5151 Colfax AveDenver, CO 80204

Property Details for 5151 Colfax Ave

Year built

2006

Construction

WOOD

Lot size

1.21 AC

Property size (Sq ft)

13,568 SF

Zone code

C-MS-8

Property type

Retail space

APN

02313-20-031-000

APU

231320031000

Description

This exceptional 13,650 square-foot medical office building, formerly a Walgreens, is ideally situated at the northeast corner of West Colfax Avenue and Sheridan Boulevard in Denver, Colorado. Boasting a prime location with high visibility and accessibility, this single-tenant property offers significant advantages. The building features approximately 58 parking spaces, prominent building and pylon signage, and convenient access from both West Colfax Avenue and Sheridan Boulevard. Built in 2006 with HVAC systems replaced in 2020, the property sits on a 1.21-acre parcel and is zoned C-MS-8 by the City of Denver (permitted uses detailed in Section 7.4.4 of the City's Urban Center Download). The property includes a drive-thru. The high-traffic intersection sees approximately 60,000 vehicles per day. This area is densely populated, with 86,000 residents within a two-mile radius and an average household income exceeding $107,000. The suggested annual rent is $175,000, modified gross (with tenant responsible for repairs and maintenance, insurance, and utilities). The lease term extends to November 30, 2035, and the property is offered "as-is," subject to the approval of Walgreens Co.'s Real Estate Committee. Prohibited uses are specified in the City of Denver zoning documents. This presents a unique opportunity for a medical practice seeking a prominent location in a thriving Denver neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $3,665,394

  6.5%

  $3,383,440

  7%

  $3,141,766

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,958,134

  Geo Method

  $2,824,890

• Alternative Use

  Use

  Valuation

  Residential

  $2,854,058

  Hospitality

  $2,614,302

  Educational

  $2,175,069

  Medical

  $2,249,873

  Retail

  $3,383,440

Location Insight

City

Denver

County

Denver

State

Colorado

Latitude

39.7408

Longitude

-105.053

CBSA code

19740

CBSA name

DENVER-AURORA, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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