Description

We are offering a 30,169 square foot multi-tenant office building at 12191 West 64th Avenue in Arvada, Colorado, for $2,300,000, or about $76 per square foot. The Class B building was constructed in 1977 and sits on 1.67 acres along a heavily traveled corridor.

The building contains about 40 flexible suites that can be combined into larger contiguous spaces or kept small to meet strong demand for executive office space. The current tenant mix includes office and retail users, which adds diversity to the rent roll. Occupancy is about 71 percent, with roughly 8,700 square feet available to lease.

That vacancy is the opportunity. Many suites need little or no improvement, and a focused leasing effort aimed at local small businesses provides a clear path to higher income. Our proforma projects a cap rate of about 10 percent at stabilization, compared with about 5 percent on current income. An owner-user can also occupy part of the building while tenants help cover costs. Smaller suites also tend to lease faster and command higher rents per square foot than large floor plates, which supports the value-add plan.

Inside, a central atrium with greenery brings natural light into the common areas. The property sits close to neighborhoods, schools, shopping and major highways in one of the west metro's established suburbs. Contact Keith Lenz, Paul Nora or Corey Sandberg of Pinnacle Real Estate Advisors for the rent roll and offering memorandum.