Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4975 Vasquez Boulevard in Denver, Colorado. The subject property consists of approximately 1,620 square feet of office space and is situated on a 2.66-acre industrial lot. The asset features all utilities, including power, water, and sewage. With 541’ of frontage along Vasquez Boulevard, the property is easily visible to the 20,000 vehicles that drive by each day. Given that the property has a coverage ratio of just 1.4 percent, the asset offers flexible potential use. Located in an Enterprise Zone, the property is zoned I-A for light industrial usage. While the property is owner-occupied by a dispensary, the business will vacate upon closing. The property is positioned just a 10-minute drive from Downtown Denver and 20 minutes from the Denver International Airport. Easily accessible just off Interstate 70, with quick access to Interstates 25 and 270, the property is primely situated within the Upper North Central submarket.
Upper North Central is a midsized submarket containing around 9.85 million square feet of industrial space. Logistics facilities account for the majority of the inventory, accounting for 67 percent. This subtype is followed by specialized space and flex space, making up 30 percent and 2 percent of inventory, respectively. Despite the vacancy rate hitting a 10-Year high of 6.8 percent during the pandemic, the rate has rapidly dropped to 3.8 percent in Q3 2022. Consequently, tight supply pushed market rent growth up 8.1 year-over-year. Industrial rents in Upper North Central averaged $11.22 per square foot during Q3, which was essentially in line with the overall Denver market. With no industrial properties under construction, there is no supply-side pressure on vacancies or rents in the near term. Inventory has actually contracted slightly over the past ten years, as demolition activity has outpaced new construction (CoStar). Despite today’s interest rate environment, industrial properties continued to trade with regularity in Upper North Central during Q3, providing a sound opportunity for investors.
Denver-Aurora-Lakewood metro is home to three million people among ten counties. Known as the Mile High City, Denver, which is also a county, serves as the state’s capitol and largest city, with approximately 742,800 residents. Metro Denver houses 10 Fortune 500 companies, including Newmont Goldcorp, Arrow Electronics, and DISH Network. Aerospace, financial services, and health care are some of the industries that have driven economic growth in the new millennium. The passage of Amendment 64 in November 2012 created a new industry in marijuana, largely consisting of thriving young businesses. Metro Denver provides a high quality of life with rural and urban amenities. Rocky Mountain National Park is less than two hours driving from the metro area, and the city houses franchises for all four major sports.
BROKER OF RECORD
Adam Lewis
Denver Broker of Record
1225 17th Street, Suite 1800
Denver, CO 80202
Tel: (303) 328-2050
Adam.Lewis@MarcusMillichap.com
License CO: ER100091205
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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0050492)
