3425 W Colfax Ave Denver CO 02082021
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OFFERING MEMORANDUM 3425 W COLFAX AVE DENVER, CO 80204 TRAVIS HODGE ANTHONY BOBAY Senior Advisor Investment Sales Advisor [email protected] [email protected] 404.259.8171 720.297.6667 TABLE OF CONTENTS EXECUTIVE SUMMARY PROPERTY OVERVIEW LOCATION OVERVIEW EXECUTIVE SUMMARY PROPERTY HIGHLIGHTS 3 blocks to Sloan’s Lake Park. 2 Blocks from light rail station. In Qualified Opportunity Zone. Great visibility along Colfax Ave. Easy access to downtown, Empower Stadium, and many other major entertainment venues. PROPERTY OVERVIEW AREA STREET MAP W CONEJOS PL JULIAN ST 3425 W COLFAX AVE KING ST W COLFAX AVE LOCATION MAP SLOAN DOWNTOWN LAKE DENVER 3425 W COLFAX AVE W COLFAX AVE. LAKEWOOD COUNTRY CLUB SUNKEN GARDENS PARK DVLB NADIREHS DVLB WEST-BAR-VAL WOOD PARK NEIGHBORHOOD MAP TRANSIT 1 W Line - Knox Station 2 #31 Federal Bus 24 3 #20 Bus 4 #16 Bus 8 ENTERTAINMENT/RESTAURANT 11 5 Mile High Stadium 17 7 6 Children's Museum 6 7 Elitch Garden's 8 Denver Aquarium 10 15 9 9 Tacos El Paisa 23 10 Little Machine Beer 16 11 Briar Common Brewery 2 W 17TH AVE 3 5 3425 W FEDERAL BLVD 12 Alamo Draft House 26 COLFAX AVE 9025 13 Seedstock Brewery 14 Original Brooklyn's 22 12 W COLFAX AVE LIFESTYLE 4 13 25 14 15 Hallack Park 16 Sloan's Lake Park 20 17 Jefferson Park 18 Paco Sanchez Park 18 19 1 19 Rude Recreation Center 20 Crescent Park 21 21 Lakewood/Dry Gulch Park 22 Cheltenham Elementary 23 Lake Middle School 24 Brown Elementary 25 Rodolfo "Corky" Gonzales Library 26 Colorado Acute Long-Term Hospital NEIGHBORHOOD DESCRIPTION The historic neighborhood known as Sloan’s Lake is seeing major redevelopment and economic growth after the redevelopment of St Anthony’s Hospital and other initiatives in recent years. The neighborhood is an epicenter for urban renewal with the redevelopment of the old St Anthony’s Hospital location into the Sloan’s Lake entertainment area, the addition of Edgewater Public Market and the Mile High Redevelopment plans creating a lively, walkable, and amenity rich community. To the south of the lake, many new restaurants, breweries, and the new Alamo Drafthouse are helping to fill the dearth of entertainment options in the area. Only a few blocks away, residents enjoy easy access to the light rail providing great access to employment and entertainment options in both Downtown Denver and the Golden area. PHOTOS 3425 W COLFAX AVE PHOTOS 3425 W COLFAX AVE PROPERTY DETAILS 3425 W COLFAX AVE BUILDING DETAILS ALLOWABLE USES City/State/Zip Code: Denver, CO 80204 1 Residential (For Rent) Parcel ID: 02323-32-019-000 2 Residential (For Sale) County: Denver 3 Office Zoning Municipality: City of Denver 4 Mixed Use Zoning: C-MS-8 5 Hospitality Parcel Size: 11,875 SF 6 Retail Max Height: 110" Existing Building SF: 1,900 SF Existing Use: Car Wash List Price: $1,300,000 List Price per SF: $109 LOCATION OVERVIEW DEMOGRAPHICS POPULATION 1m 3m 5m 2020 Total Population: 24,458 231,032 495,213 2025 Population: 26,120 246,265 524,538 Pop Growth 2020-2025: 6.80% 6.59% 5.92% Average Age: 34.4 36.2 37.1 HOUSEHOLDS 1m 3m 5m 2020 Total Households: 9,323 106,867 223,786 HH Growth 2020-2025: 6.82% 6.95% 6.07% Median Household Inc: $49,452 $65,016 $66,658 Avg Household Size: 2.5 2.1 2.1 1 MILE 2020 Avg HH Vehicles: 1 1 2 1m 3m 5m 3 MILES HOUSING Median Home Value: $477,108 $454,169 $445,029 Median Year Built: 1958 1964 1961 5 MILES EMPLOYMENT KEY EMPLOYERS # of Employees BUSINESS ACTIVITIES IN THE AREA Denver Health 5000 - 9999 Hospitals Denver Health Medical Ctr 5000 - 9999 Hospitals Presbyterian St Luke's Med Ctr 5000 - 9999 Hospitals Anthem Blue Cross Blue Shield 1000 - 4999 Insurance Century Link 1000 - 4999 Cellular Telephones (Services) City Of Lakewood 1000 - 4999 Government Offices-City/Village & Twp Contemporary Services Corp 1000 - 4999 Security Guard & Patrol Service Credit Union Of Denver 1000 - 4999 Credit Unions Denver Police Dept 1000 - 4999 Police Departments Denver Water 1000 - 4999 Utilities Gates Industrial Corp PLC 1000 - 4999 Rubber & Plastics-Hose & Belting (Mfrs) Human Resources Div 1000 - 4999 State Government-Social/Human Resources Lutheran Medical Ctr 1000 - 4999 Hospitals Media News Group Inc 1000 - 4999 Media Consultants National Jewish Health 1000 - 4999 Hospitals Personal Assistance Svc Of Co 1000 - 4999 Home Health Service Public Safety Dept 1000 - 4999 Government Offices-State Regents Of The Univ Of CO 1000 - 4999 Univ/Clg-Governing Body/Regent/Trustee Rocky Mountain Hosp For Child 1000 - 4999 Hospitals St Joseph Hospital 1000 - 4999 Hospitals Terumo Bct Inc 1000 - 4999 Physicians & Surgeons Equip & Supls-Mfrs Transwestern Mile High Cmmrc 1000 - 4999 Oil Property Management Wells Fargo Bank 1000 - 4999 Banks DENVER GROWTH Ranked as the top place to live in the U.S. by U.S. News & World Report, the city of Denver is home to over 705,439 residents (as of May 2019). An estimated 2.9 million people live in Denver Metro as a whole, with more people moving to the area each year, as this number is expected to grow by 12.6 percent over the next five years, compared to 3.7 percent nationally. Currently 100+ pe pleare immigrating to the city each day. The Denver Metro accounts for over half of the population in the entire state of Colorado, which is home to an estimated 5.5 million people. CONSTRUCTION As one of the fastest-growing metros in the nation, Denver is thriving with new construction. This new construction will help accommodate the population growth throughout the metro. Some current projects include: 17th & Peal Apartments, a 315-unit apartment with 9,000 sq. ft. of retail. Alexan 20th St Station, a 358-unit apartment with street level retail. Block 162, a full block project that included a 680,000 sq. ft. office tower and separate tower hotel. Tabor Center Tower Two, a 33 story 700,000 sq. ft. office tower would be the largest development in Denver since 1985. Market Station, Lodo, comprised of nearly a full block off the 16th St Mall in Downtown Denver, the development consists of 80,000 SF retail space, 95,000 SF office space & 225 apartments. McGregor Square, Lodo, a project located across the street from Coors Field, it features 3 connected structures - an 11-story office building, a 13 story condominium and hotel buildings surrounding a center courtyard. Lower floors will feature retail tenants. DENVER INTERNATIONAL AIRPORT (DIA) Denver International Airport (DEN), also known as DIA, opened to the public on February 28, 1995 and at 34,000 acres, remains the largest and newest commercial airport in the United States, and the 2nd largest airport in the world by size and the 20th busiest airport in the world. It’s known around the world for its striking tented roof structure and technologically advanced operations. Over the past twenty years, DIA has established itself as the primary employer and economic driver in the Denver metro, supporting nearly 190,000 jobs and generating more than $26 billion in annual revenue. Served a record setting 64.5 Million passengers in 2018. The airport serves over 170 destinations including 20 international cities in nine countries. DIA is just 30 minutes from Union Station via the East Rail line. DIA has room to double its current capacity to remain competitive in the growing global aviation marketplace. DIA broke ground in May of 2018 on a $2.0 billion gate expansion project. The project will add 39 gates across all three concourses in the next four years, bringing the total to 150. The expansion will utilize the airport’s original “telescoping” design by expanding astward and westward at the ends. The expansion is expected to be completed by the end of 2022. DIA is among the first airports in North America to secure internationally recognized accreditation for measuring and reducing carbon emissions. DENVER METRO Located on the front range of the Rocky Mountains, the Denver Metro is a thriving urban epicenter famous for its breathtaking views, world-class dining, champion sports teams, exhilarating recreation, and eclectic arts and entertainment. It’s no wonder this metropolis is one of the biggest in the nation! ATTRACTIONS SPORTS Denver Art Museum Basketball: Denver Nuggets Denver Museum of Nature and Science Hockey: Colorado Avalanche Denver Zoo Football: Denver Broncos Denver Aquarium Baseball: Colorado Rockies Six-Flags Elitch Gardens Soccer: Colorado Rapids Hyland Hills Water World Denver Aquarium CITY OF DENVER NOTABLE RANKINGS #2 BEST PLACES TO LIVE (U.S. NEWS & WORLD REPORT 2019) #1 IN ECONOMIC 4th BEST PLACE IN TOP 10 PLACES & JOB GROWTH AMERICA FOR IN THE U.S. TO TRAVEL (AREA DEVELOPMENT, 2015) BUSINESS & CAREERS (LONELY PLANET, 2016) (FORBES, 2019) #1 IN ECONOMIC 4TH BEST CITY 6TH FASTEST RANKING FOR BIKE RIDING (USNEWS.COM, 2019) GROWING METRO IN THE U.S. AREA IN THE U.S. (WALK SCORE, 2015) (FORBES, 2016) 3RD HEALTHIEST CITY IN THE NATION #1 IN THE NATION FOR (FORBES, 2016) LARGEST INCREASE IN RESIDENTS WITH COLLEGE DEGREES 7TH BEST STATE (U.S. CENSUS BUREAU, 2014) IN WHICH TO MAKE A LIVING 3RD BEST CITY FOR (FORBES, 2016) COLLEGE GRADS (RENT.COM, 2015) EMPLOYERS IN THE DENVER METRO The Denver metro is a hub for various industries, including aviation, health, business, finance, and technology. Outside of city, state, and school services, major employers in the Denver metro area include: Denver International Airport Kaiser Permanente Lockheed Martin Liberty Tax Service Health ONE Corporation Western Union Centura Health University of Colorado SCL Health Systems Children’s Hospital Comcast Wells Fargo CenturyLink In 2017, Amazon opened up a 1 million sq.