4499 38th Ave, Denver, CO 80212-2199
- Turn key restaurants
- 7,752 SF
- 0.27 lot acres
Current Use by Public Records
- Powerhouse Bagel Sandwiches / Take-out & Catering
- Altimeter Coffee Co. / Cafe & Coffee Shop
- Wild Taco Denver - Berkeley / Restaurant
- Barbed Wire Reef Food Trucks / Restaurant
- FlyteCo Brewing / Production Facility / Brewery & Distillery
Property Details for 4499 38th Ave
- Year built
- 1980
- Construction
- WOOD
- Lot size
- 0.27 lot acres
- Zone code
- U-MS-5
- Property type
- Turn key restaurants
- APN
- 02193-32-036-000
- APU
- 219332036000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 1, 2022 | $4,300,000 | Erica Groussman | Jamesons Garage LLC | Special Warranty Deed | — |
Description
This exceptional Denver retail property, located at 4499 W 38th Ave, offers a compelling investment opportunity with a strong 6.70% cap rate and a total of 8,400 square feet. The property boasts two established tenants: FlyteCo Brewing and Wild Taco, occupying 4,941 and 2,883 rentable square feet, respectively. Both tenants are under long-term NNN leases, commencing in 2019 and expiring in 2029 and 2028, respectively, with two 5-year renewal options including 2.5% annual rent increases. FlyteCo Brewing's lease features a current rate of $36.02 per square foot, totaling $177,974.82 annually, while Wild Taco's lease is at $38.47 per square foot, amounting to $110,902.00 annually. Both leases include personal guarantees and reimbursement caps (FlyteCo: $11.99/SF, Wild Taco: 5% of controllable expenses). The property, built in 1900 and renovated in 2018, sits on a 0.27-acre lot and is zoned U-MS-5. The asking price is $3,900,000, representing a price per square foot of $464 and a net operating income (NOI) of $260,000. This property presents a stable, high-yield investment with significant upside potential in Denver's thriving Tennyson Street Cultural District. The property's location at the entrance to the district provides excellent visibility and accessibility. The strong tenant mix and long-term leases provide a secure and predictable income stream. The property's history, combined with its recent renovation, ensures a modern and well-maintained asset. This is a rare opportunity to acquire a high-performing retail property in a prime Denver location. The assessed parcel number (APN) is 04365-00-042-000.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,405,000
- ML approach
- $3,390,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $4,477,000
- AI Estimate
- $2,238,000
Market price range: $1.95M - $4.83MMarket price range: $685k - $2.36M -
Alternative Use
- Use
- Estimation
- RESTAURANT
- $3,170,000 Current use
- AUTO REPAIR, GARAGE
- $3,105,000 Change: -2% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $2,825,000 Change: -11% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Denver
- County
- Denver
- State
- Colorado
- Longitude
- -105.045
- Latitude
- 39.7696
- CBSA code
- 19740
- CBSA name
- DENVER-AURORA, CO METROPOLITAN STATISTICAL AREA
