6200 E Iliff Avenue, Denver, CO 80222

Property Description

**Recent Leasing Activity Validates Pro Forma:** Since bringing the property to market, ownership has leased one of the lower-level units for **$2,150 per month plus $100 per month in utility reimbursements**, providing real-world validation of the property's projected income potential. Pelican Cove Apartments is a rare 8-unit, townhome-style multifamily investment located in one of South Denver's most desirable rental corridors near I-25, the University of Denver, and the Denver Tech Center. The property features eight spacious 2-bedroom, 1-bath residences averaging approximately 1,000 square feet, each with in-unit laundry, central air conditioning, and forced-air heating. Configured as four stacked duplex-style buildings, Pelican Cove offers a low-density, residential feel that consistently attracts long-term tenants seeking privacy and separation not typically found in traditional apartment communities. Originally built and owned by the same family for over 30 years, the property reflects exceptional pride of ownership and has been meticulously maintained with numerous capital improvements, including newer water heaters, upgraded exterior lighting, resurfaced parking areas, and ongoing system upgrades. The asset offers multiple avenues for future income growth through continued rental increases, utility reimbursements (RUBS), parking monetization, and pet rent, while current leasing activity continues to support the property's projected upside. With strong in-place cash flow, an attractive unit mix, outstanding physical condition, and clear value-add opportunities, Pelican Cove presents a compelling investment opportunity for local and national multifamily investors, including 1031 exchange buyers seeking a well-maintained Denver asset with long-term upside.