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1216 Pleasant St
$2,160,000

1216 Pleasant St

2,702 Sq.Ft.

Description

Capitol Hill – BO Subdivision

1216 Pleasant Street is a six-unit apartment building in a prime location on University Hill. There are 4 one-bed apartments and 2 studio apartments all leased through 07/2023. Existing rents total $125,040 per annum + additional fees for grounds and utilities. Pre-leasing for the 2023-2024 school year is underway.
 
Projected rents are $138,120 and additional income is: $85/mo/unit for utility fund + $30/mo/unit for grounds + $300/month estimated for parking. Students love 1216's proximity to CU Campus, living in private units that have been fully updated, and having shared laundry and parking onsite.
 

Income Units

Type Units Beds Baths SqFt Rent
1 1 1 1 355 $1,725
2 1 1 1 420 $1,795
3 1 0 1 346 $1,495
4 1 1 1 396 $1,745
5 1 1 1 391 $1,795
6 1 1 1 391 $1,845

Expenses

Potential Rental Income$138,120
Less Vacancy Rate0%
Effective Rental Income$138,120
Other Income$11,880
Gross Operating Income$150,000
Property Taxes$10,964
Tax Year2023
Building Insurance$4,200
Utilities$6,100
Common Area Maintenance$4,500
Management Fee$7,180
Total Operating Expenses$32,944
Net Operating Income$117,056
Cap Rate5.32
Gross Rent Mult.14.67
Metro Dist.-

Tenant / Owner

Tenant Pays: Gas, Electric, Parking

Driving Directions

From Broadway, head west on Pleasant Street, and the property is on the left, just after the alley.

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Location

1216 Pleasant Street, Boulder, CO 80302

Status

Sold
Kim Payes

Kim Payes

TITLE

REALTOR®

Property Amenities

Interior
Laundry room Common Laundry
Appliances Refrigerator, All Appliances, Electric, Electric Range/Oven, Dishwasher, Clothes Washer, Clothes Dryer, Microwave
Other Interior Features Possible Usage: Multi Family
Area & Lot
Lot Area 0.11 Sq.Ft.
Living area 2,702 Sq.Ft.
MLS® ID 982616
Year Built 1920
School District Boulder Valley Dist RE2
High School Boulder
Middle School Casey
Elementary School University Hill Columbine
Type Residential
Status Sold
Exterior
Heat type Forced Air
Security Features Smoke Alarm(s)
Other Exterior Features Brick/Brick Veneer, Patio
Parking 1 Space/Unit Parking Per Unit
Roof Composition Roof
Utilities City Water, Natural Gas, Electric
Finance
Sales Price $2,160,000

Work With Kim

Kim brings incredible value to the Agency Boulder team, providing exceptional concierge-style service and support to all her real estate clients and offers an in-depth knowledge of Boulder's neighborhoods, homes and residents. Kim's sales volume has exceeded $150 million over the past 3 years.

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