Back in the early 1990’s my then girlfriend (now wife) owned a unit at Club Monaco (approximately Monaco St. Parkway and Mississippi Avenue, Denver). It was her first foray into real estate and as a first-time homeowner she was thrilled with the purchase and eventually sold the unit using a 1031 Exchange into an investment property in Cherry Creek North.
Recently a client asked me to look into Club Monaco and I was tickled as i had not been back in easily 20 years. I just previewed two active for-sale units and must admit on a value proposition I am intrigued. One unit is a first level with an expansive lower level, literally duplicating the at grade level, a similar floor plan as my now wife’s unit. This design has inherent flexibility. Another active unit is one floor above grade (exterior stairs) and has an interior 2nd floor with tree-top views.
The unit with the expansive below grade space is 6660 E. Mississippi Ave #1 with a total finished at 1,670 SF is asking $175,900 and of note offers two private at grade patios.
The two-level upper level unit is 6550 E. Mississippi Ave #10 with a total finished at 1,045 SF is asking $145,000 and of note offers an expansive deck.
Over the past 6 months there have been 7 resales recorded on MLS. The average sale price was $169,000 .
So you may inquire why am I intrigued and interested?
Let me list the attributes:
- SE Central Denver location, i.e. easy access to downtown and the Denver Tech Center.
- Close to multiple transit lines including the 79 Ltd into downtown.
- Both units are interior thus no Monaco St Parkway impact.
- Very close to two large parks, Cook (including a recreation center) and Garland and the Cherry Creek Bike and Recreation Path.
- Both units have one-car garage parking (there is guest and on-street parking as well).
- Wood burning fireplaces.
- Club Monaco has ample open space and a seasonal outdoor pool and club house.
- HOA fees are quite reasonable and the complex is well managed.
- Price: A lot of SF for the price.
I will admit the complex which was built in the 1970’s may be dated for some however the floor plans and individual systems (forced air gas heating and electric air-conditioning) provide a sense of single-family design. In addition as mentioned the HOA has kept the ground and physical structures in good condition. For the premier location, flexible designs and price per square foot a good option for those in the under $200K market.