BOUTIQUE HOTEL / APARTMENT DEVELOPMENT
OFFERING MEMORANDUM3638-3640 NAVAJO STREET | DENVER, CO
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
PRICE REDUCED! $1,495,000$1,295,000
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This business plan contains confidential, trade-secret information and is shared only with the understanding that you will not share its contents or ideas with third parties without the express written consent of the plan author.
TABLE OF CONTENTS
Development Highlights
Development Features
Property Renderings
Property Aerial
Area Amenities Map
Area Map
Financials
Floor Plans & Design Board
Location Overview
Demographics
DEVELOPMENTHIGHLIGHTS
Address:
Price:
Description:
Lot Size:
Zoning:
Neighborhood:
Amenities:
Guest Revenues:
Average Occupancy Assumptions:
Retail Lease Revenue
Area Tourism:
Lower Highlands District (LoHI):
3638-3640 Navajo Street | Denver, CO
$1,295,000
Boutique Hotel/Apartment Development in the Lower Highlands District (LoHi). This project is shovel ready for hotel concept with Denver city approval. Possible enterprise zone funding available. SBA 504 or 7a eligible.
6,079 SF
U-MX-3
Top twenty hipster neighborhoods in America. The project is designed by Meridian 105 Architecture and Heltshe, one of Denver's leading architectural and design firms. The site is located approximately one mile from Denver's Lower Downtown (LoDo) neighborhood and the newly renovated Union Station.
Club room with kitchen space and seating on the second floor for hotel guests only
Calculated based on an average charge per person per bed nights. The average price is calculated based on the various room nightly arrangement and the occupancy rate. Maximum bed nights are calculated based on the maximum 91 guests capacity multiplied by the number of days in the period (monthly or yearly).
2018- 72 percent, 2019- 74 percent, 2020-74 percent, 2021-74 percent. Occupancy assumptions are based on the actual 2015 and 2016 occupancy rates as reported by the Colorado Hotel and Lodging Association.
Calculated on the square footage of retail space (2,200 sqft) by the annual minimum rate per square foot of $30, and direct costs equal to 15% of gross revenue. However, the lease will likely include some revenue sharing component and/or annual percentage increases.
Since 2005, Denver has experienced a 48% increase in tourism, growing to a record 14 million overnight visitors in 2013, who spent a record $4 billion. In 2014, 15.4 millionvisitors spent $4.6 billion in Denver.
Connected to downtown by three pedestrian bridges, LoHi has become Denver's "goto” dining neighborhood with a some of the top eateries and breweries. One of the neighborhood's icon and most popular restaurant is Linger, which is housed in an old mortuary and was selected by Travel & Leisure for having one of "America's coolest rooftop bars." The neighborhood has some of the top micro breweries in the city. Avanti Food and Beverage, located a few blocks from site, opened a year ago in an 100-year old printing press building. It has a collection of eight start-up eateries housed in shipping containers roof top bar overlooking the Denver skyline.
DEVELOPMENTFEATURES
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
This is a boutique hotel and apartment development with a capacity to accommodate 91 guests, offering both private
and shared accommodations to the traveler seeking unique, styled, upscale lodging at an affordable price.
This development will be a newly constructed modern 12,000 square foot three story building located in one of
Denver's hottest urban neighborhood, Lower Highlands (LoHi). Forbes Magazine recently named LoHi one of the top
twenty hipster neighborhoods in America. The project is designed by Meridian 105 Architecture and Heltshe, one of
Denver's leading architectural and design firms. The site is located approximately one mile from Denver's Lower
Downtown (LoDo) neighborhood and the newly renovated Union Station.
Small front desk and office on the first floor. This floor will also include approximately 2,200 square feet dedicated to
a bar and cafe, serving both locals and boutique hotel guests. Under this space is a 1,000 square foot basement for
dry storage, walk-in refrigerator and freezer. The space includes high ceilings, nano doors that open to a side deck
and Navajo Street. The design includes a full kitchen with a grease trap.
First Floor | Front Desk, Food and Beverage
Two rooms with king, two bed bunk
One room with king
One room with four two bed bunks
Four rooms with three two bed bunks
One shared lounge and kitchen area
Second Floor Configurations Eight rooms accommodating a maximum 42 guests.
One room with king, three bed bunk
One room with king, three bed bunk, one murphy bed
One room with king
Our rooms with three three bed bunks
Third Floor ConfigurationsSeven rooms accommodating a maximum 49 guests.
PROPERTYRENDERINGS
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
W. 37TH AVENUE
MA
RIP
OSA
ST
NA
VA
JO ST
PROPERTYAERIAL
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
ColumbusPark
The Navajo Street Art District is
located on Navajo Street at 37th
Avenue. This small district is home
to several galleries with a specialty
in modern works featuring many
eclectic, contemporary artists from
Colorado and all over the world.
The famouse Bug Theatre features
a huge variety of theater, film and
comedy events every month.
Across the street in the old Patsy’s
location the new Vespa restaurant
by popular owners of the hornet
restaurant on S Broadway looks to
open soon and add another great
feature to the immediate area. A
few blocks away is some of the best
restuarants in Denver included
Avanti F&B, Root Down and Linger.
W. 37TH AVENUE
W. 38TH AVENUE
PEC
OS ST.
NA
VA
JO ST.
THE VESPA
FUTURECOFFEE
SHOP
AREAAMENITIES
ColumbusPark
3638-3640 NAVAJO ST
20TH STREET
BR
OA
DW
AY
ST.
7 minutes
Ballpark Neighborhood
7 minutes
5 minutes
LoHi
AREAMAP
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
FINANCIALS
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
YEAR1
YEAR2-5
72% 74%
The projected guest revenues are based on the average occupancy rates reported by the Rocky Mountain Lodging Report for 2015 and 2016.
Land Cost
Furniture Fixtures & Equipment
Construction Costs
Total Estimated Start-up Costs
$1,295,000
$425,000
$3,309,140
$5,029,140
START-UP AND FUNDING SUMMARY
FINANCIALS
2018 2019 2020 2021 2022
Revenue $1,207,568 $1,506,927 $1,638,494 $1,653,511 $1,653,511
Direct Costs $327,588 $409,063 $445,338 $447,592 $447,592
Gross Margin $879,980 $1,097,864 $1,193,156 $1,205,918 $1,205,918
Gross Margin % 73% 73% 73% 73% 73%
Operating Expenses
Salary Employee $115,834 $126,000 $132,300 $138,915 $145,860
Related Expenses $32,434 $35,280 $37,044 $38,896 $40,841
Accounting / HR $18,000 $18,000 $18,000 $18,000 $18,000
Insurance Property $6,000 $9,500 $15,600 $15,600 $1,680
Insurance Business $6,000 $6,000 $6,000 $6,000 $6,000
Internet / Cable $16,500 $18,000 $18,000 $18,000 $18,000
Software Subscriptions $3,000 $3,000 $3,000 $3,000 $3,000
Trash Removal $6,000 $6,000 $6,000 $6,000 $6,000
Credit Card Processing $19,413 $24,266 $26,458 $26,458 $26,459
Cleaning Supplies $5,367 $6,709 $7,315 $7,315 $7,315
Paper Goods $6,966 $8,707 $9,494 $9,494 $9,494
Utilities $16,558 $20,697 $22,568 $22,567 $22,568
Laundry $32,089 $40,109 $43,734 $43,735 $43,734
Maintenance $10,734 $13,418 $14,630 $14,630 $14,630
Marketing / PR $10,963 $13,703 $14,941 $14,941 $14,941
Office Supplies $2,170 $2,712 $2,957 $2,957 $2,957
Other Expenses $57,098 $71,369 $77,818 $77,819 $77,820
Initial Marketing& P / R $25,000
Property Taxes $3,000 $3,000 $15,000 $30,000 $30,000
Total Operating Expenses $393,125 $426,469 $470,859 $494,328 $489,298
Operating Income $486,854 $671,395 $722,297 $711,590 $716,620
RETAIL/PARKING FLOOR PLAN
LEVEL 2 FLOOR PLAN
FLOORPLANS
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
FLOORPLANS
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
LEVEL 3 FLOOR PLAN
DESIGNBOARD
LoDo, Denver's oldest neighborhood, is home to some of the city’s best-known restaurants, galleries, shops and boutiques. Located in the heart of downtown, businesses ranging from finance and real estate to retail and start-ups can be found here. LoDo's family-friendly attractions and businesses entice visitors and locals alike, making it the country's most vibrant neighborhood.
LoDo, Denver is the lower downtown area of Denver, Colorado, is one of the oldest settlements of the city of Denver. It is a mixed-use historic district, known for its nightlife, and serves as an example of success in urban reinvestment and revitalization. The current population is approximately 21,145. Land in the Lower Downtown Historic District is zoned B-7, which includes building height limitations and encourages mixed-use development and provides strict design guidelines for rehabilitation and new construction. Projects must go through an architectural design review, which allows LoDo to retain its pedestrian scale and historic character as it continues to densify.
The 70+ bars and restaurants in the historic district provide a positive economic impact for the city. LoDo's combination of contemporary architecture sprinkled among historic buildings, beautiful mountain views, access to Cherry Creek and nearby parks, plus its proximity to two major sporting venues, make it an attractive location for television and movie filming.
LOCATIONOVERVIEW
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
2016 Summary
Population
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
2021 Summary
Population
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
1 Mile
21,558
10,100
4,057
2.06
4,043
6,057
33.4
$58,146
$91,040
1 Mile
24,689
11,691
4,628
2.05
4,606
7,085
33.8
$67,187
$103,098
3 Miles
167,668
82,038
29,379
1.96
29,187
52,851
33.7
$48,702
$71,506
3 Miles
185,482
90,943
32,399
1.96
32,147
58,796
34.1
$51,375
$79,343
5 Miles
414,391
187,310
82,587
2.16
78,580
108,730
34.7
$49,258
$74,076
5 Miles
451,266
204,252
89,422
2.16
85,125
119,127
35.2
$51,912
$81,456
5 MILES
3 MILES
1 MILE
DEMOGRAPHICS
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
For More Information Contact
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
3638-3640 NAVAJO STREETDENVER, CO
JASON KOCHCo-Founder/Principal
303.918.8909 | [email protected] |
NEXUS COMMERCIAL REALTY800 W 8th Ave. Ste 104
Denver, CO 80204