Description
This beautiful 4-unit commercial space is nestled in the heart of RiNO, Denver’s fastest growing district. All 4 Oxpecker tenants, The Greenwich, RiNo Dental, M Moser Architecture and Chrysalis Continuing Care have NNN leases signed through 2026 and beyond. The current NOI is ~$417k with 3% rent escalations each year.
The 3-story building at 3258 Larimer St was built in 2018 and the existing single-story building at 3254 has been completely remodeled. With looming uncertainty in the debt markets, the Oxpecker is an attractive investment with an assumable non-recourse CMBS loan at a 5.34% interest rate that has close to 5 years remaining on the term and a principal balance of just under $4.1 million.
3254-3258 Larimer is a great opportunity to own a 100% NNN leased investment while growth and new development continues in RiNo for years to come.
INVESTMENT SUMMARY
Price: $6,795,000
Total Units: 4
Price/SF: $489
Avg Rent/SF: $29.95 NNN
Current NOI: $416,477
Current Cap Rate: 6.13%
Location
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Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by the broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX Data is provided exclusively for consumers’ personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by RECOLORADO®. Properties displayed may be listed or sold by various participants in the MLS. Updated: 9th December, 2023 3:48 PM (UTC)
Listing Agent: Colby Constantine
Listing Office: Kaufman Hagan
Attribution contact: 720-822-0029
