3025 38Th AveDenver, CO 80211

Property Details for 3025 38Th Ave

Year built

1946

Property size (Sq ft)

2,679 SF

Property type

Office properties

Property subtype

Medical offices

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

Latitude

39.7694

Longitude

-105.026

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