Multi-Tenant Retail Condo

Denver, CO 80203



Cap Rate: 6.74%

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Central Denver Infill Retail Opportunity | 8.4 Years of Weighted Average Lease Term

Blue West Capital is pleased to exclusively offer for sale the multi-tenant retail condo at 450 East 17th Avenue in Denver, CO. The 10,732 square foot property is 100% occupied with Orangetheory Fitness, Rumours Karaoke Cafe, and Toasts N Roasts. All tenants have triple net leases with a total weighted average lease term of 8.4 years. There are 33 total parking spaces deeded to the retail condo, 12 of which are subsurface and 21 are in the adjacent, outdoor parking lot.

The property is centrally located in Uptown which is a dense neighborhood that has seen significant growth through recent development. There are over 9,350 multifamily units within 0.5 miles of the subject property and another 510 units currently under construction. East 17th Avenue is considered “Restaurant Row” with various restaurants bringing additional daytime and nighttime population near the property. This is a dense and affluent neighborhood with over 54,000 residents living within one mile and an annual average household income of $108,779 within three miles. The combination of demographics, service-based tenants, and ongoing development in the area make this a strong investment opportunity.

Investment Highlights

  • 100% occupied with triple net leases allowing for limited landlord responsibility
  • Weighted average lease term of 8.4 years
  • Orangetheory Fitness exercised their option to extend early showing commitment to the site
  • Rumours Karaoke Cafe is currently expanding into Suite D showing commitment to the site (Now occupying Suites B & D)
  • Toasts N Roasts recently extended their lease through 2033 showing commitment to the site
  • Rumours Karaoke Cafe and Toasts N Roasts have primary term rent increases to hedge against inflation
  • 33 parking spaces deeded to the first-floor retail owner (12 subsurface and 21 in the outdoor parking lot)
  • Strong mix of service-based tenants
  • All offices have been sold as condo’s which provides for low vacancy in the future
  • Built in 2006 allowing for little to no deferred maintenance

Location Highlights

  • Limited anchor competition – this is the most centrally located Orangetheory Fitness location in all of Denver. The next closest location in Denver is 1.3 miles away
  • 9,358 existing multifamily units and 510 under construction multifamily units within 0.5 miles
  • Prime Uptown Denver location with over 240,406 residents and an average annual hoeshold income of $108,779 within 3 miles
  • The corner of East 17th Avenue and Pennsylvania Street sees over 20,000 vehicles per day

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Contact Information

400 S. Colorado Blvd | Suite 590
Denver, CO 80246