank SOLD: 3/21/2011 835 S. Quebec St. Price: $1,450,000 Units: 34 Price/SF: $71.59 Price/Unit: $42,647 Cap Rate: 8.87% Lender: 1st Bank SOLD: 5/17/2011 1159 Corona St. Price: $399,000 Units: 7 Price/SF: $107.14 Price/Unit: $57,000 Cap Rate: 8.47% Lender: Steele Street SOLD: 8/9/2011 1301 E. 33rd Ave. Price: $795,000 Units: 15 Price/SF: $74.02 Price/Unit: $53,000 Cap Rate: 8.09% Lender: 1st Bank SOLD: 8/16/2011 2509 Tremont Pl. Price: $1,425,000 Units: 19 Price/SF:$72.61 Price/Unit: $75,000 Cap Rate: 8.19% Lender: 1st Bank NEW LISTING 1050 Emerson St. Price: $995,000 Units: 10 Price/SF:$159.60 Price/Unit: $99,500 UNDER CONTRACT 1328 Corona St. Price: $915,000 Units: 10 Price/SF:$166.00 Price/Unit: $91,500 UNDER CONTRACT 1300-14 Ames St. Price: $398,000 Units: 8 Price/SF: $84.61 Price/Unit: $49,750 UNDER CONTRACT 1628 Colorado Blvd. Price: $325,000 Units: 5 Price/SF: $73.53 Price/Unit: $65,000 NEW LISTING 1590 Xavier Price: $2,525,000 Units: 36 Price/SF: $104.55 Price/Unit: $70,139 NEW LISTING 231 Logan St. Price: $925,000 Units: 11 Price/SF: $198.00 Price/Unit: $94,090 Call (303-358-4250) or email ([email protected]) me if you need to sell or buy an apartment building in Denver. I am always happy to also provide you with a FREE, detailed analysis showing what your property could sell for TODAY. Issue #19 NEW LISTING 917 E. 13th Ave. Price: $485,000 Units: 5 Price/SF: $96.04 Price/Unit: $97,000 www.DenverApartmentBuildingsForSale.com www.DenverApartmentBuildingsForSale.com MADISON COMMERCIAL PROPERTIES, LTD The purpose of this newsletter is to provide insight on the direction of the market, and to recap the apartment transactions occurring in the 1st Quarter of 2011 and the 2nd Quarter of 2011 in Central Denver’s neighborhoods. This newsletter is the 19th issue of a quar- terly publication which focuses exclusively on the apartment market in Central Denver. The Central Denver Apartment Market Report is an ongoing service provided by Kyle Malnati.
Transcript of Top Producer in 2009, Multifamily “Heavy Hitter” in 2008 ...
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Central Denver Apartment Market Report
Kyle Malnati - Principal
2011 — 3rd Quarter Central Denver Neighborhoods In order to provide you, the apartment owner, with detailed and relevant information, I have divided the Central Den-ver area into five distinct neighborhoods. This allows us to focus on trends within a specific neighborhood and not rely on Metro Denver’s generalized statistics. Although this requires more work and research, I be-lieve that property owners in our market will appreciate and can benefit from the more accurate information.
FEATURED LISTING
40 Units $60,000/unit! Capitol Hill Corner Lot Diverse Unit Mix
Denver is fortunate to have an active apartment sales market. Interest rates are low and rents are consistently in-creasing due to decade-low vacancy rates. Are you thinking, “is now the right time to sell?” Often the best time to consider selling is when operations are good. It’s hard to make that deci-sion because you want to reap the short-term rewards that we have been waiting for. The market currently has amazing Buyer demand. This month I had a listing get 2 offers within the first week on the market. Both offers got accepted (one primary position and the other in back-up) Here are some key statistics about the apartment market in Central Denver: Multifamily Mortgage Interest Rates:
(as of September 21, 2011) 4.40% fixed for 3 years 4.65% fixed for 5 years 4.84% fixed for 7 years
Kyle Malnati Madison Commercial Properties, LTD 1221 S. Clarkson St. Ste.300 W: 303-771-3850 C: 303-358-4250 [email protected] www.DenverApartmentBuildingsForSale.com
Kyle Malnati Principal
Hi, I am Kyle Malnati, a commercial real estate broker specializing in multifamily and investment sales. I am a Principal and co-Owner of Madison & Company Properties which is a respected and established boutique firm located in Central Denver. I have been fortunate to experience many successes in my brokerage career which includes the following awards: Company Top Producer in 2009, Multifamily “Heavy Hitter” in 2008, 2009, and 2010, Young Broker “Heavy Hitter” in 2008, and Company Rookie of the Year in 2007. I originally got my start in commercial real estate on the “ground floor” as a Transaction Manager for another established brokerage team in Denver, and I personally oversaw the successful closing of more than $69,000,000 in investment real estate in two years. I attribute my career accomplishments to keeping focused on my clients’ goals, having wonderful mentors, working hard, and becoming an industry specialist. I graduated from the University of Wyoming in 2004 with a B.S. in Finance and a Minor in Banking and Financial Services while serving as a Student Senator and as President of my fraternity.
Malnati Recent Sales SOLD: 11/10/2010 1526 Milwaukee St. Price: $475,000 Units: 6 Price/SF: $89.96 Price/Unit: $79,166 Cap Rate: 8.20% Lender: 1st Bank
SOLD: 1/7/2011 150 S. Clarkson St. Price: $1,800,000 Units: 25 Price/SF: $134.47 Price/Unit: $72,000 Cap Rate: 6.12% Lender: N/A Cash
SOLD: 12/20/2010 760-770 E. 11th Ave. Price: $1,020,000 Units: 13 Price/SF: $105.85 Price/Unit: $78,461 Cap Rate: 7.94% Lender: Steele Street
SOLD: 1/14/2011 2401-15 Stout St. Price: $1,110,000 Units: 17 Price/SF: $106.39 Price/Unit: $65,294 Cap Rate: 6.98% Lender: 1st Bank
SOLD: 3/21/2011 835 S. Quebec St. Price: $1,450,000 Units: 34 Price/SF: $71.59 Price/Unit: $42,647 Cap Rate: 8.87% Lender: 1st Bank
SOLD: 5/17/2011 1159 Corona St. Price: $399,000 Units: 7 Price/SF: $107.14 Price/Unit: $57,000 Cap Rate: 8.47% Lender: Steele Street
SOLD: 8/9/2011 1301 E. 33rd Ave. Price: $795,000 Units: 15 Price/SF: $74.02 Price/Unit: $53,000 Cap Rate: 8.09% Lender: 1st Bank
SOLD: 8/16/2011 2509 Tremont Pl. Price: $1,425,000 Units: 19 Price/SF:$72.61 Price/Unit: $75,000 Cap Rate: 8.19% Lender: 1st Bank
NEW LISTING 1050 Emerson St. Price: $995,000 Units: 10 Price/SF:$159.60 Price/Unit: $99,500
UNDER CONTRACT 1328 Corona St. Price: $915,000 Units: 10 Price/SF:$166.00 Price/Unit: $91,500
UNDER CONTRACT 1300-14 Ames St. Price: $398,000 Units: 8 Price/SF: $84.61 Price/Unit: $49,750
UNDER CONTRACT 1628 Colorado Blvd. Price: $325,000 Units: 5 Price/SF: $73.53 Price/Unit: $65,000
NEW LISTING 1590 Xavier Price: $2,525,000 Units: 36 Price/SF: $104.55 Price/Unit: $70,139
NEW LISTING 231 Logan St. Price: $925,000 Units: 11 Price/SF: $198.00 Price/Unit: $94,090
Call (303-358-4250) or email ([email protected]) me if you need to sell or buy an apartment building in Denver. I am always happy to also provide you with a FREE, detailed analysis showing what your property could sell for TODAY.
Issue #19
NEW LISTING 917 E. 13th Ave. Price: $485,000 Units: 5 Price/SF: $96.04 Price/Unit: $97,000
www.DenverApartmentBuildingsForSale.com
www.DenverApartmentBuildingsForSale.com
MADISON COMMERCIAL PROPERTIES, LTD
The purpose of this newsletter is to provide insight on the direction of the market, and to recap the apartment transactions occurring in the 1st Quarter of 2011 and the 2nd Quarter of 2011 in Central Denver’s neighborhoods. This newsletter is the 19th issue of a quar-terly publication which focuses exclusively on the apartment market in Central Denver. The Central Denver Apartment Market Report is an ongoing service provided by Kyle Malnati.
Central Denver Neighborhoods Neighborhood Sales - 1st Quarter 2011 & 2nd Quarter 2011: Uptown Sales: 3 properties sold: Averages - $86.61/SF - $62,542/unit Area Description: Bounded by Broadway, Colorado Blvd., 20th Ave. & Colfax Ave.
Washington Park Sales: 4 properties sold: Averages - $112.40/SF - $62,527/unit Area Description: Bounded by Broadway, University Blvd., Speer Blvd. & Mississippi Ave.
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1221 South Clarkson Street
Suite 300
Denver, Colorado 80210
Main: (303) 771-3850
Fax: (720) 836-6595
www.MadisonProps.com
MADISON COMMERCIAL PROPERTIES, LTD
Central Denver Neighborhoods Neighborhood Sales - 1st Quarter 2011 & 2nd Quarter 2011: Capitol Hill Sales: 7 properties sold: Averages - $90.31/SF - $67,850/unit Area Description: Bounded by Broadway, York St., Colfax Ave. & 8th Ave
Congress Park Sales: 4 properties sold: Averages - $110.13/SF - $70,106/unit Area Description: Bounded by York St., Colorado Blvd., Colfax Ave. & 8th Ave.
Governor’s Park Sales: 0 properties sold: Averages - $0/SF - $0/unit Area Description: Bounded by Broadway, Speer Blvd., Corona St. & 8th Ave.
5/272011 1671 Washington St. Price: $1,250,000 Units: 24 Price/SF: $114.22 Price/Unit: $52,083
IMPORTANT: The provided statistics were obtained from CoStar and are assumed reliable, but not guaranteed. Kyle Malnati can provide you with a FREE, detailed analysis showing what your property could sell for TODAY. Statistical data can be extremely skewed without a large enough sample size. Even when statistics are correctly applied, the results can be difficult to interpret since they do not take into account important factors such as: unit mix, condo conversion potential, year of construction, and property condition.
IMPORTANT: The provided statistics were obtained from CoStar and are assumed reliable, but not guaranteed. Kyle Malnati can provide you with a FREE, detailed analysis showing what your property could sell for TODAY. Statistical data can be extremely skewed without a large enough sample size. Even when statistics are correctly applied, the results can be difficult to interpret since they do not take into account important factors such as: unit mix, condo conversion potential, year of construction, and property condition.
2/23/2011 1458 Gaylord St. Price: $590,000 Units: 9 Price/SF: $107.57 Price/Unit: $65,556
1/28/2011 1232 Gaylord St. Price: $425,000 Units: 5 Price/SF: $58.64 Price/Unit: $85,000
2/28/2011 1224-32 E. 13th Ave. Price: $1,050,000 Units: 18 Price/SF: $95.08 Price/Unit: $58,333
5/3/2011 1260 Pennsylvania St. Price: $1,535,000 Units: 25 Price/SF: $111.39 Price/Unit: $61,400
5/23/2011 1265 Downing St. Price: $5,125,000 Units: 66 Price/SF: $84.74 Price/Unit: $77,652
1/7/2011 150 S. Clarkson St. Price: $1,800,000 Units: 25 Price/SF: $134.47 Price/Unit: $72,000
1/18/2011 172 S. Clarkson St. Price: $1,224,000 Units: 23 Price/SF: $95.41 Price/Unit: $53,240
Interest Rates* *as of September 21, 2011
Current* Last Qtr. 1 Yr. Ago
Prime - 3.25% 3.25% 3.25% Fed Funds - 0.25% 0.25% 0.25% 5 Year Treasury - 0.95% 2.11% 2.42% 10 Year Treasury - 2.09% 3.41% 3.71% 1 Year LIBOR - 0.82% 0.76% 0.87%
5/27/2011 1431 Pearl St. Price: $850,000 Units: 17 Price/SF: $104.28 Price/Unit: $50,000
2/4/2011 1331 Columbine St. Price: $398,300 Units: 7 Price/SF: $91.86 Price/Unit: $56,900
2/15/2011 1599 Williams St. Price: $5,100,000 Units: 81 Price/SF: $77.17 Price/Unit: $62,963
6/30/2011 1521 Humboldt St. Price: $1,030,000 Units: 13 Price/SF: $125.92 Price/Unit: $79,230
6/24/2011 80 S. Washington Price: $465,000 Units: 7 Price/SF: $112.40 Price/Unit: $66,429
6/30/2011 664 S. Lincoln St. Price: $1,200,000 Units: 20 Price/SF: $105.60 Price/Unit: $60,000
3/15/2011 1418 Adams St. Price: $1,120,000 Units: 18 Price/SF: $126.20 Price/Unit: $62,222
3/28/2011 1325 Madison St. Price: $910,000 Units: 12 Price/SF: $110.34 Price/Unit: $75,833
5/16/2011 1159 Corona St. Price: $399,000 Units: 7 Price/SF: $93.73 Price/Unit: $57,000
5/10/2011 1423 Clayton St. Price: $1,357,400 Units: 17 Price/SF: $150.67 Price/Unit: $79,847
