MONACO TOWER925 S. NIAGARA ST.DENVER, CO 80224

STABILIZED VALUE-ADD OFFICE PROPERTY IN UP-AND-COMING GLENDALE SUBMARKET- 8.00% CAP RATE

FOR SALE: $6,150,000

FOR SALE925 S. NIAGARA ST.

THE OFFERING

CBRE is pleased to offer for sale the Monaco Tower, a 63,170 SF Class B Value-Add offi ce building (built in 1974 and renovated in 2008), along with an adjacent surface parking lot located at 888 S. Niagara Street (.23 acres). The property is conveniently located near public transit, within a 10 minute drive of Cherry Creek Mall, and within steps of the Leetsdale Marketplace Shopping Center. The multi-tenant building is leased to tenants ranging from large (17,000 SF +) to small (500 SF +), with terms ranging from 2-5 years, providing an investor both stability and the opportunity to Add Value by increasing NOI through rent appreciation. The building has been impeccably maintained with all major capital concerns addressed by the current ownership, including a $300,000 HVAC modernization, new boilers, in-process elevator upgrades, exterior paint, new fi ber-optic cabling, and new LED lighting. Due to its optimal location and relative height, the building is a prime candidate for cell tower revenue, furthering NOI growth. The front entry has been redone with additional signage and modern updates. The building offers an updated fi rst-fl oor common conference room with high-end furniture for all tenants’ use, along with unobstructed views of the mountains.

INVESTMENT HIGHLIGHTS

+ Class B Value-Add Opportunity located in the up-and-coming Glendale submarket, just east of Cherry Creek

+ $300,000 HVAC modernization, new boilers and new LED lighting

+ Stable Tenant Base ranging in both size and term allowing new Buyer stability and fl exibility.

+ Steps from numerous lifestyle shopping and amenities

+ Excellent mountain views

+ Building and monument signage available

FOR SALE925 S. NIAGARA ST.

FOR SALE925 S. NIAGARA ST.

FOR SALE925 S. NIAGARA ST.

PROPERTY OVERVIEW

YEAR BUILT/RENO-VATED 1974/2008

TOTAL BUILDING AREA 63,170

PARKING 2.90/1000 192 Free Parking Spaces

FLOORS 6

ZONING S-MX-8

OCCUPANCY 90.9%

MARKET RENT $15.00/SF FSG

OPERATING EXPENSES $8.00/SF

SITE 1.89 Acres

PRICING

PRICE $6,150,000

CAP RATE 8.0%

PRICE PER SF $97

OPERATING SUMMARY & RETURNS

EFFECTIVE GROSS INCOME $996,056

LESS: OPERATING EXPENSES $505,620

NET OPERATING INCOME $490,436

ALL CASH IRR10 YEAR HOLD

8.63%

LEVERAGED IRR10 YEAR HOLD

12.90%

FOR SALE925 S. NIAGARA ST.

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verifi ed for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

MONICA WILEY 1 303 583 2013Monica.Wiley@cbre.com

CONTACT USJEFF WOOD1 303 583 2012Jeffrey.Wood@cbre.com