2400 High | Multiple Building Renovations

2400-2426 High St. | Denver, CO

MultiFamilyRemodel-Exterior2400 High Street is located in a quiet residential neighborhood, just a few blocks West of City Park and the Denver Zoo. The apartments were built in 1953 and contained (16) 520 square foot one-bedroom, one-bath units. The building had never undergone any significant renovation in its history.
The units received new kitchens, baths, flooring, electrical fixtures, doors and trim, windows, and texture and paint; the plumbing lines, electrical wiring and most drywall was left intact. A new HVAC system was installed, the laundry room was remodeled and the entire property landscaped.

Name: 2400 High
Address: 2400-2426 High St. Denver, CO
No. Units:  16
Year Built:  1953
Year Renovated:  2014
Gross SF:  8,900
No. Stories:  1

Exterior: Before | After Wheelhouse Construction Renovations

MultiFamilyRemodel_Exterior

Kitchen: Before | After Wheelhouse Construction Renovations

MultiFamilyRemodel_Kitchen

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After Wheelhouse Renovations

The property manager began pre-leasing the new units prior to the end of renovations and all of the units were re-leased within two months of project completion. Incredibly, the new units garnered rents and additional income of over two and a half times the original rent roll! Now, just over two years since the original purchase, the building is under contract to sell, which will yield an 85.62% increase over the original project cost (purchase + renovation).

Original Rent Roll: $7,270 New Rent Roll: $18,730 258% Increase!

Purchase Price Renovation Costs Total Costs Sale Price
(Pending)
% Increase
Total $1,090,000 $426,500 $1,516,500 $2,815,000 85.62%
Unit
16
$68,125 $26,656 $94,781 $175,938 85.62%
SF
8,900
$122 $48 $170 $316 85.62%

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Wheelhouse Construction | 574 Santa Fe Drive Suite 210, Denver, CO 80204
303.991.6493 | contact@wheelhouseconstruction.com
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Categories: Multifamily RenovationsTags: