15401 Mississippi Ave Aurora, CO 80017

Property Details for 15401 Mississippi Ave

Year built

1982

Lot size

5.39 lot acres

Property size

70,955 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Exceptional investment opportunity: Granada Park Shopping Center presents a compelling acquisition prospect, boasting a 70,955 square foot retail space situated on a 5.39-acre lot in Aurora, Colorado. This two-story, 1982-built shopping center is currently 100% occupied by nine tenants, generating a substantial Net Operating Income (NOI) of $805,247, representing a 7.00% capitalization rate. The asking price is $11,500,000, translating to $162.07 per square foot. The property features 280 parking spaces and benefits from a MU-C (Mixed-Use Corridor District) zoning designation. Located at the high-traffic intersection of E Mississippi Ave and S Chambers Rd, the center enjoys excellent visibility and attracts 1.7 million annual visitors. The center's tenant mix includes a diverse range of businesses, including a Dollar Tree and a Montessori school, ensuring a stable and consistent income stream. NNN leases provide a passive investment structure, and annual rental increases offer protection against inflation. The weighted average lease term is 7.95 years, with an average rental rate of $13.10 per square foot, presenting potential value-add opportunities through rental rate increases or tenant repositioning. The property's location in Aurora, Colorado, the state's third-largest city, provides access to a large and growing population base, with proximity to major transportation arteries and significant employment centers, including Buckley Space Force Base and the UCHealth Anschutz Medical Campus. Furthermore, Denver International Airport is conveniently located nearby. Foot traffic demonstrates significant year-over-year growth, indicating a robust and thriving retail environment.