2400-2426 High St. | Denver, CO
2400 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
Kitchen: Before | After Wheelhouse Construction Renovations
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% |
Wheelhouse Construction | 574 Santa Fe Drive Suite 210, Denver, CO 80204
303.991.6493 | contact@wheelhouseconstruction.com
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Categories: Multifamily RenovationsTags: multifamily renovations