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Denver, CO

4975 & 4995 North Jackson Street

Address:
4975 & 4995 North Jackson Street, Denver, CO, 80216
Property Type:
Multi Tenant
Price:
$4,300,000
Cap Rate:
5.15% cap
NOI:
$221,377
Square Feet:
38,656 sqft
Lot Size:
1.72 acres
Price Per Square Foot:
$111.24
Year Built:
1955
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • Industrial Properties Offered Together or Separately
  • Each Property Offers Heavy Power, Ample Parking, Dock-High Doors, and Drive-Ins
  • 4995 Jackson Has an Overhead 10-Ton Crane
  • All Suites Occupied by Long-Term Tenants, Including 3 Spaces Occupied by the Same Tenant for 15 Years
  • Property Offers Tremendous Upside as Current Tenants are Paying Below-Market Rents
  • Price Per Square Foot is Well Below Replacement Cost
  • Ideally Situated Between Vasquez Boulevard and Colorado Boulevard – Less Than 1/4 Mile to Each Thoroughfare
  • Excellent Highway Access – Approximately 1 Mile to I-270 and Less Than 1 Mile to I-70
  • 25-Minute Drive to DIA and Less than 15-Minute Drive to Downtown Denver
  • Incredibly accessible to the General Mail Facility on Quebec – less than 10-minute drive
  • Very Desirable Area of City with About 3% Vacancy Rate

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the properties located at 4975 & 4995 North Jackson Street in Denver, Colorado. The subject properties consist of approximately 38,656 square feet of space and are situated on 1.72 acres of land. These industrial assets are offered together or can be sold separately. Each subject property features heavy power, ample parking, dock-high doors, and drive-ins. The 4995 Jackson Street property has an overhead 10-ton crane. All suites are occupied by long-term tenants, including three spaces occupied for 15 years by the same tenant. This property offers tremendous upside, as current tenants are paying below-market rents for the area, and price-per-square-foot is well below replacement cost. The properties are ideally located less than .25 miles from Vasquez Boulevard and Colorado Boulevard. With excellent highway access, they are also approximately one mile from I-270 and less than one mile from I-70. The assets are a 25-minute drive from Denver International Airport, less than a 15-minute drive to Downtown Denver, and less than a 10-minute drive from the General Mail Facility on Quebec. The desirable Upper North Central Industrial submarket’s vacancy rate sits at about 3 percent.

Upper North Central is a midsized submarket containing around 10.1 million square feet of industrial space. The recent instability has not made a huge impact on the vacancy rate (4.6%), which has only edged up slightly in the past 12 months. Rents edged up by 0.3% over the past year. There are no supply-side pressures on vacancy or rent in the near-term. Moreover, the inventory has actually contracted over the past 10 years, as demolition activity has outpaced new construction. Industrial properties traded with regularity last year, consistent with the generally high level of activity over the past three years. (CoStar)

A confluence of events turned Denver into one of the most active industrial markets in the country in the past decade. Robust demand in this regional market with strong economic growth this cycle is stemming from the growth of retail sales, employment, and industrial production in the metro area and the greater Colorado region. Furthermore, the emergence of the marijuana industry’s presence with the passing of Amendment 64 in November 2012 created a new demand driver this cycle, with new and relatively unsophisticated tenants operating with entirely different profit margins. Vacancies were below the long-term average even after 2019 shattered records with more than six million square feet of deliveries. Entering 2020, around 5.5 million square feet was under construction. Industrial rents are more than 60 percent above the peak of the previous cycle, one of the best performances in the nation. Investors remained enthusiastic about Denver’s industrial fundamentals by setting a record high for sales volume for the second straight year. More than $1.7 billion worth of assets traded in 2019, more than $200 million more than the previous year. Pricing continues to climb upward, albeit at a more modest pace than in past years, according to CoStar’s Pricing Trends. (CoStar)

BROKER OF RECORD
ADAM LEWIS
Colorado Broker of Record
1225 17th Street, Suite 1800
Denver, CO 80202
Tel: (303) 328-2050
adam.lewis@marcusmillichap.com
License: ER. 100091205
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0050084)