What are some of the good neighborhoods near downtown to buy a multifamily property?

Asked by Ryan Middlekauff, Los Angeles, CA Thu Mar 13, 2014

I see that Denver's real estate market is on the rise so I would like to know some of the areas that are going to benefit the most. Which areas has new commercial developments and improved infrastructures? For instance, shopping centers, movie theaters, public transit stations and roads.

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8
Marina Bay, Agent, Greenwood Village, CO
Thu Mar 13, 2014
BEST ANSWER
Hi Ryan,

Downtown and surrounding areas - Highlands, Sloan's Lake, Whittier, Cheesman Park, Capitol Hill, Wash Park, Platte Park, DU, Observatory Park, Park Hill are historically have been and remain highly desirable neighborhoods in Denver, that hold value and continue to attract buyers and tenants. The prices in these neighborhoods have gone up 11% on average in the past year both for resale and rents. In addition, the resale inventory is very low both for single family or multifamily units. Rental properties are in high demand and super low inventory as well. There is a myriad of shops, restaurants, theaters in these neighborhoods and the new light rail made these areas even more desirable to potential buyers and tenants. Big developers are building primarily large multifamily complexes Downtown right now, as there is a very high demand. I hope this helps!

Marina Bay/Realtor
Cherry Creek Properties
1 vote
Larry Brake, Agent, Aurora, CO
Tue Mar 18, 2014
I would recommend the following areas for consideration:

Union Station - downtown redevelopment area

The area near Hampden & Broadway. Lots of new development near the hospital and medical offices near there.

The area near 8th & Colorado Blvd, also another redevelopment area near the old University Hospital.

Some other areas a bit further south of downtown that are on the light rail path would include the areas near I25 & Colorado Blvd, I25 & Yale Ave, and I25 and Hampden, and I25 and Arapahoe Road (west of I25).
1 vote
Robert McGui…, Agent, Denver, CO
Sat Mar 15, 2014
Ryan,

I agree with the answers below. Other than these there are some 'sleeper' areas such as Clayton, in NE Denver's 80205 and 80216., and a real surprise one is Globeville, north of Downtown Denver. These are good investor quality areas that you can get in on a 'ground floor' while the appreciation is tremendous. Denver has big plans for these areas close to I70.

Robert McGuire - 303-669-1246
http://www.RobertMcGuireHomes.com
1 vote
Cindy Robert…, Agent, Denver, CO
Fri Mar 14, 2014
RealtyTrac reported last month that one Denver zip code-80218-made the Top 25 list in the nation as places where investors in the rental market should place their bets. This is the Capitol Hill area of Denver and is a dynamic, multi faceted, close to everything place to live. I have owned rentals and worked the real estate market in this area for 6 years and have found it to be true.
1 vote
Wisdom Real…, Agent, Denver, CO
Fri Mar 14, 2014
The biggest new development is at 8th and Colorado. Where the old University Hospital is. The same developers that did Bel Mar and Union Station are under contract to buy this and it is schedule to close by the end of the year. The first Trader Joes in Colorado is just the beginning!

Feel free to check out our profile at http://www.trulia.com/profile/wisdom-real-estate-team-agent-…
1 vote
Gregory Pond, Agent, Denver, CO
Thu Mar 13, 2014
I would be happy to chat more with you about this, but as a start I would look at Stapleton and Lowry. There is a lot going on in these newer neighborhoods and there is still land to purchase. I worked for years in the commercial world and would be happy to help.
1 vote
Kama Newell, Agent, Denver, CO
Sat Mar 22, 2014
How many units are you looking for? In the Capitol Hill, Cheeseman Park, Uptown, and Baker neighborhoods you will find many Denver mansions converted into multi unit properties. They can range from 2-10 units. Often times there will be laundry facilities in the basements of these properties. There is usually some parking in back of the house or on the street.
0 votes
Bart Poladsky, Agent, Greenwood Village, CO
Sat Mar 22, 2014
As in the residential market, the multifamily market inventory is at record lows. Depending on what size property you are looking for will also influence where to look. Capital Hill has an abundance of apartment buildings in the 8 to 50 unit range. Other areas not so many. If you are considering the 2-8 unit courtyard type property you will need to spread your search out into the suburbs. Large institutional properties 100+ units are also spread over larger areas of town. Cap rates and unit prices are another key factor in determining your purchase, whether the property is under utilized or in perfect condition etc.. looking for a property that is in need of work or turn-key with good management in place.

I have over 30 years experience in the apartment market in Denver as both a Broker and Owner. Happy to help you get into the best property for your needs in this competitive market.

Bart Poladsky
RealView Residential and Investment
0 votes
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