Would this appraise for $1.4 million?

3 Replies

I'm looking to get into a multiplex property in Denver and came across this property. The one side is listed for sale individually for $660k, and I found this posting on Loopnet: http://www.loopnet.com/Listing/1550-1552-Perry-St-...

I'm not really considering attempting to purchase it, but from an academic and market understanding viewpoint, I have to ask: Even with the crazy valuations and sales prices, is it worth this much? I'm having a hard time believing that this triplex/portfolio (does it make a difference with separate deeds?) would appraise for $1.4 million, or even much above $1m. Even the single side at $660k seems a little high.

What do you think?

An individual condo that can be bought by itself is always worth more than that unit as part of a multi unit  property, assuming it is Ina decent desirable area.  Hence the reason for condo conversions of multifamily units.

It may appraise for that based on development value. This is in a neighborhood zoned for MU or MX and based on the lot size and how many units can be built on it. If you can build 10-12 townhomes, then yes it may appraise but the appraisal needs to look at it based on redevelopment value. Otherwise, I think it's high

@Dorothy Ma If I read the zoning correctly, this particular block can only be duplexes limited to two stories. I think they made it a triplex before it got re-zoned. In any case, it seems high and I guess that might be why such a good property has been listed since July!

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