The Novelist
Turnkey 69-Unit High-Rise in Capitol Hill with Assumable Financing at 3.59%
Marketing description
Pinnacle Real Estate Advisors is pleased to present the rare opportunity to acquire The Novelist, a premier 69-unit multifamily high-rise at 960 Grant Street, paired with a shovel-ready development site located at 951 Logan Street. This offering combines a stabilized, high-cash flow historic asset with an entitled growth engine in the heart of Denver’s vibrant Capitol Hill.
THE ASSET: THE NOVELIST (960 GRANT ST)
Originally constructed in 1937, this 69-unit Art Deco landmark has been meticulously modernized. Ownership has invested over $2.3M in capital improvements within the last decade, ensuring minimal near-term CapEx for a new investor. Turn-Key Interiors: Every unit has been renovated (avg. $15,000+/unit) with new flooring and full kitchen modernizations. System Upgrades: Extensive work completed on the lobby, boiler system, elevator mod, fire panel, swamp cooler, windows, and landscaping. Unrivaled Financing: Opportunity to assume an Interest-Only loan of $9,310,000 at a fixed 3.59% rate through January 1st , 2030. This creates a massive spread over current market rates, immediately boosting cash-on-cash yields to over 9.5% on year 1 stabilized numbers.
THE OPPORTUNITY: 951 LOGAN ST DEVELOPMENT
Included in the sale is a 12,550 SF infill site currently utilized as a 37-space surface parking lot. This parcel offers a unique “land bank” play or an immediate development opportunity. Shovel-Ready: Includes a an approved Site Development Plan (SDP) for a 48-unit multifamily project with underground parking, valid through September 19, 2027. Favorable Zoning: G-MU-5 (5-story max) allows for high-density residential in a supply-constrained submarket.
THE “DUAL-THREAT” STRATEGY
This portfolio provides a sophisticated investor with two distinct avenues for value creation:
1. Immediate Yield: Capture the 3.59% high leverage interest-only debt and the upside of the property’s stabilized NOI, enhanced by streamlined operational
efficiencies.
2. Future Upside: Hold the surface lot for premium parking income and execute the 48-unit development at 951 Logan to double down on the Capitol Hill
submarket.
Investment highlights
Significantly Below-Market, Long-Term Assumable Debt: 78% LTV Interest Only Financing, Fixed At 3.59%, With Approximately Four Years Remaining
Immediate Operational Upside Through Streamlined Management And Expense Efficiencies
Projected Year 1 Cash-On-Cash Returns Exceeding 9.5%!
Over $2,300,000 In Recent Capital Improvements
Turnkey Core Denver Asset: Trophy Property In A Premier Infill Location
Future Development Potential With SDP Approved For 48 Units At 951 Logan
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