4499 38th Ave Denver, CO 80212-2199
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.
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Powerhouse Bagel Sandwiches Take-out & Catering
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Altimeter Coffee Co. Cafe & Coffee Shop
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Wild Taco Denver - Berkeley Restaurant
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Barbed Wire Reef Food Trucks Restaurant
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FlyteCo Brewing Production Facility Brewery & Distillery
U-MS-5 Main Street 5 SE CTION 5.2.2 RESIDENTIAL DISTRICTS (U-SU-A, -A2, -B, -B2, -C -C2, -E, -H, U-TU-B, -B2, -C, U-RH-2.5, -3A) 5.2.2.1 General Purpose A. The intent of the Residential districts is to promote and protect residential neighborhoods within the character of the Urban Neighborhood Context. These regulations allow for some multi-unit districts, b…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
U-MS-5 · Denver, COU-MS-5 Main Street 5 SE CTION 5.2.2 RESIDENTIAL DISTRICTS (U-SU-A, -A2, -B, -B2, -C -C2, -E, -H, U-TU-B, -B2, -C, U-RH-2.5, -3A) 5.2.2.1 General Purpose A. The intent of the Residential districts is to promote and protect residential neighborhoods within the character of the Urban Neighborhood Context. These regulations allow for some multi-unit districts, but not to such an extent as to detract from the overall image and character of the residential neighborhood. B. The building form standards, design standards, and uses work together to promote desirable residential areas. The standards of the single unit districts accommodate the pattern of one to two and a half story urban house forms where the narrow part of the building orients to the street and access is from alley loaded garages. Lot sizes are consistent within an area and lot coverage is typically medium to high accommodating a consistent front and side yard. There are single unit districts that allow detached accessory dwelling units in the rear yard, maintaining the single unit character at the street. The standards of the two unit and row house districts promote existing and future patterns of lower scale multi unit building forms that address the street in the same manner as an urban house building form. C. These standards recognize common residential characteristics within the Urban Neighborhood Context but accommodate variation by providing eleven Residential Zone Districts. 5.2-2 | DENVER ZONING CODE June 25, 2010 | Republished February 25, 2025
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
