6200 E. Iliff Avenue | Pelican Cove Apartments

Pelican Cove, an 8-unit townhome-style multifamily property near Iliff and Monaco, has hit the market at $2,495,000. Listed by Tanner Schuetz of Grant Real Estate Company, the fully occupied asset is being sold by the original owner-builder, who has held it for nearly three decades.

The property is configured as four stacked duplex-style buildings, a low-density layout that reads more residential than apartment. All eight units are 2-bedroom, 1-bath floor plans at roughly 1,000 square feet with in-unit laundry, forced air heat, central AC, and vaulted ceilings in the upper units. Twelve covered and gated parking spaces sit behind a private picket-fence frontage, with dedicated storage in the lower units and attic storage in the uppers. Recent capital work includes new water heaters, replaced toilets, combination code locks, a resurfaced parking lot, and new LED exterior lighting.

In-place rents run from $1,825 to $2,100 per unit, producing $186,900 in scheduled income, $41,944 in normalized expenses, and $125,096 in NOI. At the ask, that pencils to a 5.01 percent cap rate and $311,875 per door. The proforma is where the deal gets interesting. Stabilizing rents at $2,100, layering in a $75 RUBS program, monetizing twelve parking spaces at $75 each, and adding pet rent for four households pushes NOI to $169,736 and the cap rate to 6.80 percent, net of a 5 percent management fee.

Tenant retention is a defining feature. Ownership reports average stays of four to seven years, with several tenants longer.

The offering notes zero delinquencies, no litigation, no fair housing complaints, and no anticipated move-outs. The tenant base skews toward teachers, blue-collar professionals, and professional couples drawn to the privacy and gated parking.

The property sits two minutes from I-25 at Monaco, ten minutes from the University of Denver, and fifteen from both the Denver Tech Center and downtown. Chuze Fitness, AFC Urgent Care, and a new QT are within walking distance. MGL Partners broke ground earlier this year on Iliff Apartments, a $25.8 million, 50-unit LIHTC senior community a short walk away, delivering in September 2026 alongside the new East Iliff and South Bellaire Street Park.

The seller is exchanging into NNN product, is open to 1031 buyers, and is targeting an ASAP close. Pelican Cove is the kind of legacy multifamily product that rarely trades in South Denver.

For for information, contact Tanner Schuetz of Grant Real Estate Company.