Wednesday, June 25, 2008

1600 Colfax Ave- Update

Good day!

I have a bike race in the mountains, but I have to post something today. Here it is:

I called the Bordy Real Estate company, owner of 1600 E Colfax. I took a few pictures of the backside, and found out a few things.

This property is zoned as MS-1, which I will assume is mixed use. It is being LEASED, as is, and can be virtually anything. The stats, which may be subject to change: 6,000 square foot building, the agent gets about 3 calls a day on it. He is leasing it for $2,500 per month, which works out to be about $2.40 per square foot. It was formerly a flower shop, vacated about 4 years ago.

Thinking about opportunities, I see a couple of things going on here. Firstly, parking is going to be necessary. I do not know who owns this parking lot, or if it comes with the building, but this will be necessary for success. Secondly, it is going to need a boat-load of work- I would say anywhere from 50-100K in capital improvement- inside and out.

I see a Mexican Cantina here. It has a bunch of space, it would be grand for an outdoor patio on the lower floor and the upper floor. The top could be the residential unit, with deck. This would give the residential and commercial feel on Colfax.

I see a venue very similar to Mezcal, sitting at Colfax and Adams. This building is so unique! It was built in the early 1900's. I love the location, so I am going to do some entrepreneurial work and try to find someone to buy or lease the location!

Directly across the street is the First Bank- a completely newly-built banking hub. This lot sat completely vacant for at least 3-4 years, then they built a great new facility. It could also be a grocery-convenience store. But, whatever goes there, it must be ready for traffic passing by quickly.


That is all for the day. Keep your eyes out for any other business opportunities.

Ed
303-875-4450
Showcase Properties Unlimited

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