lakewood infill site - loopnet...lakewood infill site 5701 w colfax avenue & 1535-1545 eaton...
Post on 14-Jun-2020
1 Views
Preview:
TRANSCRIPT
Justin Krieger, PrincipalBilly Riesing, Senior AdvisorOne Broadway Suite 300A | Denver, CO 80203303.962.9555 | www.PinnacleREA.comConfidential Offering Memorandum
LAKEWOOD INFILL SITE5701 W Colfax Avenue & 1535-1545 Eaton StreetL A K E W O O D , C O L O R A D O 8 0 2 1 4
This confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC (“Pinnacle REA”) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as Lakewood Infill Site at 5701 W Colfax Avenue and 1535-1545 Eaton Street located in Lakewood, Colorado (the “Property”) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers.
Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request.
This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience.
Investment Contact:
Justin KriegerPrincipal303.962.9558JKrieger@PinnacleREA.com
Billy RiesingSenior Advisor303.847.5179BRiesing@PinnacleREA.com
DISCLAIMER
© 2019 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable. However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.
INVESTMENT CONTACTS
Justin KriegerPrincipal303.962.9558JKrieger@PinnacleREA.com
Billy RiesingSenior Advisor303.847.5179BRiesing@PinnacleREA.com
One Broadway, Suite A300 | Denver, CO 80203www.PinnacleREA.com
TABLE OF CONTENTSExecutive SummaryProject OverviewProject ZoningLocation OverviewDevelopment MapArea OverviewDemographicsTraffic Counts
LAKEWOOD INFILL SITE5701 W Colfax Avenue & 1535-1545 Eaton StreetL A K E W O O D , C O L O R A D O 8 0 2 1 4
EXECUTIVE SUMMARY
Price: $3,100,000
5701 W Colfax Avenue: 32,319 SF Lot
1535 Eaton Street: 13,832 SF Lot
1545 Eaton Street: Single-Family Fix & Flip
Zoning: M-G-U
Investment Highlights:
• Opportunity to acquire redevelopment site that is currently in entitlement process
• 5701 W. Colfax ( 5-story, 96 units, apartments or condos) 1535 Eaton (12 town homes)
• ILC, Phase 1, Appraisals all complete
• Located in the rapidly-growing West Colfax Corridor (high-demand for apartment, condo, and town house product)
LAKEWOOD INFILL SITE5701 W Colfax Avenue & 1535-1545 Eaton StreetL A K E W O O D , C O L O R A D O 8 0 2 1 4 5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
PROJECT OVERVIEW
LAKEWOOD INFILL SITE5701 W Colfax Avenue & 1535-1545 Eaton StreetL A K E W O O D , C O L O R A D O 8 0 2 1 4
PROJECT OVERVIEW
PROJECT OVERVIEW
PROJECT ZONING
This summary is only a guide. Definitive information should be obtained from the complete Zoning Ordinance. Rev. October 2014
City of Lakewood Planning Department Civic Center North 480 South Allison Parkway Lakewood, CO 80226-3127 Voice: 303-987-7571 Fax: 303-987-7990 www.lakewood.org/planning ZONE DISTRICT SUMMARY
M-G-U Mixed Use - General - Urban The M-G-U district is intended to provide for mixed-use and community com-mercial development generally along arterial streets and in transit areas. The Urban context reflects a more pedestrian-oriented environment that requires buildings to be located within a short distance of adjacent public streets. Parking shall be located behind or to the side of buildings.
The official Zoning Ordinance is available online: www.lakewood.org/zoning
Building Setbacks Front (measured from edge of existing or future public improvements.)
Minimum: Maximum:
0 feet 20 feet
Build-to-Zone Requirement2
Retail Allowed per Business Maximum: 75,000 square feet by right Greater than 75,000 square feet with Special Use Permit
Side1 Rear1
Minimum: Minimum:
0/5 feet 0/5 feet
55%
Height Requirements3 Minimum: Maximum:
None 90 feet
Open Space 15% Minimum:
Non-Residential Building Footprint 75,000 square feet Maximum:
Residential Density Minimum: Maximum:
None None
Surface Parking Lot Locations Allowed -Behind rear plane of a building -To the side of a building
1Buildings not located at the 0 foot setback shall be located a minimum of 5 feet from the property line. 2The Build-to-Zone requirement is the percentage of lot width that must contain a portion of a building within the front set-back range. 3Subject to height transition when adjacent to residential zoning, see 17.5.3.4.
PROJECT ZONING
Land use definitions can be found in Article 13 of the Zoning Ordinance.
Permitted Land Uses
Permitted as a use by right.
Limited Land Uses
Permitted as a use subject to
compliance with any supplemental
standards identified in Section 17.4.3.
Personal Service Restaurant Retail Community Building Convention or Exposition Center Park Religious Institution School, Public or Private School, Vocational or Trade Transportation Facility, Public University or College Utility Facility, Minor Home Business, Major Wireless Communications Facility Stealth New Freestanding Structure ≤ 60 ft. in height
Accessory Land Uses
Only permitted
as accessory to a permitted
use, subject to compliance with Section 17.4.3.
Accessory Dwelling Unit Adult Business Animal Care, Indoor Contractor Shop Medical Marijuana Business Motor Vehicle Rental or Leasing Motor Vehicle Sales, Outdoor Motor Vehicle Service Car Wash Fueling Station Minor
Parking, Stand-Alone, Surface Pawnbroker Rental, Service, or Repair of Large Items Apiaries Community Garden Temporary Use, Short-term
Special Land Uses
Permitted with a
special use permit, subject to compliance with Section 17.4.3.
Shelter Entertainment Facility, Outdoor Mini-Warehouse or Storage Motor Vehicle Service, Major Vehicle Dispatch Facility Hospital Utility Facility, Major
Storage, Outdoor Horticulture Construction or Sales Trailer Outdoor Display Home Business, Minor
Satellite Dish Antenna Solar Collection System Wireless Communications Facility, Existing Structures Building Facade Mounted Roof Mounted Other Freestanding Support Structure
Attached Dwelling Unit Multifamily Group Home (1-8 client residents) Group Residential Facility Bar Club, Lodge, or Service Organization Day Care Facility, Adult or Child Emergency Medical Facility Entertainment Facility, Indoor Fitness or Athletic Facility, Private Gallery or Studio Hotel Manufacturing, Light Mortuary Motel Motor Vehicle Sales, Indoor Office Parking, Stand-Alone, Structured
Temporary Use, Long-term Wind-Powered Electric Generator, Freestanding Wireless Communications Facility, > 60 ft. in Height
5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
LAKEWOOD COUNTRY CLUB
COLFAX AVENUE
SLOAN’S LAKE
20TH AVENUE
N
LIGHT RAIL
ART
ART
ART
ART
ART
WALKER RANCH PARK
MOUNTAIRPARK
PIE
RC
E S
TR
EE
T
WA
DS
WO
RT
H B
OU
LE
VA
RD
SH
ER
IDA
N B
OU
LE
VA
RD
POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME
1 mile 9,145
3 mile 66,293
5 mile 315,357
HOUSEHOLDSPOPULATION RESIDENTIAL COUNT AVERAGE HH INCOME
1 mile $52,930
3 mile $65,691
5 mile $79,730
AVERAGE HH INCOMEPOPULATION RESIDENTIAL COUNT AVERAGE HH INCOME
1 mile 29,357
3 mile 179,896
5 mile 476,650
POPULATION
FORTY WEST ARTS DISTRICT
WADSWORTHLIGHT RAIL
PARK-N-RIDE LAMAR LIGHTRAIL STOP
SHERIDAN LIGHT RAIL STOP
PERRY LIGHTRAIL STOP
LOCATION OVERVIEW
LOCATION OVERVIEW
AVIATIONPARK
MOUNTAIRPARK
SLOAN’S LAKE
20TH AVENUE
LIGHT RAIL
WADSWORTHLIGHT RAIL
PARK-N-RIDE LAMARLIGHT RAIL STOP
PIE
RC
E S
TR
EE
T
WA
DS
WO
RT
H B
OU
LE
VA
RD
FORTY WEST ARTS DISTRICT
ART
ART
ART ART
COLFAX AVENUE
West Colfax Development Map – 5701 Colfax and Nearby Projects
40 West Residences Edgewater Townhomes X & X2 at Sloans 1515 Flats 60 Units 24 Units (Rowhomes) 58 & 46 Units 82 Units
Sloans Denver Vida at Sloans Julian Heights Mile High Apartments Unit Count Unknown 174 Units 59 Units (Condos) 382 Units
DEVELOPMENT MAP
West Colfax Development Map - 5701 W. Colfax and Nearby Projects
West Colfax Development Map – 5701 Colfax and Nearby Projects
40 West Residences Edgewater Townhomes X & X2 at Sloans 1515 Flats 60 Units 24 Units (Rowhomes) 58 & 46 Units 82 Units
Sloans Denver Vida at Sloans Julian Heights Mile High Apartments Unit Count Unknown 174 Units 59 Units (Condos) 382 Units
West Colfax Development Map – 5701 Colfax and Nearby Projects
40 West Residences Edgewater Townhomes X & X2 at Sloans 1515 Flats 60 Units 24 Units (Rowhomes) 58 & 46 Units 82 Units
Sloans Denver Vida at Sloans Julian Heights Mile High Apartments Unit Count Unknown 174 Units 59 Units (Condos) 382 Units
West Colfax Development Map – 5701 Colfax and Nearby Projects
40 West Residences Edgewater Townhomes X & X2 at Sloans 1515 Flats 60 Units 24 Units (Rowhomes) 58 & 46 Units 82 Units
Sloans Denver Vida at Sloans Julian Heights Mile High Apartments Unit Count Unknown 174 Units 59 Units (Condos) 382 Units
Brickhouse at Lamar Station293 Units
West Colfax Development Map – 5701 Colfax and Nearby Projects
40 West Residences Edgewater Townhomes X & X2 at Sloans 1515 Flats 60 Units 24 Units (Rowhomes) 58 & 46 Units 82 Units
Sloans Denver Vida at Sloans Julian Heights Mile High Apartments Unit Count Unknown 174 Units 59 Units (Condos) 382 Units
West Colfax Development MapRay Design Development
5701 W. Colfax & 1535 Eaton St - Option A (37 Townhomes) - Option B (21 Townhomes & 48 Condo/Apt Units) - Option C (76 Condo/Apt Units)
1
2
34
5 6 7 8
9
1. 5830 W. Colfax - 40 West Residences - 39,794 sf - 4 Story - 60 Unit Affordable Housing Apartment Project - Structured Parking - Land Purchase Price Unknown2. 17th & Eaton - Cityview Townhomes - 36,500 sf - 3 Story - 24 Unit Townhome Project - Land Purchase Price Unknown3. 1516 Xaxier - X2 at Sloans - 14,639 sf - 5 Story - 46 Unit Apartment Project - Structured Parking (0.52 spaces/unit) - Land Purchase Price = $1,010,000 ($70.26/sf)4. 1500 Xaxier - X at Sloans - 14,950 sf - 5 Story - 58 Unit Apartment Project - Structured Parking (0.70 spaces/unit) - Land Purchase Price = $640,000 ($42.80/sf)5. 4601 W. Colfax - 1515 Flats - 19,037 sf - 5 Story - 82 Unit Apartment Project - Structured Parking (0.50 spaces/unit) - Land Purchase Price Unknown6. 4255 W. Colfax - Sloans Denver - Multi-Block Mixed Use Development - Land Purchase Price Unknown7. 4057 W. Colfax - Vida at Sloans - 40,937 sf - 7 Story - 174 Unit Senior Project - Structured Parking (0.48 spaces/unit) - Land Purchase Price = $2,889,000 ($70.57/sf)8. 1515-1529 Julian - Sloans ADC - 17,490 sf - 8 Story - 59 Unit Condo Project - Structured Parking (Quantity Unknown) - Land Purchase Price = $2,200,000 ($125.78/sf)9. 3200 W. Colfax - Mile High Apartments - 177,519 sf - 5 Story - 382 Unit Apartment Project - Structured Parking (1.46 spaces/unit) - Land Purchase Price = $8,125,000 ($45.77/sf)
DEVELOPMENT MAP
5701 W. Colfax Avenue and 1535 Eaton Street - 96 Apartments/Condos and 12 Townhomes
10. 6300 W 13th Avenue - Brickhouse at Lamar Station - 3.75 Acres - 4 Story - 293 Unit Apartment Project - Structured Parking
10
AREA OVERVIEW
Arts Loop/Public Art
40 West Arts is a state-certified creative district, a destination to explore and discover its unique culture (both old and new). But, it’s also a place where the business of creativity happens! From the more than 120 creative enterprises located in or near the district to the creative pulse emanating from the Rocky Mountain College of Art + Design in the heart of the district, 40 West Arts is a creative destination where painters, sculptors, glassblowers, woodworkers, metalworkers, musicians, actors, motion artists, and makers of all kinds gather to connect, collaborate, and celebrate creativity!
40 West Arts is working to champion the renaissance of historic West Colfax (US 40) by fostering corridor engagement through community arts spaces and events, by delivering hands-on arts-related education and experiences, and by promoting economic vibrancy throughout the district.
40 West ArtsWhere Art Means Business!
Encompassing approximately 44 square miles in Jefferson County, Lakewood sits between the Rocky Mountains and the heart of Denver. As the 5th largest city in Colorado by population, Lakewood is a key component of the 7 county Denver-Aurora-Lakewood
Metropolitan Statistical Area. Surrounded by several major universities and research facilities, including the world renowned Colorado School of Mines, Lakewood has one of the most highly educated workforces in the country with 36% of residents holding a bachelor’s degree or higher. The city has dedicated more than 7,100 acres to parks and open space, with approximately 200 miles of hiking and biking trails.
Lakewood has also become a hotbed for employment in the aerospace, financial services, technology firms and government sectors with corporations such as 1stBank, The Integer Group, and HomeAdvisor holding large employment centers in Lakewood. Government is Lakewood’s most dense employment sector, largely due to the presence of the Denver Federal Center. Home to employees from 26 different Federal agencies, Lakewood boasts the largest concentration of federal agencies outside of Washington D.C. The city also hosts employment concentrations in the mining/oil and gas/energy related, medical device manufacturing, and renewable energy sectors. Recently, Denver’s RTD program has made a concerted effort to bring light rail to Denver’s west suburbs.
Lakewood has become the beneficiary of the RTD W Line which opened in 2013, giving significant boost to local business and commuters living in the city.
LAKEWOOD DEMOGRAPHICS
Population 153,621
Population Growth 2010-2016 7.4%
Households 67,482
Household Growth 2010-2016 9.2%
Median Age 40
Total Employment 77,626
Average Household Income $76,206
Median Home Value $289,628
RTD LIGHT RAIL
LAKEWOOD
W LINE
AREA OVERVIEW
-0%0 SF
--
Land
Rent/SF/Yr:% Leased:
Total Available:
Typical Floor:RBA:
Building Type:-Class:
Radius 1 Mile 3 Mile 5 MilePopulation
2023 Projection 20,807 177,155 497,8492018 Estimate 19,582 164,519 459,6842010 Census 18,239 147,886 402,220Growth 2018 - 2023 6.26% 7.68% 8.30%Growth 2010 - 2018 7.36% 11.25% 14.29%
2018 Population by Hispanic Origin 9,575 73,746 166,3812018 Population 19,582 164,519 459,684
White 17,306 88.38% 146,388 88.98% 404,621 88.02%Black 578 2.95% 4,491 2.73% 16,093 3.50%Am. Indian & Alaskan 810 4.14% 5,114 3.11% 11,684 2.54%Asian 310 1.58% 3,738 2.27% 13,578 2.95%Hawaiian & Pacific Island 41 0.21% 291 0.18% 820 0.18%Other 537 2.74% 4,497 2.73% 12,889 2.80%U.S. Armed Forces 5 61 251
Households2023 Projection 8,823 72,306 221,7132018 Estimate 8,298 67,257 204,5342010 Census 7,676 60,797 178,205Growth 2018 - 2023 6.33% 7.51% 8.40%Growth 2010 - 2018 8.10% 10.63% 14.77%Owner Occupied 2,888 34.80% 32,254 47.96% 94,850 46.37%Renter Occupied 5,409 65.18% 35,003 52.04% 109,684 53.63%
2018 Households by HH Income 8,296 67,260 204,534Income: <$25,000 3,064 36.93% 16,643 24.74% 44,249 21.63%Income: $25,000 - $50,000 1,983 23.90% 15,405 22.90% 44,828 21.92%Income: $50,000 - $75,000 1,589 19.15% 12,178 18.11% 39,458 19.29%Income: $75,000 - $100,000 734 8.85% 7,529 11.19% 25,032 12.24%Income: $100,000 - $125,000 444 5.35% 5,046 7.50% 16,425 8.03%Income: $125,000 - $150,000 218 2.63% 2,966 4.41% 10,448 5.11%Income: $150,000 - $200,000 145 1.75% 3,719 5.53% 12,156 5.94%Income: $200,000+ 119 1.43% 3,774 5.61% 11,938 5.84%
2018 Avg Household Income $50,478 $74,480 $78,3172018 Med Household Income $38,293 $52,666 $57,127
Demographic Summary ReportW. Colfax and 1535 and 1545 Eaton St
5701 W Colfax Ave, Lakewood, CO 80214
Copyrighted report licensed to Pinnacle Real Estate Advisors - 334326.1/16/2019
Page 1
DEMOGRAPHICS5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
5701 COLFAX – 8 STORY CONCEPT – 06.15.2017
-0%0 SF---Land
Rent/SF/Yr:% Leased:
Total Available:Typical Floor:
RBA:Class:
Building Type:
Street Cross Street Cross Str DistCountYear
Avg DailyVolume
VolumeType
Miles fromSubject Prop
1 I- 70 Bus Chase St 0.03 E 2017 30,600 MPSI .122 I- 70 Bus Gray St 0.03 E 2017 30,600 MPSI .143 W 14th Ave Depew St 0.02 E 2017 4,817 MPSI .164 Harlan St I- 70 Bus 0.02 S 2013 1,154 ADT .175 Harlan St I- 70 Bus 0.02 S 2017 1,154 MPSI .176 Harlan St I- 70 Bus 0.03 N 2017 1,366 MPSI .187 I- 70 Bus Harlan St 0.03 E 2017 30,600 MPSI .208 Harlan St W 16th Ave 0.02 S 2011 1,392 ADT .219 Harlan St W 16th Ave 0.02 S 2017 1,392 MPSI .21
10 I- 70 Bus Ames St 0.02 E 2017 32,800 MPSI .24
Traffic Count ReportW. Colfax and 1535 and 1545 Eaton St
5701 W Colfax Ave, Lakewood, CO 80214
Copyrighted report licensed to Pinnacle Real Estate Advisors - 334326.1/16/2019
Page 2
-0%0 SF---Land
Rent/SF/Yr:% Leased:
Total Available:Typical Floor:
RBA:Class:
Building Type:
Street Cross Street Cross Str DistCountYear
Avg DailyVolume
VolumeType
Miles fromSubject Prop
1 I- 70 Bus Chase St 0.03 E 2017 30,600 MPSI .122 I- 70 Bus Gray St 0.03 E 2017 30,600 MPSI .143 W 14th Ave Depew St 0.02 E 2017 4,817 MPSI .164 Harlan St I- 70 Bus 0.02 S 2013 1,154 ADT .175 Harlan St I- 70 Bus 0.02 S 2017 1,154 MPSI .176 Harlan St I- 70 Bus 0.03 N 2017 1,366 MPSI .187 I- 70 Bus Harlan St 0.03 E 2017 30,600 MPSI .208 Harlan St W 16th Ave 0.02 S 2011 1,392 ADT .219 Harlan St W 16th Ave 0.02 S 2017 1,392 MPSI .21
10 I- 70 Bus Ames St 0.02 E 2017 32,800 MPSI .24
Traffic Count ReportW. Colfax and 1535 and 1545 Eaton St
5701 W Colfax Ave, Lakewood, CO 80214
Copyrighted report licensed to Pinnacle Real Estate Advisors - 334326.1/16/2019
Page 2
TRAFFIC COUNTS
Justin Krieger, PrincipalBilly Riesing, Senior Advisor
LAKEWOOD INFILL SITE5701 W Colfax Avenue & 1535-1545 Eaton StreetL A K E W O O D , C O L O R A D O 8 0 2 1 4
© 2019 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable.However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.
top related