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Offering Memorandum Park Avenue Apartments 1550 Lafayette St Denver, Co 80206

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Offering Memorandum Park Avenue Apartments 1550 Lafayette St Denver, Co 80206 OFFERING MEMORANDUM PARK AVENUE APARTMENTS 1550 LAFAYETTE ST DENVER, CO 80206 GUNNAR WILSON BRANDON KAUFMAN NIK MACCARATER Investment Advisor Sr. Investment Advisor Sr. Investment Advisor [email protected] [email protected] [email protected] 970.306.3787 303.547.7357 303.909.2900 TABLE OF CONTENTS • EXECUTIVE SUMMARY • PROPERTY OVERVIEW • FINANCIAL OVERVIEW • LOCATION OVERVIEW 01 EXECUTIVE SUMMARY PROPERTY HIGHLIGHTS 28 unit property with diverse unit mix. Opportunity to own one of a kind, iconic Denver property. Excellent location, three blocks north of Cheesman Park. BUILDING DETAILS Units: 28 Building SF: 16,705 Parking: N/A Land: 12,490 Zoning: G-RO-3 PROPERTY Year Built: 1907 OVERVIEW SYSTEMS Gas / Elec Meters: Master / Individual Water: Master Trash: Waste Management Roof: Pitched Heating: Boiler Cooling: None 1550 LAFAYETTE ST AREA PARK AVE STREET MAP LAFAYETTE ST E COLFAX AVE LOCATION MAP FRANKLIN ST ST FRANKLIN FRANKLIN YORK ST DENVER ZOO ST. JOSEPH HOSPITAL PARK AVE COLFAX AVE 1550 LAFAYETTE ST CHEESEMAN PARK CONGRESS PARK AREA MAP 1550 LAFAYETTE ST NEIGHBORHOOD MAP DINING 18 1 Taco Bell 17 2 Burger King 14 3 Pete’s Kitchen 4 Chipotle Mexican Grill 5 Las Margs Tavern 6 Papa John’s Pizza RETAIL FRANKLIN ST ST FRANKLIN FRANKLIN 7 Marczyk Fine Foods 7 8 Argonaut Wine & Liquor 16 PARK AVE 9 Natural Grocers 15 10 Walgreens 11 Family Dollar 12 Tattered Cover Book Store Colfax 6 5 1 1550 COLFAX AVE LIFESTYLE LAFAYETTE ST 4 8 10 2 11 3 12 13 Cheesman Park 19 9 14 Denver Zoo 15 Denver East High School 16 DC-21 17 Saint Joseph Hospital 18 Rocky Mountain Hospital for Children 19 Ramada by Wyndham Denver Downtown 13 02 PROPERTY OVERVIEW PHOTOS 1550 LAFAYETTE ST PHOTOS 1550 LAFAYETTE ST UNIT MIX & CURRENT RENTS Unit Type Unit Amount Unit SF Current Ave. Rent Current Rent / SF Market Rent Market Rent / SF Studio 3 250 $833 $3.33 $1,050 $4.20 1 Bed / 1 Bath 2 350 $975 $2.79 $1,150 $3.29 Medium 1 Bed / 1 Bath 4 425 $873 $2.05 $1,225 $2.88 Large 1 Bed / 1 Bath 7 546 $1,189 $2.18 $1,392 $2.55 Attic 1 Bed / 1 Bath 2 525 $1,037 $1.98 $1,150 $2.19 1 Bed / 1 Bath + Loft 2 550 $1,387 $2.52 $1,550 $2.82 2 Bed / 1 Bath 6 600 $1,516 $2.53 $1,675 $2.79 Carriage House 3 1 1,800 $2,100 $1.44 $2,600 $1.44 Bed / 2.5 Bath Carriage House 1 1 1,100 $1,350 $1.64 $1,800 $1.64 Bed / 1 Bath Total / Average 28 558 $1,202 $2.34 $1,427 $2.80 03 FINANCIAL OVERVIEW INVESTMENT SUMMARY DEBT SUMMARY Purchase Price: $5,850,000 Loan to Value: 70.00% Units: 28 Loan Amount: $4,095,000 Price Per Unit: $208,929 Loan Term: 60 Months Total SF: 16,705 Interest Rate: 3.50% Price Per SF: $350 Interest Only Period: 12 Months T12 Cap Rate: 5.00% Amortization: 30 Years Year 1 Cap Rate: 6.06% Year 1 Cash Flows: $133,766 5 Year IRR: 24.14% T12 Year 1 Year 2 Year 3 Year 4 Year 5 REVENUE Gross Potential Revenue $405,540 $479,400 $493,782 $508,595 $523,853 $539,569 Vacancy ($12,166) ($23,970) ($24,689) ($25,430) ($26,193) ($26,978) Rental Revenue $393,374 $455,430 $469,093 $483,166 $497,661 $512,590 Other Residential Income $6,240 $6,240 $6,427 $6,620 $6,819 $7,023 Effective Gross Revneue $399,614 $461,670 $475,520 $489,786 $504,479 $519,614 EXPENSES Repairs and Maintenance ($22,036) ($22,036) ($25,272) ($26,030) ($26,811) ($27,615) Utilities ($26,678) ($26,678) ($27,478) ($28,303) ($29,152) ($30,026) Insurance ($8,826) ($8,826) ($9,091) ($9,364) ($9,644) ($9,934) CASH FLOW Real Estate Taxes ($28,262) ($28,262) ($29,110) ($29,983) ($30,883) ($31,809) PROJECTIONS Property Management ($21,172) ($21,172) ($21,807) ($22,461) ($23,135) ($23,829) Total Expenses ($106,974) ($106,974) ($112,758) ($116,141) ($119,625) ($123,214) Expenses Per Unit ($3,821) ($3,821) ($4,027) ($4,148) ($4,272) ($4,400) Net Operating Income $292,640 $354,696 $362,762 $373,645 $384,854 $396,400 Cap Rate 5.00% 6.06% 6.20% 6.39% 6.58% 6.78% Debt Service - Yr 1 ($143,500) ($220,930) ($220,930) ($220,930) ($220,930) ($220,930) Total Cash Flow $149,140 $133,766 $141,832 $152,715 $163,924 $175,470 Cash on Cash Return 8.50% 7.62% 8.08% 8.70% 9.34% 10.00% T12 REVENUE Gross Potential Revenue $405,540 Vacancy ($12,166) Rental Revenue $393,374 Other Residential Income $6,240 Effective Gross Revneue $399,614 EXPENSES Repairs and Maintenance ($22,036) HISTORICAL Utilities ($26,678) ANALYSIS Insurance ($8,826) Real Estate Taxes ($28,262) Property Management ($21,172) Total Expenses ($106,974) Expenses Per Unit ($3,821) Net Operating Income $292,640 Cap Rate 5.00% SOLD COMPS Price Per Price Per Property Address Units SF Price $ Unit Foot (subject) 1550 Lafayette St 28 16,705 $5,850,000 $208,929 $350 1 1100 E 10th Ave 12 11,417 $3,195,000 $266,250 $280 2 1114 Acoma St 25 13,870 $5,200,000 $208,000 $375 3 1165 Columbine St 14 13,455 $3,525,000 $251,786 $262 4 1435-1445 Jersey St 16 12,056 $3,800,000 $237,500 $315 5 1575 Lafayette St 41 23,600 $9,525,000 $232,317 $404 Averages $5,049,000 $239,171 $327 5 S COLFAX AVE COLORADO BLVD COLORADO 4 SPEER BLVD 2 3 1 04 LOCATION OVERVIEW DEMOGRAPHICS Census 2019 Summary .25m .5m .75m Population 859 4,369 11,138 Households 400 1,945 4,847 Families 185 827 2,128 Average Household Size 2.15 2.06 2.09 Owner Occupied Housing Units 267 1,167 2,968 .75 MILE Renter Occupied Housing Units 133 778 1,879 Median Age 36.3 33.3 33.6 Median Household Income $105,481 $98,241 $103,941 .5 MILE Average Household Income $129,071 $125,154 $138,063 Census 2024 Summary .25m .5m .75m .25 MILE Population 910 4,598 11,815 Households 421 2,042 5,131 Families 195 871 2,259 Average Household Size 2.16 2.07 2.11 Owner Occupied Housing Units 287 1,247 3,156 Renter Occupied Housing Units 134 795 1,976 Median Age 38.5 34.9 34.6 Median Household Income $117,494 $110,960 $117,408 Average Household Income $149,738 $144,008 $157,142 CHEESMAN PARK Cheesman Park is bounded by Colfax to the north, Eighth Avenue to the South, York Street to the east Downing Street to the west, and right between Capitol Hill and Congress Park. Cheesman Park is a tranquil residential area that centers on its namesake green space, with expansive lawns, shady jogging trails, a dramatic neoclassical pavilion. With one of the best green spaces Denver has to offer, it is also within biking distance to City Park and Congress Park. Just east of the park, Denver Botanic Gardens features themed areas and an amphitheater for popular summer concerts. Casual pizzerias, relaxed coffeehouses, and hip craft-cocktail bars dot the streets around the park, including: • Marion Street Tavern • Pete's Kitchen • Voodoo Doughnut • Lik's Ice Cream • Illegal Pete's • Tacos Tequilla Whiskey You can find a variety of housing options in Cheesman Park, though this highly sought-after neighborhood is mostly known for its mansions and luxury high-rise towers. The median price per square foot in Cheesman Park is $374, which is higher than the Denver average of $345. UPTOWN DENVER Uptown Denver is a hip district located just three miles southeast of Downtown Denver. Uptown is Denver’s oldest residential neighborhood and is bounded by Broadway to the west, 23rd Avenue to the north, Park Avenue and Downing to the east, and Colfax Avenue to the south. Uptown includes Colfax Avenue, where renovations and new retail, residential, and office development is changing the landscape and revitalizing the area. Major employers in the area include St. Joseph Hospital, Presbyterian/St. Luke’s Medical Center, and Kaiser Permanente, which together employ more than 10,000 people. Uptown’s convenient location and ample amenities make it a highly desirable neighborhood, attracting young professionals, active singles, and urbanites alike. This highly walkable neighborhood is characterized by an eclectic mix of old and new, including older brick rowhouses and new upscale condos, as well as picturesque places of worship, trendy eateries, popular watering holes, and lots of patios. Anchoring the neighborhood is Restaurant Row, which runs along 17th Avenue from Broadway to City Park. Restaurant Row is lined with cafes, bistros, pubs, and fine dining establishments. Other attractions in the area include: Denver Zoo Denver Museum of Nature and Science Fillmore Auditorium. LTO CITY OF DENVER NOTABLE RANKINGS #2 BEST PLACES TO LIVE (U.S. NEWS & WORLD REPORT 2019) #1 IN ECONOMIC 4th BEST PLACE IN & JOB GROWTH AMERICA FOR (AREA DEVELOPMENT, 2015) BUSINESS & CAREERS (FORBES, 2019) TOP 10 PLACES #1 IN ECONOMIC IN THE U.S. TO TRAVEL RANKING 6TH FASTEST (LONELY PLANET, 2016) (USNEWS.COM, 2019) GROWING METRO AREA IN THE U.S. (FORBES, 2016) 3RD HEALTHIEST CITY #1 IN THE NATION FOR IN THE NATION LARGEST INCREASE IN (FORBES, 2016) RESIDENTS WITH COLLEGE DEGREES (U.S. CENSUS BUREAU, 2014) 7TH BEST STATE IN WHICH TO 4TH BEST CITY MAKE A LIVING FOR BIKE RIDING (FORBES, 2016) IN THE U.S.
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