Denver County
Property Location: 2223 Welton St., Denver
Property Description: Vacant land
Land Size: 3,133 sf
Sales Price: $290,000, or $92.56 per sf, or *$9,667 per buildable unit
Reception No.: 2016124739
Closing Date: 9/13
Grantor: Cherry Street Partners LLC, Robert A. Smith, mgr.
Grantee: Stratus Welton LLC, Richard Dean, mgr.
Financing: $195,000 payable to BRELF II
Comments: See APN: 02342-28-042. This property was listed Billy Riesing, 303-847-5179, of Pinnacle Real Estate Advisors and sold by Rob Lawson, 303-962-9537, of the same company. Buyer is proposing four to six micro-units per floor (total of 30 units) and will go up five floors with a footprint of approximately 3,100 sf. *Price per buildable unit is an estimate by Winslow Property Consultants of what the final product may total, as the buyer is hoping for six units per floor, reflecting 400 sf net rentable area per micro-unit. The property had several offers the first day the property was listed and sold for $15,000 more than the asking price. “We have to be creative with great ideas for the highest and best use for a site,” said Robert Lawson, buyer’s representative in the deal. “People look at a 3,133-sf site at 22nd Street and Welton Street and ask, ‘What could you do with such a small site?’ The reality is the C-MC-12 zoning allows for no lot line setback restrictions and a generous height allowance,” said Billy Riesing, listing broker for Pinnacle Real Estate Advisors. The site is adjacent to the central business district and across from the light rail on Welton Street.
Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.
