- 1290 East 58th Avenue, Denver, CO 80216
- Property Type:
- Single Tenant
- Cap Rate:
- 5.76% cap
- Square Feet:
- 18,720 sqft
- Lot Size:
- 2.75 acres
- Price Per Square Foot:
- Year Built:
- Industrial Property with 18,720 Square Feet on Nearly 3 Acres
- Property Includes 25’ Clear Height, 8 Drive-In Doors, Solar Panels and Ample Parking
- Located in Unincorporated Adams County in an Opportunity Zone
- Accessible Location, 1/2 Mile from I-25, Between Washington and Franklin
- 10-Minute Drive to Downtown Denver; 25 Minutes to Denver International Airport
- Established in 1998, AVI Roofing Will Execute a Three-Year Leaseback at Sale
- Tenant Building Additional 45’x100’ Storage Structure to be Completed in 2022
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1290 East 58th Avenue in Denver, Colorado, occupied by the owner, AVI Roofing. The subject property consists of approximately 18,720 square feet of space and is situated on 2.75 acres of land. The single-tenant asset features a clear height up to 25’, eight drive-in doors, solar panels and ample space for parking. Currently, the tenant is building an additional 45’ by 100’ storage structure for the property, which will be complete in 2022. Positioned in an opportunity zone in unincorporated Adams County, the property is less than a 10-minute drive from Downtown Denver and a 25-minute drive to Denver International Airport. Additionally, the property is accessibly located between Washington Street and Franklin Street, only a half-mile from Interstate 25. For nearly 25 years, AVI Roofing, has provided roofing and gutter work for commercial, residential, and multi-family properties in metro Denver. Upon sale of the property, AVI Roofing will execute a triple-net leaseback.
The subject property sits within the Commerce City submarket, a relatively large submarket containing 13.0 million square feet of industrial space. The submarket primarily consists of logistics facilities, which account for 10.3 million square feet. The remaining inventory pool consists of 2.2 million square feet of specialized space and 460,000 square feet of flex space. In the Commerce City submarket, the vacancy rate dropped to 1.9 percent at the beginning of Q2 from 5.9 percent a year earlier. Net absorption over the past year totaled about 520,000 square feet, 63 percent above the five-year average. With no inventory currently under construction, there will be no significant supply pressure on vacancies or rents for the foreseeable future (Costar).
Denver-Aurora-Lakewood metro is home to three million people among 10 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 a two-hour drive from the metro area, and the city houses franchises for all four major sports.