Cheesman Park and Capitol HillComplete Brochure More
Located in-between the beautiful Cheesman Park and Capitol Hill neighborhoods of Denver, this magnificent 1902 three-story brick Italian Renaissance Revival represents the once standard elegance of architecture. With a beautiful courtyard, exposed brick walls, hardwood floors in many of the units, hand-carved woodwork and the attention to detail common at the turn of last century, this building is an exciting opportunity to own.
Alta Court is conveniently located one mile to the east of the Central Downtown Business District, minutes away from Cherry Creek North and conveniently accessible to both Interstate Highways 25 and 70. Responsive, local management and ownership has kept this building in top condition. The Suites have individual HVAC systems. This office building is simply a taste of old world European charm with all the modern amenities desired by a modern office user.
The building size is 41,609 square feet, considered a class B office space and is situated on 10,000 SF of land. It also comes with a 20,000 SF parking lot zoned C-MS-5, allowing a redevelopment of up to five stories.
There is an in-place Net Operating Income (NOI) of $400,000 with the potential to increase this through increasing the rent on lease renewals, leasing the 3,000 square feet of vacancy, converting the front porch into retail, and leasing additional parking and more. We have until January 4, 2018 to close and prior to this there are scheduled increases of $25,000, so when we close there will be an NOI of $425,000.
The Purchase Price is $6,500,000, which is a 6.53% capitalization rate on cost and the total acquisition costs are approximately $7,170,000, which is a 5.92% capitalization rate on the NOI of $425,000. This is a total acquisition cost of $169 PSF. We are raising $3,750,000 in 75 - $50,000 units with a maximum investment of $500,000.00 per individual. We will only be accepting accredited investors; please contact Kathy Ellman 303- 513-2114 if you want this explained.
We will be purchasing the property in two pieces to facilitate our financing and the ability to sell/ develop the parking lot in the very near future. We will be securing a loan of $3,500,000 that will be secured by only the building. We will use cash to purchase the parking lot. In the beginning, Excell Alta, LLC will own both properties and investors will be Members of the LLC.
Click on the above "Complete Brochure" for our 33 page brochure!