2344 E Colfax Ave
2,440 SF 100% Leased Retail Building Denver, CO 80206 $1,475,000 ($604.51/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- LONG TERM LEASE with RENTAL INCREASES
- STRONG OPERATOR
- COVERED LAND PLAY
- MINIMUM LANDLORD RESPONSIBILITY
- LONG TERM RENTAL HISTORY
EXECUTIVE SUMMARY
Unique Properties, Inc is pleased to offer to qualified investors, the opportunity to acquire a two-tenant building leased to Subway and Phone Repair and More (PRAM). Subway will execute a new 10 year lease at close and PRAM’s lease expires in May of 2028. Subway’s lease will be absolute NNN, and PRAM currently reimburses for Taxes, Insurance, CAM (Defined in lease abstract) making this investment virtually “hands off”. The Property is located in Denver, Colorado which is the state capital of Colorado. The building is situated on the hard corner of East Colfax and Josephine Street which are two major arterial streets in this part of Denver. The Property is in close proximity to East High School, City Park, Cherry Creek, and Down-town Denver. This area of Denver has experienced tremendous growth as the population has increased by 27.26% since 2010 and is expected to grow another 9.61% over the next 5 years.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
High Vacancy Property
Property Type
Retail
Property Subtype
Building Size
2,440 SF
Building Class
C
Year Built/Renovated
1968/2013
Price
$1,475,000
Price Per SF
$604.51
Cap Rate
7%
NOI
$103,250
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Slab To Slab
12’
Building FAR
0.25
Lot Size
0.22 AC
Zoning
C-MS-8
Parking
13 Spaces (5.33 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Pylon Sign
- Signage
Walk Score®
Walker's Paradise (92)
Bike Score®
Biker's Paradise (93)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 5012-09-025 | Improvements Assessment | $59,730 |
| Land Assessment | $181,290 | Total Assessment | $241,020 |
