3110 Umatilla St
About This Property
LOCATED IN THE HEART OF LoHi, this C-MX-3 zoned property runs street-to-street between Tejon and Umatilla. While the Umatilla side sits on a quiet one-way residential street, the Tejon side is in the center of it all. Situated between Williams & Graham and Little Man Ice Cream this property is right across the street from Hirshorn Park. A spectacular view of the Downtown Denver skyline sits over the park (which will also serve to preserve the downtown view). Within a few blocks you will find dozens of restaurants and bars! A short walk down the hill brings you across Highland Bridge to Commons Park, Union Station and Downtown. There is no better Lo-Hi location!
This home faces Umatilla. Take a few steps down from the sidewalk to the sunken patio. The front door brings you to the main living level with a living room, eat in kitchen, bedroom and half-bath. Surprisingly, the lower level of this home walks out above-grade. The sides of the lower level are just slightly below grade as there is a retaining wall in-line with the face of the house with stairs on one side brining you back up to the front patio. The driveway (or perhaps future garage) is accessed from Tejon St.
On an interesting note, this home was originally built by Union Pacific Railroad as part of the Union Addition to Denver to house railroad workers. In the early 1900's Umatilla Street on this block was graded and raised several feet after the home was built.
ZONED C-MX-3. This highly desirable zoning designation offers some flexibility on usage up to 3 stories (max 45 ft.) above grade, which may allow for multiple units. You may also like to note recently rebuilt high end homes across the street on Umatilla St: 3115 Umatilla St & 3121 Umatilla St. Of course, please verify zoning allowances for the specific remodel or development project you may have in mind. DON"T MISS OUT ON THIS RARE LO-HI OPPORTUNITY!
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Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017