3025 W 38Th Ave Denver, CO 80211

Property Details for 3025 W 38Th Ave

Year built

1946

Property size

2,679 SF

Property type

Medical offices

APN

L 46 & 47 BLK 1 BLVD HIGHLANDS

Description

This exceptional investment opportunity presents a 2,679 square foot medical office building in Denver's desirable Highlands neighborhood, situated at 3025 W 38th Ave, 80211. The property boasts a prime location at a high-traffic intersection, offering excellent visibility from Federal Boulevard and 38th Avenue, adjacent to 1st Bank of Colorado. Currently operating under a Net Lease (NNN) agreement with a single tenant, the lease commenced March 9th, 2023, and has a remaining term of approximately 5.3 years, expiring March 9th, 2030. The lease includes annual rent bumps of 3%, ensuring consistent income growth. The building, constructed in 1946, features six parking spaces, two bathrooms (one upstairs, one downstairs), three dental chairs, and an x-ray area, making it ideally suited for dental or medical practices. The property sits on a 5,875 square foot lot and is zoned U-MS-3. The current Net Operating Income (NOI) is $68,214, yielding a 5.25% cap rate. Pro-forma NOI is projected at $79,079, resulting in a 6.08% pro-forma cap rate. The asking price is $1,300,000, translating to a price per square foot of $485.26. The property's strong tenancy, favorable lease terms, and prime location make it an attractive investment with minimal management requirements. The asphalt parking lot is in good condition. This is a 100% occupied property with occupancy commencing March 9th, 2023. The APN is L 46 & 47 BLK 1 BLVD HIGHLANDS.

Location Insight

City

Denver

County

Denver

State

Colorado

Longitude

-105.02596392009

Latitude

39.769357792769