7172 38th Avenue, Wheat Ridge, CO 80033

$2,300,000
9
BD
5.0
BA
7,582
SqFt
List Price
$2,300,000
Type
Multifamily
Status
ACTIVE
MLS Number
4387275
Total # of Units
5
Total Sqft
7,582
Finished Sqft
7432
Sub-Area
Downtown Wheat Ridge
Year Built
1946

Property Description

The Gallery @ 38this an innovative mixed-use property located in the heart of downtown Wheat Ridge in the direct path of redevelopment for the city. The first floor is comprised of two retail tenants. Books & Brews has recently signed a long term lease for the majority of the main floor. In addition, there is a Tattoo Parlor occupying the remainder of the space at below market rents. Their lease expires at the end of the year which provides a new owner the opportunity for upside in the short term. The second floor is a redesign of a 3-unit muiti-family apartment that has been turned into a creative Airbnb rental platform. There are currently three master leases for the airbnb units. The property can be purchased as a passive investment with the leases in place or a new owner has the option of taking over the Airbnb business at no additional cost and significantly increasing their return on investment.

Additional Information

Proj. Ann. Income
288708
Act. Ann. Income
200200
Act. Ann. Expense
61316
Proj. Ann. Expense
63682
School District
Jefferson County R-1
Elementary School
Prospect Valley
Middle School
Jefferson
High School
Wheat Ridge
Garage Spaces
20
Style
Multi-Story
Basement
Cellar
Basement Size
Partial
Basement Square Feet
150
Zoned
C-1
Amenities
Built-Ins, Cable Available, Double Pane Windows, Remodeled, Security Entrance, Updated, Window Coverings
Lot Size
6,534
Acres
0.15
Roofing Material
Rolled Roofing
Contstruction
Brick
Taxes
$10,433
Tax Year
2017
Financial Terms
Cash, Conventional, Owner Will Carry, Private Financing

Courtesy of Madison & Company Properties

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