1292 Madison Street Offers 4 Units in Congress Park Neighborhood Just Blocks from Central Park

1292 Madison is a well-maintained 4-unit apartment community near City Park and the popular Colfax retail corridor. All units are individually-metered for electric and gas, have front and rear entrances, and feature washer and dryer hookups, making this property a prime candidate for a condo-conversion scenario. The asset’s large lot and U-TU-C zoning open opportunities for future development plays.

Status: Just Closed

List Price: $1,150,000

Sale Price: $1,305,000

Units: 4 Units

CAP Rate:

Current: 3.01%

Pro Forma: 5.21%

NOI:

Current: $39,310

Pro Forma: $68,008

Unit Mix

4 Two-Bedroom/One-Bathroom

 

Investment Highlights:

  • Prime Location in Congress Park Neighborhood

  • Proximity to City Park, Colfax Retail, and 9th & CO Development

  • All Single-Story, Two-Bedroom Floorplans

  • Newer Roofs & Windows

  • Two Detached Two-Car Garages

  • Individually-Metered for Gas and Electric

  • Condo Conversion Potential

  • Development Potential: Large 11,900 SF Lot with U-TC-C Zoning

  • Asset Demonstrates Pride of Ownership

  • Sprinkler System and Well Maintained Landscaping

Unit Features:

  • Front and Rear Entrances

  • Original Hardwood Floors

  • In-Unit Washer and Dryer Hookups

  • Dishwashers

 
 

Complimentary Asset Valuation

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