William Penn Apartments 1644 Pennsylvania St 35 Unit Apartment Building $8,375,520 CAD ($239,301 CAD/Unit) Denver, CO 80203

*CALL FOR OFFERS DEADLINE - MAY 30*
The William Penn is a value-add opportunity in Denver’s Uptown neighborhood. The property is just a few blocks east of the Central Business District, and adjacent to 17th Avenue: Denver’s famed Restaurant Row. The building was completely vacated earlier this year and is positioned for immediate renovation.
The attractive 4-story building consists of 35 one-bedroom apartments. These spacious apartments offer functional floor plans, abundant natural light, and many units enjoy stunning views of the downtown skyline.
The existing $5,098,085 Freddie Mac loan is fixed at 3.43% through April 2032. The lender has indicated that the loan is assumable.
The heating system consists of a natural gas boiler and hot water baseboard registers with thermostats in each apartment. The current electric service is 30 amps to each unit. The building also features an elevator, laundry room, storage lockers and onsite manager’s office. The William Penn has a long-standing reputation as an exceptional building and deserves to be restored to its former glory.
REMEDIATION REQUIREMENTS
The City and County of Denver successfully sought the appointment of a court-appointed receiver to manage the sale and ensure the remediation of the Property. The receiver, in turn, has listed the property for sale with the Johnson-Piretti Team at NorthPeak Commercial Advisors with the intent to sell the property “as-is”.
The successful contract for the property will be subject to court approval. As part of that process, the buyer must be approved by the City and negotiate a remediation plan to bring the property into compliance with the City Ordinances.