Pinnacle Announces the Sale of 126 West Bayaud Avenue in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 126 W Bayaud Avenue in Denver, Colorado. This 8-unit property sold on April 1st with a contract price of $975,000; $121,875 per unit and $286.76 per square foot. The property, located just one block from South Broadway’s shops, bars and restaurants, featured units with exposed brick and hardwood floors, a new roof, new boiler and 4 income producing garage stalls.
Robert Lawson and Jim Knowlton, Senior Advisors at Pinnacle Real Estate Advisors, and Chris Knowlton, Associate Advisor at Pinnacle Real Estate Advisors, worked with the buyer. Scott Fetter, Senior Advisor at Pinnacle Real Estate Advisors, represented the seller.
“This transaction was the upleg 1031 exchange property for a client who we just facilitated the sale of a smaller apartment building with an annual cash flow of about $8,000. 126 W Bayaud has an annual cash flow of about $30,000, which is an over 260% increase in return for our exchange client,” said Lawson.
“For the Seller, this was always going to be a short term hold,” according to Fetter. “He purchased the property off-market with a seller carry agreement that featured seller favorable terms. But his gamble that the Denver market would continue its march upward paid off as he sold the property in less than a year for a nice profit.”