northwest jefferson park for sale $1,389,568...multi-family 2016 9472222 parc on 29th 2820 w 29th...

Property Highlights

Each office is independently owned and operated

Prepared By:

Sarah gallegoSaSSociate broker

720-933-9331 | [email protected]

Signalized Intersection

Northwest Jefferson Park1940 Federal blvd., Denver 80204

FOR SALE

$1,389,568

SE Corner Lot on Federal and 20th St

Close Proximity to Downtown

Tax Credit Enterprise Zone

Redevelopment

Opportunity

Keller Williams Avenues Realty

Zoning CMXU - 5

1 Block from Sports Autority Field

bliSS kelleyiNveStmeNt aDviSor

720-935-9904 | cell720-346-9178 | [email protected]

Ideal Location for Mixed Use Redevelopment

Table of ConTenTs1940 Federal Blvd., Denver, CO 80204

1. ProPerTy DeTails

2. ProPerTy overview

3. loCaTion overview

4. CurrenT ProjeCTs

5. MarkeT Profile

6. MarkeT analyTiCs

7. Denver MarkeT Profile

8. siTe MaPs & PhoTos

9. DeMograPhiC Profile

|720-346-9170 | 11445 E. I-70 Frontage Rd. | Denver, CO 80033 Each office is indepenently owned and operated

KW Commercial believes the information contained herein to be from reliable sources. However, we make no guarantees, representations or warranties of any kind, expressed or implied to the correctness and reliability of information. Investors should consult a tax and legal advisor, as well as verify ALL information.

Redevelopment

DisClaiMer sTaTeMenT

The information contained herein is confidential and intended to be reviewed by the party received it. This Proposal has been prepared for a solicitation of interest, to provide a summary to prospective buyers to establish only a preliminary level of interest in the subject prop-erty; and is not an offer to sell. By receipt of this Offering Brochure, the recipient agrees that the content is proprietary, confidential, only intended for the evaluation and consideration to purchase the subject property. Recipient shall not disclose this information to any person, entity, or any third party without the written consent of KW Commer-cial Listing Advisor(s) or Owner, and you will not disclose its contents in any manner detrimental to the interest of the Owner.

The KW Commercial Listing Advisor(s) stated and referenced in this Offering Brochure are exclusively retained and authorized to represent the Property Owner (“Owner”) in connection with the sale of the Property. No other person is authorized by the Owner to provide any information or to make any representations.

The information contained in this Offering Brochure has been obtained from sources we believe to be reliable. However, KW Commercial Advisor(s) nor the Owner has verified, and will not verify, any of the information contained herein; nor have they conducted any investiga-tion regarding these matters and do not promise, warranty, or make representation whatsoever regarding the accuracy or completeness of the information provided. The information contained herein is subject to change without notice and the recipient shall not look to Owner or the KW Commercial Advisor(s), nor any of their officers, employees, representatives, independent Contractor’s or affiliates, for the accuracy or completeness thereof. All potential buyers must take appropriate measures to verify all of the information set forth herein.

The information, estimates and statements contained herein are not a substitute for a thorough due diligence investigation. There can be no

assurance to the projected future performance and that such estimates may or may not be accurate or achieved. Further, KW Commercial and the Owner disclaim any and all liability, claim, cost, expense arising out of your investigation and/or purchase of this property whether repre-sentation or warranty, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any written or oral com-munication transmitted or made available to the recipient.

To the extent Owner or any Agent / Broker / Advisor of the Owner corresponds with any prospective buyer, any prospective buyer should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Contract shall bind the property. The recipient shall be entitled to rely solely on those repre-sentations and warranties that may be made to them in any final, fully executed and delivered Real Estate Purchase Contract between Buyer and Owner.

The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Contract on terms acceptable to Owner, in Owner’s sole discretion.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and ex-pressly reserves the right, at its sole discretion, to terminate negotia-tions with any entity, for any reason, at any time with or without notice. By submitting an offer, a prospective buyer will be deemed to have acknowledged the foregoing and agreed to release the Owner and the KW Commercial Advisor(s) from any liability with respect thereto.


1940 Federal Blvd., Denver, CO 80204

Redevelopment

ProPerTy DeTails1940 Federal Blvd., Denver, CO 80204

Redevelopment

ProPerty DetailS Schedule Number / Parcel ID 0232406001000

Legal Description Tynons Add 2nd FLG B7 L1 to 5Property Type Inustrial, Auto ServiceTax District Denver

Year Built 1958

Square Feet (Existing Struc-ture)

1139 SF

Lot Size 15,104 SFLot Size (Acres) .35 acresZoning CMX-5

mixed Use – 5 (c-mX-5)C-MX-5 applies to areas or intersections served primarily by collector or arterial streets where a building scale of 1 to 5 stories is desired.

geNeral characterThe Urban Center Neighborhood Context consists of multi-unit resi-dential and mixed-use commercial strips and commercial centers. Multi-unit buildings are typically Rowhouse, Courtyard Apartment and Apart-ment forms. Commercial buildings are typically Live-Work, Shopfront, and General Commercial forms. Multi-unit residential uses are primarily located along residential collector, mixed-use arterial, and local streets. Commercial uses are primarily located along main and mixed-use arterial streets.

geNeral PUrPoSe

A. The Mixed Use Zone Districts are intended to promote safe, active, and pedestrian-scaled, diverse areas through the use of town house, row house, courtyard apartment, apartment, and shopfront building forms that clearly define and activate the public street edge.

B. The Mixed Use Zone Districts are intended to enhance the conve-nience, ease and enjoyment of transit, walking, shopping and public gath-ering within and around the city’s neighborhoods.

C. The Mixed Use Zone District standards are also intended to ensure new development contributes positively to established residential neigh-borhoods and character, and improves the transition between commer-cial development and adjacent residential neighborhoods.

D. Compared to the Main Street districts, the Mixed Use districts are focused on creating mixed, diverse neighborhoods. Where Main Street districts are applied to key corridors and retail streets within a neigh-borhood, the Mixed Use districts are intended for broader application at the neighborhood scale.

E. In the Urban Center Neighborhood Context, the Mixed Use Zone Districts require the same level of pedestrian enhancements as the Main Street Zone Districts. In the Urban Center NeighborhoodContext, the primary difference between the Mixed Use Zone Districts and the Main Street Zone Districts is Main Street districts mandate shopfront buildings at the street edge.

F. Mixed use buildings have a shallow front setback range. The build-to requirements are high.


reDeveloPmeNt valUe - higheSt aND beSt USe

Land ValueLot Size - SF 15,104Land Price per SF $92.00Property Value $1,389,568

ProPerTy overview1940 Federal Blvd., Denver, CO 80204

Redevelopment


loCaTion overview



Redevelopment


loCaTion overview1940 Federal Blvd., Denver, CO 80204

Redevelopment


CurrenT ProjeCTsProPoseD/unDer ConsTruCTion 1940 Federal Blvd., Denver, CO 80204

Redevelopment

Property iD building Name building address building

operating expenses

For Sale Price

land area (ac)

Propertytype year built

Zoning

9339345 2211 W 27th Ave 3.57 Multi-Family 2015

9573276 Riverpoint Jefferson Park

2727 W 27th Ave 2013 Tax @ $158.41/Unit

Multi-Family 2016

9472222 Parc on 29th 2820 W 29th Ave 3500000 Multi-Family 20169390555 4431 W 29TH St 2013 Tax @

$0.20/sf0.224 General Retail U-MX-2

9555294 Highland Square-Site B

32nd & Lowell Blvd 2013 Tax @ $8.27/sf

General Retail

9285066 Colfax & Irving 3301 W Colfax Ave Multi-Family 20169098852 4235 W Colfax Ave 0.465 Multi-Family 20159427145 Julian Heights 1515-1529 Julian St 2995000 0.402 Multi-Family 2016 CMS-89378547 2450 Clay St Multi-Family 2015

9110649 2785 Speer 2785 N Speer Blvd 2013 Tax @ $264.50/Unit

4.25 Multi-Family 2015

8784527 3610 W Colfax Ave 2014 Tax @ $2.16/sf; 2014 Ops @ $2.59/sf, 2013 Est Ops @ $2.16/sf

0.307 General Retail 1928 U-MS-3

Bliss Kelley | Investment Broker | KW Commercial | O: 720-346-9178 C: 720-935-9904This copyrighted report contains research licensed to KW Commercial Real Estate, LLC - 570194.

1/29/2015Page 1

SITE

MarkeT Profile1940 Federal Blvd., Denver, CO 80204

Redevelopment




RedevelopmentMarkeT analyTiCs

Retail Analytics Office Analytics

Inventory Survey 5-Year AvgExisting Buildings 27 28Existing SF 180,388 181,15812 Mo. Const. Starts 0 0Under Construction 0 012 Mo. Deliveries 0 0

Availability Survey 5-Year AvgGross Rent Per SF $20.73 $19.73Vacancy Rate 0.0% 9.3%Vacant SF 0 16,835Availability Rate 1.0% 13.0%Available SF 1,750 23,461Sublet SF 0 0Months on Market 0.7 11.1

Sales Past Year 5-Year AvgSale Price Per SF $1,094 $415Asking Price Per SF - $381Sales Volume (Mil.) $3.5 $5.6Cap Rate - 8.0%

Demand Survey 5-Year Avg12 Mo. Absorption SF 13,854 3,91712 Mo. Leasing SF 4,060 13,610

Vacancy Rate Gross Asking Rent Per SF

Net Absorption Probability of Leasing in Months

This copyrighted report contains research licensed to KW Commercial Real Estate, LLC - 570194.1/29/2015

Market Area: Colfax to 38th Ave Lowell to Pecos (on 38th) Lowell to I-25 (on Colfax)

Inventory Survey 5-Year AvgExisting Buildings 39 38Existing SF 256,911 252,77712 Mo. Const. Starts 0 2,733Under Construction 0 1,36712 Mo. Deliveries 0 3,341

Availability Survey 5-Year AvgNNN Rent Per SF - $12.10Vacancy Rate 2.9% 5.6%Vacant SF 7,490 14,186Availability Rate 3.7% 5.2%Available SF 9,500 13,232Sublet SF 0 0Months on Market 5.5 7.2

Sales Past Year 5-Year AvgSale Price Per SF - $211Asking Price Per SF $610 $274Sales Volume (Mil.) - $1.3Cap Rate - 5.5%

Demand Survey 5-Year Avg12 Mo. Absorption SF 399 1,95712 Mo. Leasing SF 7,490 7,284

Vacancy Rate NNN Asking Rent Per SF




Inventory Survey 5-Year AvgExisting Buildings 8 10Existing SF 135,109 152,70712 Mo. Const. Starts 0 0Under Construction 0 012 Mo. Deliveries 0 0

Availability Survey 5-Year AvgRent Per SF $9.73 $6.48Vacancy Rate 2.7% 5.6%Vacant SF 3,700 8,542Availability Rate 15.8% 17.1%Available SF 21,300 26,076Sublet SF 0 0Months on Market - 11.0

Sales Past Year 5-Year AvgSale Price Per SF - -Asking Price Per SF $89 $89Sales Volume (Mil.) - -Cap Rate - -

Demand Survey 5-Year Avg12 Mo. Absorption SF -3,700 -6,84112 Mo. Leasing SF 3,700 3,984

Vacancy Rate Asking Rent Per SF



Industrial Analytics

Inventory in Units Survey 5-Year AvgExisting Units 930 57912 Mo. Const. Starts 179 179Under Construction 179 17912 Mo. Deliveries 0 0

Leasing Units Survey 5-Year AvgVacant Units 20 15Vacancy Rate 3.5% 2.6%12 Mo. Absorption Units -7 1

Sales Past Year 5-Year AvgSale Price Per Unit $127,613 $84,987Asking Price Per Unit $50,357 $110,833Sales Volume (Mil.) $5.6 $15Cap Rate 6.1% 7.2%

Rents Survey 5-Year AvgStudio Asking Rent $652 $5771 Bed Asking Rent $715 $6302 Bed Asking Rent $796 $7973+ Bed Asking Rent $690 $633Concessions 1.1% 0.7%

Vacancy Rate Asking Rent Per Unit

Absorption Units Effective Rent Per Unit


MultiFamily Analytics


RedevelopmentMarkeT analyTiCsMarket Area: Colfax to 38th Ave Lowell to Pecos (on 38th) Lowell to I-25 (on Colfax)

Denver MarkeT ProfileDenver economyBooming energy and technology sectors have played central roles in the recent and current strong performance of the Denver area economy. Declining oil prices and some announced cuts by some of the nation’s larger producers, however, result in part from competition within the global industry rather than from a weakening national or global economy. Oil Patch economies including Denver, could feel some ill winds. The energy uncertainty aside, the near-term future of the local economy seems bright.There are other assets as well: the economy is broad-based, population growth is high, the region boasts considerable lifestyle advantages, housing markets are strong, and housing development, driven in part by the “Gen Y” demographic cohort, continues in both the city and suburbs.A recent study by PricewaterhouseCoopers and Urban Land Institute ranked Denver 4th in the nation among “cities likely to attract commercial real estate investment in 2015 in part because of its attractiveness to ‘Millennials’,” Denver Business Journal re-lated in October. In addition, Forbes magazine has ranked Denver the 4th best city in the nation for business in 2015 and placed it 7th on the list of most livable U.S. cities.Recent job creation, accordingly, has been strong. Indeed, Denver is among those lead-ing U.S. economies to have put wide gaps between current and pre-recession employ-ment levels. According to preliminary data provided by the U.S. Bureau of Labor Statistics (BLS), total non-farm employment as of October was up fully 92,700 jobs (7.4%) from the total recorded for October 2008. The leader in job creation over the 12-month time span ending with October was the Education and Health Services sector with a net gain of 8,400 jobs, representing year-over-year growth at 5.2%. The centrally important Professional and Business Services segment, while slowing slightly in recent months, was next with a net gain of 6,500 jobs, representing growth at 2.7%. Leisure and Hospitality followed with the net addition of 5,600 jobs—a gain of 3.9%. The Denver housing market “continues to tighten,” the Journal reported in December 2014 citing Metrolist. Active listings as of November metrowide were down 27.0% year-over-year even as sales increased 1.0%. At 37 days, time on market was down 26.0% “indicating sustained buyer interest and competition in the market.

Moody’s Economy.com reports a third quarter 2014 averagehousehold income of $133,537 for the Denver MSA. Average household incomes of $134,683 and $138,774 are reported for the top metros in the nation and West region, respectively.

Denver real estate marketThe Denver area retail real estate market forms a dramatic contrast with the heady performances staged by the local office and housing markets (apartments in particu-lar). While residential and retail, in principle, would be expected to benefit from the



Redevelopment

same positive trends—population and job growth—retail remains in the shadows. An anemic development profile aside, trends and conditions in the local community and neighborhood shopping center and power center markets tracked by Reis are favor-able overall. The data show vacancy rates on overall downward trajectorieswhile rent growth, if less than spectacular, has been steadily positive.Increases in development, however, seem highly likely, mainly as elementsof the numer-ous mixed-use transit-oriented development (TOD) projects as well as mixed-use redevelopment endeavors with substantial residential components. In addition, a major open-air mall broke ground in November in high-growth south suburban Douglas County. At a time in which projects of this type have nearly disappeared from the national development landscape, the 900,000-square-foot Castle Rock Promenadestands as one of the largest retail developments in the nation. Meanwhile, national chains such as Trader Joe’s, Whole Foods Market, and Cabela’s have been expanding in the region with multiple stores opened and under development. International retail-ers such as H&M and IKEA have come as well. One local industry source expects an increase in speculativedevelopment.

DeNver retail market

SUPPly aND DemaNDThe robust development activity typical for this market in the prerecession period— millions of square feet could be found under way at any given moment—has vanished. Indeed, excluding one major exception, the current retail development profile, featur-ing only a handful of small projects in mixed-use developments. The year 2014, despite ongoing economic expansion and residential developmenadded only 64,000 square feet in two projects, the retail component of a mixed-use development and a free-standing building. These came online in August and October, respectively. Including the 900,000-square-foot Promenade at Castle Rock open-air regional center which broke ground in November, 1.2 million square feet in five projects was under construction per the date of this report. Of these, three with a combined total of 47,000 werecomponents in mixed-use developments. More of these are planned. National Real Estate Investor ranks the Denver area commercial market 10th in the nation for investment. “‘National and regional retailers are still very interested in Denver, but simply cannot find the prime end-cap space,’” states Newmark Grubb Knight Frank in its thirdquarter report on the local market. “‘This pent-up demand will drive specula-tive development in 2014 and beyond, and Denver’s strong market fundamentals and exceptional quality of life will continue to attract new retailers.” Metro: Denver

An increased emphasis on mixed-use development, including TOD projects, is not the only change under way in retail development. “The shift to smaller grocery stores con-



Redevelopmenttinues with concepts like The Neighborhood Walmart and Sprouts opening new loca-tions,” reports Cassidy Turley. To some extent, Walmart’s growing focus on its smaller Neighborhood Market product is an effect of the growth in e-commerce retailing. The rapid growth of online retailing, however, has a more pervasive effect: it is a significant factor in the low retail development profile seen across the nation as numerous major retailers enhance their online sales operations even as their needs for “brick and mor-tar” stores diminish. “However,” adds Cassidy Turley, “large box retailers still have their place in Denver. Dick’s Sporting Goods, Target, and Michael’s have all recently opened new locations.”Sporting goods retailer Cabela’s has as well, with two large freestanding stores, and Swedish clothier H&M opened several new stores of its own. Also from Sweden, IKEA completed a 425,000-square-foot furniture and home goods store in the suburban south in 2011. In addition, the opening of new light rail lines as well as development around light rail stations completed several years ago provides opportunities for retail at mixed-use TOD sites. One such project is moving forward at the Belleview Stationmixed-use development in the metro south. And extensive retail has been built near the Lincoln Avenue station/RidgeGate area farther south. More are planned.

Modest positive absorption is expected for the remainder of 2014 and 2015. Vacancy should end the new year at about 7.5%. Modest rent growth during the fourth quarter should be followed by modest growth in 2015. PlaNNeD DeveloPmeNtS / reDeveloPmeNtS Redevelopment in Lower Downtown (LoDo), the adjacent Central Platte Valley (CPV), and the Highlands neighborhood to their northeast has included new retail, chiefly in the form of upscale restaurants and boutique shops and ground-floor retail components in new residential projects. Residential development has beenexceedingly strong in these areas. Construction is under way in the 20,000-square-foot square foot retail element at the Printer’s Row at Prospect Park mixed-use project in the northeastern CPV. A July 2015 completion is planned. Also in RiNo (near The Source), a still-unnamed mixed-use development includ-ing 123 multifamily residential units and 40,000 square feet of retail is planned for a 4.5-acre site along Brighton Boulevard, the Journal reported in November. Demolition of an existing structure commenced in November; groundbreaking is planned for the first quarter of 2015. Union Station TOD. The massive redevelopment of the 19.5-acre Union Station site in the Lower LoDo-CPV area, recently described as the nation’s largest current TOD, has a number of major office and residential projects under way or recently complet-ed. In addition, several restaurants opened in the old station building in recent weeks.The building hosts 25,000 square feet of restaurant and retail space. At a nearby site, the 17W mixed-use residential-retail development willinclude a 56,000-square-foot Whole Foods store, Colorado Real Estate

Journal reported in late November. The 10-story 16M mixed-use development completed construction in June. Denver Infill reports a 13,000-square-foot retail component. Holland Partners developed the project. St. Anthony’s Hospital site. Plans for the Sloans mixed-use “sustainable urban neighborhood” (named for Sloans Lake), at the site of the former St. Anthony Hospital campus on W. 17th a few miles west of downtown, call for as many as 1,200 residential units and 150,000 square feet of “commercial” space, according to master developerEnviroFinance Group. The first phase will include a 375-unit apartment project byTrammell Crow Residential. Progress in the mixed-use redevelopment of the 28-acre former University of Colorado hospital site in east Denver has been plagued by repeated setbacks. Contin-uum Partners was chosen by the University of Colorado Board of Regents in February to serve as master developer for redevelopment of the site. Continuum follows de-velopers Fuqua Development and Shea Properties, both of which had their contracts terminated. More. In February, an 18,000-square-foot Trader Joe’s specialty grocery, one of sev-eral new ones metrowide, opened nearby at 8th and Colorado. Another Trader Joe’s is under construction at 7th Avenue and Logan just south of downtown proper. The store opened in September 2014. Outlook. Modest positive absorption is expected for the remainder of2014 and 2015. Vacancy should end the new year at about 7.5%.Modest rent growth during the fourth quarter should be followed bymodest growth in 2015.

Denver MarkeT Profile


siTe overview1940 Federal Blvd., Denver, CO 80204

Redevelopment

SITE

Site

ProPerTy PhoTos



Redevelopment


area overview MaP1940 Federal Blvd., Denver, CO 80204

Redevelopment


1 mile radius 3 mile radius 5 mile radiusPopulation 18,021 198,335 431,179

Median Age 32.1 33.5 34.7

Households 7,661 93,801 195,034

Median Disposable Income $28,679 $33,896 $36,887

Average Disposable Income $40,503 $45,273 $50,198

Average HouseHold Income $48,830 $55,548 $62,421

Traffic Counts 32,0000 36,000 45,000

2014 Employed Population 16+ by Industry

Total 8,772 104,671 221,173

Agriculture/Mining Construction 1.4% 7.1% 1.6% 6.8% 1.5% 7.2%

Manufacturing Wholesale Trade 3.5% 2.6% 5.3% 2.3% 6.0% 2.3%

Retail Trade 6.6% 9.1% 9.2%

Transportation/Utilities Information 2.8% 1.8% 3.4% 2.6% 3.9% 2.4%

Finance/Insurance/Real Estate Services 5.1% 66.6% 6.5% 58.7% 6.6% 56.9%

Public Administration 2.6% 3.7% 4.0%

Total Businesses: 1,784 28,990 57,989

Total Employees: 8,999 184,870 323,444

Total Residential Population: 18,021 198,335 431,179

Employee/Residential Population Ratio: 0.5:1 0.93:1 0.75:1

DeMograPhiC Profile1940 Federal Blvd., Denver, CO 80204

Redevelopment

TraffiC CounT MaP



RedevelopmentTraffic Count Map1940 Federal Blvd, Denver, Colorado, 80204Ring: 1, 3, 5 Miles Latitude: 39.74689

Longitude: -105.025184

January 29, 2015

Made with Esri Business Analyst©2015 Esri www.esri.com/ba 800-447-9778 Try it Now! Page 1 of 1

Source: ©2012 Market Planning Solutions, Inc.

Each office is indepenently owned and operated

Prepared By:

bliss kelleyinvestment advisor

720-935-9904 | Direct720-346-9178 | [email protected]

KW Commercial believes the information contained herein to be from reliable sources. However, we make no guarantees, representations or warranties of any kind, expressed or implied to the correctness and reliability of information. Investors should consult a tax and legal advisor, as well as verify ALL information.

Keller Williams Avenues Realty

Sarah gallegoSaSSociate broker

720-933-9331 | [email protected]

northwest jefferson park for sale $1,389,568...multi-family 2016 9472222 parc on 29th 2820 w 29th...

Documents