Description
This is a unique opportunity for an investor to own a portfolio of properties just three blocks from Cheesman Park. The portfolio is composed of three buildings with retail and office suites, and large apartments. It also includes a 21,145 SF adjacent site with concept approval for an 82-unit apartment building. A buyer could also choose to not develop the site and continue running it as daily parking with current revenue of $142,000/year.
Alta Court is an urban oasis composed of 16 residential lofts and 18 office suites. The property stands out for its charming vintage elements combined with thoughtfully executed renovations. The plumbing and electrical service has been completely replaced, and the units have also received in-unit laundry, new individual furnaces and AC condensing units, a new roof, windows, fire suppression and alarm, and new elevator equipment. Nearly half of the building has been converted back from office suites to the original residential use – – all conversions have been approved and permitted, and there are no obstacles to completing the change of use. The offices, however, are highly-desirable for businesses and startups looking for centrally located and well-facilitated workspaces.
Rosenstock Place is a beautiful vintage building with four retail spaces, two expansive office suites, and nine large residential units. The mixed-use nature of the property ensures a diversified income stream from various revenue sources. The adjacent building is occupied by Anytime Fitness on a long-term lease. The balanced mix of classic appeal and modern conveniences has led to low turnover and has created room to push rental income higher (especially from the retail spaces). The residential units are beautifully appointed after undergoing extensive renovation, including full electrical and plumbing replacements, and feature in-unit laundry. The two large offices, each on the 2nd floor, can be converted into five additional residential units to further enhance income.
1435-1459 Lafayette Street is a 21,145 square foot development site with C-MS-5 zoning that allows for five stories of multi-family and mixed use. This parcel is already through Concept Approval and six rounds of Site Development Plan review with the City of Denver, and as a result is grandfathered into Denver’s previous less-restrictive affordability requirements for new developments. Current plans are designed for 82 apartments, a roof-top deck, and 161 parking spaces that can be offered to tenants of Rosenstock Place and Alta Court. The current use as paid parking generates $142,000 of annual revenue.
Highlights
- Fully-renovated vintage properties
- Diverse revenue streams
- Approved 82-unit development with 6 rounds of SDP completed
- New roofs, windows, plumbing, electrical, and common areas
- 25 apartments, 20 offices, 5 retail spaces
Brokers
Conner Piretti
. Senior Advisor(303) 818-1805.Conner@NorthPeakCRE.com
