Note: due to the recent conviction of James Holmes, this article is receiving some new visitors. Welcome! Please bear in mind that this was written 3 years ago.
Paris is for … Landlords?
1690 Paris Street is a 129 unit apartment complex on 111,115 square feet of land. It has 11 buildings containing roughly 12 units each. It has a sweet 3.9% vacancy rate, convenient location, and the units have, according to the sales flyer I have here, been maintained well over the years by a “hands on” owner.
It was listed on the market for two months the autumn of 2010 for $6.4 million. They tried again in early 2011 at the same price. It nets about $519k per year for an 8.06% CAP rate. I can’t tell if it changed hands or not.
It’s also probably it’s current owner’s worst nightmare come true.
1690 Paris Street, Aurora, Colorado. Home of James Holmes, who filled his apartment with so many booby traps and explosives that it took the bomb squad two days to clear it out with robots. An apartment building full of medical students who all made it their first choice in a rental search at some point over the past few years, thinking “I want to call this place home.” Now it’s a poster child for “worst case investment property scenario” making landlords across the country reach for the Xanax and hope that nobody in their buildings has done the same thing. (more…)