Modern Office/Retail Neighboring Coors Field | 2240 Blake St
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Modern Office/Retail Neighboring Coors Field 2240 Blake St
13,024 SF 67% Leased Office Building Online Auction Sale Denver, CO 80205
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Investment Highlights
- This 67% occupied office and retail asset provides users, investors, or developers with entry into Denver’s coveted LoDo/Ballpark neighborhood.
- Easily accessible from I-25 and I-70 and walkable to many popular restaurants, trendy shops, and live music venues surrounding Coors Field.
- Offers a fresh and modern vibe, with exposed brick walls, polished concrete floors, skylights, large wood beams, and steel-framed glass walls.
- Located in the Ballpark area, a new development at the property is not subject to the LoDo Design Review Board, nor has the 55’ height limit.
Executive Summary
2240 Blake Street is a renovated LoDo/Ballpark two-story brick, ±67% leased office building with two available ground floor spaces ready to occupy or for a lease-up.
2240 Blake Street presents an ideal opportunity to own a building in LoDo with in-place income and space to occupy. Totaling 13,024 square feet, originally constructed on the 0.15-acre lot in 1923, the property underwent a complete renovation in 2013 and boasts numerous desirable features. The interior showcases exposed brick walls, polished concrete floors, skylights, massive wood beams, glass walls with steel framed windows and doors, and an impeccable modern vibe. The property is served by an elevator and stairs, and no deferred maintenance exists. The upside zoning of C-MX-8 allows one to redevelop when leases expire or assemble with other parcels for a bigger footprint.
The property is in the popular Ballpark neighborhood, close to high-density residential, and on the same block as retail tenants, including Cherry Cricket, Guiry’s, and other retailers surrounding Coors Field, who also serve the many residents in this area. High-traffic arteries surround the block, traveled by more than 47,000 vehicles each day, delivering exceptional pedestrian and vehicular exposure. The location is also easily accessible to commuters and visitors, thanks to its proximity to the Broadway downtown corridor and the 25 and 70 Freeways. Being in Ballpark, 2240 Blake Street is not subject to the LoDo Design Review board or the 55-foot height restriction.
LoDo/Ballpark has emerged as one of Denver’s trendiest and most desirable neighborhoods. In addition to the nearby Coors Field, the bustling urban center is home to dozens of popular local restaurants, art galleries, boutique shops, and live music venues. A rapidly growing demographic profile within 1 mile of 2240 Blake Street supports a wide range of commercial ventures. The population of more than 51,000 increased by 11% since 2020, with forecasts predicting further long-term growth. Daytime employment in excess of 89,000 provides a robust pool of both workers and customers for businesses across this popular hub.
Make your mark on Denver’s pivotal LoDo/Ballpark neighborhood with a value-add office and retail property with significant redevelopment potential at 2240 Blake Street.
2240 Blake Street presents an ideal opportunity to own a building in LoDo with in-place income and space to occupy. Totaling 13,024 square feet, originally constructed on the 0.15-acre lot in 1923, the property underwent a complete renovation in 2013 and boasts numerous desirable features. The interior showcases exposed brick walls, polished concrete floors, skylights, massive wood beams, glass walls with steel framed windows and doors, and an impeccable modern vibe. The property is served by an elevator and stairs, and no deferred maintenance exists. The upside zoning of C-MX-8 allows one to redevelop when leases expire or assemble with other parcels for a bigger footprint.
The property is in the popular Ballpark neighborhood, close to high-density residential, and on the same block as retail tenants, including Cherry Cricket, Guiry’s, and other retailers surrounding Coors Field, who also serve the many residents in this area. High-traffic arteries surround the block, traveled by more than 47,000 vehicles each day, delivering exceptional pedestrian and vehicular exposure. The location is also easily accessible to commuters and visitors, thanks to its proximity to the Broadway downtown corridor and the 25 and 70 Freeways. Being in Ballpark, 2240 Blake Street is not subject to the LoDo Design Review board or the 55-foot height restriction.
LoDo/Ballpark has emerged as one of Denver’s trendiest and most desirable neighborhoods. In addition to the nearby Coors Field, the bustling urban center is home to dozens of popular local restaurants, art galleries, boutique shops, and live music venues. A rapidly growing demographic profile within 1 mile of 2240 Blake Street supports a wide range of commercial ventures. The population of more than 51,000 increased by 11% since 2020, with forecasts predicting further long-term growth. Daytime employment in excess of 89,000 provides a robust pool of both workers and customers for businesses across this popular hub.
Make your mark on Denver’s pivotal LoDo/Ballpark neighborhood with a value-add office and retail property with significant redevelopment potential at 2240 Blake Street.
Data Room Click Here to Access
- Financials
- Rent Roll
- Purchase Agreement
- Third Party Reports
- Title & Survey
- Leases
- Security Deposits
- Plans & Specs
- Aged Receivables
- Miscellaneous
- Service Contracts
View More Documents
Market Analytics Click Here to Access
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Market Sale Price per SF
Denver - CO USA
Market Cap Rate
Denver - CO USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Building Size
13,024 SF
Building Class
B
Year Built/Renovated
1923/2013
NOI
$130,000
Percent Leased
67%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
6,512 SF
Slab To Slab
12’
Building FAR
2.04
Land Acres
0.15 AC
Zoning
C-MX-8 - Commerical Mixed-Use 8
Amenities
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 1st Fl-Ste 100
- 3,117 SF
- Office/Retail
- -
- Now
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 100 | 3,117 SF | Office/Retail | - | Now |
1st Fl-Ste 100
| Size |
| 3,117 SF |
| Space Use |
| Office/Retail |
| Condition |
| - |
| Available |
| Now |
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Walk Score ®
Walker's Paradise (97)
Transit Score ®
Excellent Transit (79)
Bike Score ®
Biker's Paradise (98)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
51,260
224,349
452,201
2020 Population
45,668
215,403
448,647
2029 Population
53,022
229,106
458,569
2024-2029 Projected Population Growth
3.4%
2.1%
1.4%
Daytime Employees
89,605
238,350
382,821
Total Businesses
7,454
23,166
39,867
Average Household Income
$120,491
$113,696
$112,573
Median Household Income
$94,754
$85,935
$84,187
Total Consumer Spending
$1B
$3.8B
$7.2B
Median Age
34.3
35.4
36.5
2024 Households
30,459
118,655
214,912
Percent College Degree or Above
43%
38%
32%
Average Home Value
$749,527
$694,546
$672,634
zoning
| Zoning Code | C-MX-8 (Commerical Mixed-Use 8) |
| C-MX-8 (Commerical Mixed-Use 8) |
PROPERTY TAXES
| Parcel Number | 2279-02-011 | Improvements Assessment | $627,220 |
| Land Assessment | $570,140 | Total Assessment | $1,197,360 |
PROPERTY TAXES
Parcel Number
2279-02-011
Land Assessment
$570,140
Improvements Assessment
$627,220
Total Assessment
$1,197,360
Sale Advisors
Sale Advisors
Monica Wiley, Vice President
(303) 583-2013
Contact
Monica Wiley is a Vice President with Capital Markets, Investment Properties, in Denver, Colorado, specializing in office properties. Along with her partner Jeff Wood, Monica’s primary focus is office investments and owner-user building sales up to and including $25 million, mainly targeted toward private capital groups and investors.
In 2019, Monica and her partner, Jeff Wood, executed 12 owner/user or reposition sales of office and specialty products totaling nearly $35 million in transaction volume. The duo focuses on assets in the Denver Metro Area with a strong focus on assets in locations like Cherry Creek North, Denver Proper, Denver County, Golden, Wheat Ridge, Lakewood, Lone Tree, and on.
Prior to joining CBRE in Denver in 2013, Monica served as an Associate Broker in CBRE’s Richmond, Virginia, office from 2005 to 2008, where she primarily sold and leased office and retail properties. In this role, she was honored as the CBRE Rookie of the Year.
In 2019, Monica and her partner, Jeff Wood, executed 12 owner/user or reposition sales of office and specialty products totaling nearly $35 million in transaction volume. The duo focuses on assets in the Denver Metro Area with a strong focus on assets in locations like Cherry Creek North, Denver Proper, Denver County, Golden, Wheat Ridge, Lakewood, Lone Tree, and on.
Prior to joining CBRE in Denver in 2013, Monica served as an Associate Broker in CBRE’s Richmond, Virginia, office from 2005 to 2008, where she primarily sold and leased office and retail properties. In this role, she was honored as the CBRE Rookie of the Year.
Jeffrey Wood, Vice President
(303) 583-2012
Contact
Jeff Wood is a Senior Associate with Capital Markets, Investment Properties, partnering with Monica Wiley in the Denver office. In this role, Jeff specializes in office investments and owner-user building sales up to and including $25 million, targeting private capital groups and investors. Well-versed in Argus AE & DCF software, Jeff utilizes standard and creative underwriting techniques to deliver the best possible outcome to his clients. As a Denver native, he offers his clients historical perspective and geographical expertise on the market.
Prior to his current role, Jeff was a Senior Consultant with CBRE’s Financial Consulting Group, where he supported Global Occupier service lines focused on large accounts and Fortune 500 companies. In this role, Jeff focused on office properties and assisted with underwriting real estate transactions on a Cash, GAAP, and IFRS basis, involving new lease, sublease, purchase, blend and extend, and built-to-suit deals. Before joining the Financial Consulting Group, Jeff served as the Denver Team Lead for CBRE Global Research and Consulting. In this role, he produced quarterly and annual reports for all asset types across the commercial real estate spectrum in Colorado. In both positions, Jeff leveraged his attention to detail, deadline management skills, and ability to implement successful processes and quality check procedures.
Before joining CBRE, Jeff graduated from the University of Colorado at Boulder with a degree in Finance.
Prior to his current role, Jeff was a Senior Consultant with CBRE’s Financial Consulting Group, where he supported Global Occupier service lines focused on large accounts and Fortune 500 companies. In this role, Jeff focused on office properties and assisted with underwriting real estate transactions on a Cash, GAAP, and IFRS basis, involving new lease, sublease, purchase, blend and extend, and built-to-suit deals. Before joining the Financial Consulting Group, Jeff served as the Denver Team Lead for CBRE Global Research and Consulting. In this role, he produced quarterly and annual reports for all asset types across the commercial real estate spectrum in Colorado. In both positions, Jeff leveraged his attention to detail, deadline management skills, and ability to implement successful processes and quality check procedures.
Before joining CBRE, Jeff graduated from the University of Colorado at Boulder with a degree in Finance.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
John Artozqui
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr EC.100067651
-
Monica Wiley -
Jeffrey Wood -
CBRE, Inc.
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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