810-870 E 50th Ave
Located in the Globeville neighborhood east of Wasthington Street on East 50th Avenue, this property is prime for redevelopment due to its location near to RiNo, Downtown Denver, and the future National Western Re-Development.
Originally built in 1947 wtih upgrades and remodels over the years, it is sitting on roughly 2.995 acres zoned I-B. The Washington Property consists of .919 acres zoned I-A.
Summary
810-870 E 50th Avenue
| Main Level: | 65,001 SF |
| Second Level: | 18,693 SF |
| Lower Level: | 39,265 SF |
| Apt./Garage: | 2,862 SF |
| Total: | 125,821 SF |
| Site Size: | 3.914 acres or 170,526 SF |
| Y.O.C.: | 1947, with additional updates |
| Occupancy: | 73.79% |
| County: | Denver |
Transformational Area
This property is located just across the South Platte River from the National Western Center. This is a 250 acre site that will undergo nearly $1B of development over the next 7 to 10 years. It is partnered with the City and County of Denver, Colorado State University, Denver Museum of Nature and Science, History Colorado, and National Western Stock Show. A new bridge at 51st Avenue and the new Bettie Cram Drive will be just one block from the property. Washington Street is also scheduled to become a more inviting street for pedestrians and to encourge additional private development. Heron Pond, an 80 acre site, directly north is planned to become a new park and major draw.
"Covered" Land Play
This property provides solid in-place income in an area that is scheduled to see complete transformation with new development. The current income provides a 5.1% return with below market rents and vacant space leasing upside. The longest lease runs throuigh February of 2024 and no tenants have extension options in their leases.
Existing Upside
Several existing vacant units provides a solid upside to increase income through leases which provides excellent long-term security. Pure office uses or artist studios are just a few of the many leasing options available.
Future Zoning Density Increase
This site supports up to 8 story zoning thanks to a recent zoning map passed in 2014 by the Denver City Council. This will provide strong land appreciation in the years to come.