Calibrate Real Estate is pleased to announce the successful sale of 1346 North Downing Street, a 4-unit apartment building located just 4 blocks west of Cheesman Park in Central Denver. Sam Bretz and Kyle Malnati worked with the Seller in the transaction.
1346 N. Downing Street sold for $1,034,103 ($258,526/unit; $290/SF; 4.77% cap rate). This is the 2nd fourplex that the Seller hired Calibrate Real Estate to sell in just four months time; the first was in September 2022 on Sheridan Boulevard in West Denver.
“The Seller decided earlier this year that they would move their family back to their hometown of Washington state. Calibrate excels in the sale of owner-managed apartment buildings, and long distance management of two fourplex properties is not efficient from 1,400 miles away. Therefore, the Seller hired us to help them navigate a rapidly changing real estate market and realize their investment objective. The Seller is an astute investor that purchased the property out of foreclosure for just $375,000 during the Great Recession 14 years ago. Our sale memorialized a $659,103 profit, or 275% gain, over the life of the investment. That’s about a $47,079/year profit margin for our client!” ~Sam Bretz, Commercial Broker with Calibrate Real Estate.
The Buyer was represented by John Galloway of Toprock Real Estate, LLC.
“Financing properties at the end of 2022 can feel a bit like the classic game “minesweeper;” there is treachery around every corner. We were excited when the Buyer, sisters that purchased the property in a family trust, leveraged one of our long-standing banking relationships by working with George Rock at The Bank of Denver to secure financing. I started working with the great team at The Bank of Denver over 18 years ago, because my brokerage mentor shared the benefits of working with a local community banks. Local banks are the lifeblood of the small business community.” ~Kyle Malnati, CEO/Founder of Calibrate Real Estate.
The mission of Calibrate Real Estate is: “we exist to help people create generational wealth through real estate.” We believe that is our calling, our responsibility! At the core of our mission, we work with families. Both the Buyer’s family and the Seller’s family are our most recent examples of how we enjoy serving our clients at Calibrate Real Estate.
