havana tower - loopnet

Offering Memorandum

H A V A N A T O W E R1450 S HAVANA STREET

AURORA, CO 80230

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N O N - E N D O R S E M E N T N O T I C E C O N F I D E N T I A L I T Y & D I S C L A I M E R NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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H A V A N A T O W E R1450 S HAVANA STREET, AURORA, COLORADO 80230

Exclusively Listed By

BRANDON KRAMERSenior Associate | Director, NOIPG

Denver OfficeDirect: 303.328.2020 // Mobile: 605.390.1248

[email protected]

ELLIOT KAUFMANBroker Associate | NOIPG


[email protected]

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H A V A N A T O W E R1450 S HAVANA STREET, AURORA, COLORADO 80230

01

Table of Contents

04

COMPARABLE PROPERTIES // 28 Sales Comparables • Sales Comparables Map03MARKET OVERVIEW // 36 Location Overview • Location Highlights Local Attractions

EXECUTIVE SUMMARY // 08 Offering Summary • Summary of TermsInvestment Overview • Investment Highlights

02 FINANCIAL ANALYSIS // 14 Property Details • Local Map • Retail Aerial MapRent Roll Summary • Operating Expense Summary

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E X E C U T I V E S U M M A R Y

HAVANA TOWER

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1450 S Havana Street, Aurora, Colorado 80230

OFFERING PRICE

$5,800,000

FIRST YEARPRO FORMA CAP RATE

SUMMARY

Price $5,800,000

Current Cap Rate 4.5%

First Year Pro Forma Cap Rate 7.29%

Price/SF $79.50

Gross Square Feet 72,954 SF

Occupancy 80%

H A V A N A T O W E R

O F F E R I N G S U M M A R Y

7.29%

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YINTEREST OFFERED

Marcus & Millichap has been selected to exclusively market for sale Havana Tower at 1450 S Havana Street, Aurora, Colorado 80230.

TERMS OF SALE

Havana Tower is offered at $5,800,000 based on a price per square foot of $79.50.

PROPERTY TOURS

Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.

S U M M A R Y O F T E R M S

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1010

The Kramer Group of Marcus & Millichap is pleased to present the exclusive listing of Havana Tower located at 1450 S Havana St in Aurora, Colorado. The 8-story office building is approximately 72,954 square feet and is located at the intersection of Havana St and Florida Ave. Given the property’s location along Havana Street and proximity to several national retailers, this opportunity provides investors three distinct avenues for a profitable investment. Currently performing at 80% occupancy, the first option would allow for a new buyer to enact an aggressive management strategy to create value through leasing up existing vacancies and working with key tenants to extend leases. The second option would involve a higher-level of capital expenditure to update the property’s lobby, exterior and other common areas in an effort to attract longer-term credit tenants; accelerating the appreciation of the property. Finally, the third option will allow investors to take advantage of the 53,000 vehicles per day along Havana street and the property’s excellent location next to retailers such as Target, Kohls, & Costco. This option involves demolishing the building and redeveloping the existing 3.15-acre lot into a variety of different uses including retail or multi-family. This area of Aurora has undergone an extensive level of redevelopment with over 1,429 apartment units currently under construction and a number of the surrounding retailers investing significant capital to freshen and reimagine their space. Regardless of the avenue, Havana Tower provides investors with a variety of options to match their portfolio’s goals.

I N V E S T M E N T O V E R V I E W

Value-Add Opportunity

Multi-Tenant Office Asset

Area is Seeing a Revitalization

Tremendous Redevelopment Opportunity

Positioned on a Signalized Corner at Havana and Florida

Next to a Retail Power Center, Anchored by Costco and Target

I N V E S T M E N T H I G H L I G H T S•

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NEXT TO POWER CENTER CORNER

VALUE-ADD OPPORTUNITY

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Click here to view a video of the property.

https://youtu.be/Pt5deaJAJmA

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P R O P E R T Y S U M M A R Y

HAVANA TOWER

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P R O P E R T Y D E T A I L S

HAVANA TOWER

Property Address 1450 S Havana Street, Aurora, CO 80230

Number of Units 84

Number of Buildings 1

Number of Stories 8

Year Built 1972

Building Size 72,954 SF

Lot Size 3.15 AC (137,214 SF)

Parking 271 Spaces (3.91/1,000 SF)

Utilities: Water Owner - Aurora Water

Utilities: Electric / Gas Owner - Xcel Energy

Utilities: Phone / Internet Owner - Comcast

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1/1/19 - 12/31/19

Expenses Continued

Property Taxes 50,086

Insurance 22,957

Total Taxes and Insurance 73,043

General Admin Expenses

Tenant Signage 5,170

Telephone / Internet 6,957

Postage / Deliveries 11

Accounting Fees 840

Bank Service Charges 534

Office Supplies 1,293

Professional Fees 690

Marketing/Advertising 2,250

Total Administrative Expenses 17,744

TOTAL EXPENSE 376,813

1/1/19 - 12/31/19

Expenses

Cleaning Expenses

Janitorial Contract 38,493

Janitorial Supplies 18,819

Total Cleaning Expenses 57,312

Utilities

Gas / Electricity 100,385

Trash Removal 13,539

Water & Sewer 9,378

Total Utilities 123,302

Repairs & Maintenance

Contract Maintenance 17,929

Elevator R&M 10,587

HVAC R&M 21,994

Boiler R&M 1,402

Building R&M 6,280

Building Supplies 3,116

Landscaping 2,640

Lighting R&M 430

Electrical R&M 1,538

Parking Lot R&M 2,893

Plumbing R&M 5,031

Roof R&M 1,229

Security/Access System 13,682

Fire / Life Safety 6,414

Snow Removal 9,818

Misc R&M 430

Total Repairs & Maintenance 105,411

2019 EXPENSES

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Tenant Unit SqFt Pro Rata Share

Lease Start

Lease End

Security Deposit

Last Rent Increase

Rent Charges

Annual Rent SqFt

Total Charges

Annual Charges

SqFtVACANT 100 5,196 7.55 0.00 0.00 0.00 0.00 0.00

VACANT 101 327 0.47 0.00 0.00 0.00 0.00 0.00

Consulado de El Salvadc 110 3,517 5.11 04/27/17 04/27/20 1,498.00 05/01/19 2,930.00 10.00 2,930 .00 10.00

Anteneh Baweke 114 774 1.12 07/01/13 08/31/22 453.00 09/01/19 810.00 12.56 810.00 12.56

MANAGEMENT OFFICE 120 458 0.67 04/01/15 0.00 0.00 0.00 0.00 0.00

VACANT 200 1,880 2.73 0.00 0.00 0.00 0.00 0.00

C&T Beauty Parlor and /. 202 1,165 1.69 03/01/17 05/31/21 1,090.00 06/01/19 1,050 .00 10.82 1,050.00 10.82

Strong Man Moving, LLC 204 368 0.53 09/01/19 08/31/20 415.00 415.00 13.53 415.00 13.53

Mendoza Taxes 216 604 0.88 01/10/20 01/31/21 650 .00 02/01/20 650.00 12.91 650.00 12.91

Prestige Tour and Travel 222 227 0.33 07/01/14 08/31/20 200.00 09/01/19 220.00 11.63 220.00 11.63

Techniques 224 783 1.14 10/01/12 10/31/21 619.88 11/01/19 815.00 12.49 815.00 12.49

SOZO SSS INTERNATIONAL 226 894 1.30 12/15/16 11/30/20 300.00 12/01/19 970.00 13.02 970.00 13.02

Beckett Graves Health & 228 546 0.79 11/01/18 10/31/20 500.00 11/01/19 570.00 12.53 570.00 12.53

VACANT 230 0 0.00 0.00 0.00 0.00 0.00 0.00

Golden Medical Transport 232 590 0.86 03/01/17 01/31/21 491.00 02/01/20 542.00 11.02 542.00 11.02

RP Ciprian Company 234 2,942 4.27 01/01/19 12/31/21 2,355.80 01/01/20 2,515.00 10.26 2,515.00 10.26

GSP Light, LLC 236 157 0.23 08/01/19 07/31/20 360.00 180.00 13.76 180.00 13.76

Creative Touch Production 237 140 0.20 08/01/19 07/31/21 280.00 01/01/20 150.00 12.86 150.00 12.86

Hundred Fold Counseling 238 280 0.41 09/01/19 02/28/21 970.00 03/01/20 300.00 12.86 300.00 12.86

Taitu Professional Services 239 102 0.15 08/01/19 07/31/21 40.00 20.00 2.35 20.00 2.35



Haultogo, LLC 242 431 0.63 12/01/19 11/30/20 400.00 400.00 11.14 400.00 11.14

Home Health Preferred, 300 817 1.19 02/01/19 01/31/20 750.00 02/01/19 750.00 11.02 750.00 11.02

Talent Care Services Gn 302 817 1.19 02/01/19 01/31/20 750.00 02/01/19 750.00 11.02 750.00 11.02

Ethio Walya Soccer Aca, 304 274 0.40 02/01/20 01/31/21 250.00 265.00 11.61 265.00 11.61

Fast Service Transportation 305 429 0.62 02/01/19 01/31/21 375.00 02/01/20 400.00 11.19 400.00 11.19

Shalom Transportation, l 306 434 0.63 12/01/16 01/31/20 75.00 02/01/19 335.00 9.26 335.00 9.26

Denver Express, LLC 307 693 1.01 03/01/16 01/31/21 500.00 02/01/20 635.00 11.00 635.00 11.00

VACANT 308 1,109 1.61 0.00 0.00 0.00 0.00 0.00

Senior Heaven Care & T 312 407 0.59 10/01/12 03/31/20 300.00 04/01/19 385.00 11.35 385.00 11.35

Addis Realty, LLC 328 480 0.70 07/01/14 01/31/22 430.00 02/01/20 460.00 11.50 460.00 11.50

RENT ROLL

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RENT ROLL CONTINUED


Lease Start

Lease End

Security Deposit

Last Rent Increase

Rent Charges

Annual Rent SqFt

Total Charges

Annual Charges

SqFtAAA Personal Care Sen, 330 912 1.32 05/01/13 02/28/23 760.00 03/01/20 1,025.00 13.49 1,025.00 13.49

Living in America, LLC 336 745 1.08 01/15/20 01/31/21 790.00 790.00 12.72 790.00 12.72

Aggies Angels Care Prm 340 884 1.28 04/01/17 02/28/21 737.00 03/01/20 885.00 12.01 885.00 12.01

Orion International Corp. 400 1,278 1.86 06/01/18 05/31/21 1,175.00 06/01/19 1,200.00 11.27 1,200.00 11.27

Abiy Picture, LLC 408 404 0.59 04/01/17 02/28/21 371.00 03/01/20 440.00 13.07 440.00 13.07

Colorado Family Quality 410 588 0.85 12/01/14 02/28/21 551.25 03/01/20 660.00 13.47 660.00 13.47

New Creation Church of 412 1,195 1.74 09/01/17 04/30/20 1,070.00 05/01/19 1,100.00 11.05 1,100.00 11.05

Aspen Home Care Inc 420 121 0.18 02/01/20 01/31/21 500.00 250.00 24.79 250.00 24.79

Debbie Hair Braiding Sal 422 488 0.71 06/01/12 08/31/21 450.00 09/01/19 500.00 12.30 500.00 12.30

Technet Academy, LLC 424 680 0.99 06/01/16 08/31/22 610.00 09/01/19 710.00 12.53 710.00 12.53

State Insurance Broker 436 894 1.30 01/01/17 02/28/21 800.00 03/01/20 925.00 12.42 925.00 12.42

RP Ciprian Company 438 1,050 1.53 01/01/19 12/31/21 875.00 01/01/20 900.00 10.29 900.00 10.29

VACANT 440 1,200 1.74 0.00 0.00 0.00 0.00 0.00

Genuine Home Care Agt 500 968 1.41 04/01/15 12/31/20 1,189.00 02/01/19 900.00 11.16 900.00 11.16

High Point Home Care, L 504 1,325 1.92 06/01/18 08/31/20 1,325.00 09/01/19 1,350.00 12.23 1,350.00 12.23

VACANT 510 707 1.03 0.00 0.00 0.00 0.00 0.00

Ahiska Home Care 520 2,986 4.34 03/15/13 07/31/22 2,700.00 08/01/19 2,500.00 10.05 2,500.00 10.05

D&E Business Consulting 522 1,307 1.90 01/15/15 05/31/22 650.00 06/01/19 1,250 .00 11.48 1,250.00 11.48

Style's by Sharon 524 709 1.03 11/01/18 10/31/21 650.00 11/01/19 740.00 12.52 740.00 12.52

Sunshine Management, 1 600 877 1.27 02/01/19 01/31/21 825.00 850.00 11.63 850.00 11.63

Desta Financial Advisors 608 391 0.57 02/01/15 06/30/20 407.29 07/01/19 425.00 13.04 425.00 13.04

Green Taxi, CO-OP 610 1,059 1.54 11/04/19 10/31/21 1,150.00 12/01/19 1,100.00 12.46 1,100.00 12.46

Optimal Healthcare Solutions 616 1,480 2.15 03/01/17 04/30/20 1,400.50 05/01/19 1,48 0.00 12.00 1,480.00 12.00

Community Enterprise D 620 1,479 2.15 11/01/14 12/31/20 1,418.00 01/01/20 1,542.00 12.51 1,542.00 12.51

Sunset Homecare Inc & 624 90 0.13 03/01/19 12/31/20 985.00 01/01/20 100.00 13.33 100.00 13.33

Community Enterprise D 628 913 1.33 01/01/19 12/31/20 825.00 01/01/20 837.00 11.00 837.00 11.00

Apex Care 632 718 1.04 02/01/14 09/30/21 598.33 10/01/19 720.00 12.03 720.00 12.03

Roger Gonzales 704 1,213 1.76 09/01/09 02/28/22 0.00 03/01/19 1,240.00 12.27 1,240.00 12.27

Beacon Home Cares, LL 707 1,006 1.46 03/01/15 04/30/21 532.16 06/01/19 850.00 10.14 850.00 10.14

Helen House Non - Pro 708 940 1.37 01/01/20 12/31/20 1,060.00 1,060.00 13.53 1,060.00 13.53

VACANT 710 630 0.92 0.00 0.00 0.00 0.00 0.0019

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Lease Start

Lease End

Security Deposit

Last Rent Increase

Rent Charges

Annual Rent SqFt

Total Charges

Annual Charges

SqFtTrans Voyage Taxi 712 594 0.86 06/01/18 05/31/22 550.00 06/01/19 600.00 12.12 600.00 12.12

J-Tax Accounting & Fina 718 940 1.37 10/01/18 09/30/23 850.00 10/01/19 862.00 11.00 862.00 11.00

Jung Yun Choi 720 632 0.92 03/15/02 12/31/20 650.00 01/01/20 680.00 12.91 680.00 12.91

Priomh Security, Inc. 724 662 0.96 10/01/17 03/31/21 610.00 04/01/19 650.00 11.78 650.00 11.78

Universal Tax & Account 734 836 1.21 11/01/11 12/31/21 627.00 01/01/20 836.00 12.00 836.00 12.00

Colorado Tax, LLC 736 407 0.59 06/01/11 02/28/21 340.00 03/01/20 420.00 12.38 420.00 12.38

Accelerated Tutoring Se1 800 198 0.29 11/01/19 10/31/20 250.00 250.00 15.15 250.00 15.15

VACANT 803 981 1.42 0.00 0.00 0.00 0.00 0.00

VACANT 804 1,472 2.14 0.00 0.00 0.00 0.00 0.00

Orion International Corpe 806 540 0.78 02/01/20 01/31/23 620.00 585.00 13.00 585.00 13.00

Continental Home Healltl 808 540 0.78 03/01/16 03/31/21 550.00 04/01/19 580.00 12.89 580.00 12.89

SPPN.TV, LLC 810 265 0.38 09/01/19 08/31/20 350.00 350.00 15.85 350.00 15.85

WW Accounting and Ta> 820 270 0.39 07/01/19 06/30/20 325.00 325.00 14.44 325.00 14.44

Smooth Ride Services, L 822 282 0.41 03/22/17 02/28/21 300.00 03/01/20 317.00 13.49 317.00 13.49

303 Realty, LLC 824 504 0.73 09/01/15 10/31/21 300.00 11/01/19 562.00 13.38 562.00 13.38

Accelerated Tutoring Se1 826 270 0.39 12/01/17 03/31/20 300.00 04/01/19 315.00 14.00 315.00 14.00

Pro-Cleaners 828 270 0.39 04/01/16 06/30/20 315.00 07/01/19 325.00 14.44 325.00 14.44

Logical Behaviors Coum, 830 270 0.39 06/01/18 05/31/20 300.00 06/01/19 305.00 13.56 305.00 13.56

Brothers Airport Express 832 246 0.36 11/01/18 10/31/20 275.00 11/01/19 285.00 13.90 285.00 13.90

Yucare Home Health, Inc 834 270 0.39 11/01/19 10/31/20 225.00 11/01/19 335.00 14.89 335.00 14.89

Global Language ServicE 836 173 0.25 06/01/19 05/31/21 400.00 200.00 13.87 200.00 13.87

Mercy Transportation, LL 838 151 0.22 05/01/19 10/31/20 350.00 11/01/19 175.00 13.91 175.00 13.91

Reliable Home Healthca1 840 220 0.32 07/01/19 06/30/20 225.00 225.00 12.27 225.00 12.27

T Mobile USA, Inc. RT2 0 0.00 04/01/06 03/31/36 0.00 04/01/16 605.00 0.00 605.00 0.00

Clear Wireless, LLC RT3 0 0.00 06/01/10 05/31/40 0.00 06/01/15 1,760.00 0.00 1,760.00 0.00

Sprint Nextel RT4 0 0.00 11/21/03 11/20/38 0.00 09/21/16 1,068.96 0.00 1,068.96 0.00

Starry Telecommunicatic RT5 0 0.00 10/10/19 01/11/22 0.00 11/01/19 1,250.00 0.00 1,250.00 0.00

VACANT Lobby 1 0 0.00 0.00 0.00 0.00 0.00 0.00

VACANT Lobby 2 0 0.00 0.00 0.00 0.00 0.00 0.00

Total for Property 68,849 47,979.21 57,491.96 10.02 57,491,.96 10.02

RENT ROLL CONTINUED

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PROPERTY OUTL INE

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LOCAL MAP

HAVANA TOWER

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SURROUNDING RETAIL

S HAVANA RD

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HAVANATOWER

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RETAIL AERIAL MAP

HAVANATOWER

E ILIFF AVE

HAV

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S PARKER RD

Walgreens

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C O M P A R A B L E P R O P E R T I E S

HAVANA TOWER

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PROPERTY NAME PRICE YEAR BUILT BLDG SF PRICE P/SF SALE DATE

1450 S Havana Street, Aurora, CO 80012 $5,800,000 1972 72,954 SF $79.50 TBD

425 S Cherry Street, Glendale, CO 80246 $13,600,000 1983 83,362 SF $163.14 1/30/2019

925 S Niagara Street, Denver, CO 80224 $5,800,000 1974 63,170 SF $91.82 5/21/2019

5601 S Broadway, Littleton, CO 80121 $4,682,956 1973 55,348 SF $84.61 1/14/2019

7175 W Jefferson Avenue, Lakewood, CO 80235 $4,000,000 1985 68,717 SF $58.21 2/14/2019

1075 S Yukon Street, Denver, CO 80226 $2,600,000 1972 59,872 SF $43.43 5/16/2019

Average $6,136,591 1977 66,094 SF $88.24 --

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HAVANA TOWER

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1450 S HAVANA STREETAurora, CO 80012

OFFERING PRICE $5,800,000

Sale Date TBD

Year Built 1972

Total SF 72,954 SF

Price Per SF $79.50


4 2 5 S C H E R R Y S T R E E TGlendale, CO 80246

SALE PRICE $13,600,000

Sale Date 1/30/2019

Year Built 1983

Total SF 83,362 SF

Price Per SF $163.14

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5 6 0 1 S B R O A D W AYLittleton, CO 80121


Sale Date 1/14/2019

Year Built 1973

Total SF 75,000 SF

Price Per SF $62.44

39 2 5 S N I A G A R A S T R E E TDenver, CO 80224


Sale Date 5/21/2019

Year Built 1974

Total SF 63,170 SF

Price Per SF $91.82


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7 1 7 5 W J E F F E R S O N A V E N U ELakewood, CO 80235


Sale Date 2/14/2019

Year Built 1985

Total SF 68,717 SF

Price Per SF $58.21

1 0 7 5 S Y U K O N S T R E E TDenver, CO 80226


Sale Date 5/16/2019

Year Built 1972

Total SF 59,872 SF

Price Per SF $43.43


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M A R K E T O V E R V I E W

HAVANA TOWER

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A U R O R A / / C O L O R A D O

AURORAThe City of

Once a promising frontier town of farmers and ranchers just east of the state’s capital, Aurora is now Colorado’s largest suburb and 3rd largest city with a diverse population of more than 374,000. With its growing population in recent decades, there has been an effort for co-equal recognition with its larger neighbor, Denver.

Aurora is just minutes away from Denver International Airport and is home to a growing business environment. Major industries including aerospace and defense, renewable energy, bioscience, health care, transportation and logistics have made their footprint throughout Aurora. Businesses large and small are welcomed and nurtured through such programs as the Aurora Advantage 4 Business and the Aurora-South Metro Small Business Development Center.

Tree-lined streets, open prairie, majestic views of the mountains and ample neighborhood parks make Aurora neighborhoods an excellent place to call home. More than 450 neighborhoods make up the fabric of this community.

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Third Largest City in Colorado

Aurora is home to 11 Championship Golf Courses

#1 Most Diverse City in Colorado

Aurora is Colorado’s Safest Large City

L O C A T I O N H I G H L I G H T S

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THIRD LARGEST CITY IN COLORADO

COLORADO’S SAFEST LARGE CITY

MOST DIVERSE CITY IN

COLORADO

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M A R K E T O V E R V I E W

Retai l Centers

Town Center of Aurora

Southlands

Cornerstar

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Parks & Recreat ion

3,000 Acres of Open Space

97 Developed Parks

180 Athletic Fields

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Schools

University of Colorado at the Anschutz Medical Campus

Cherry Creek Public Schools

Aurora Public Schools

Points of Interest

Cherry Creek State Reservoir

Rocky Mountain Arsenal National Wildlife Refuge

Aurora Sports Park

Stanley Marketplace

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MOST DIVERSE CITY IN

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#1

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H A V A N A T O W E R1450 S Havana Street, Aurora, Colorado 80230

Exclusively Listed By

BRANDON KRAMERSenior Associate | Director, NOIPG


[email protected]

ELLIOT KAUFMANBroker Associate | NOIPG


[email protected]

havana tower - loopnet

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