207 canyon blvd. - Prime Real Estate Services

Value-Add Investment Opportunity
207 Canyon Blvd.
Boulder CO 80302
$3,000,000
$207psf
14,466 square foot office building
consisting of 4 office condos
John Hunter, JD
303-717-4651
[email protected]
2919 West 17th Avenue, #204, Longmont, CO 80503
www.primeREservices.com
207 CANYON BLVD.
Executive Summary
Building Size:
14,466 sf building
Land Area:
1.13 acre (49,031 sf)
(lot shared with 14 residential condos)
Association:
Yes. Voting control of OA
Zoning:Residential Mixed-1 (RMX-1)
FAR:
.42:1
Parking:
29 spots; mix of covered and open
Year Built:
1979
Construction Type: Wood frame
Vacant:
2,350 sf
High Speed Data: Yes
Number of Floors: 2
Price:$3,000,000
(incl. all 4 suites and common areas)
A UNIQUE OPPORTUNITY
Prime Real Estate Services has been exclusively retained to sell 207 Canyon Boulevard, a ±14,466 square
foot, two-story, multi-tenant office building located West of Downtown in Boulder, Colorado. The property features abundant windows, men’s and women’s restrooms on each floor, and off-street parking. The property is
two blocks from the Boulder County Justice Center, and several blocks from Downtown Boulder and the Pearl
Street Mall. Numerous amenities are within walking distance including world class shopping, restaurants, coffee
shops, and the University of Colorado campus. This offering provides an investor the ability to acquire a valueadd property in Central Boulder, with an existing cash flow, priced significantly below replacement cost.
John Hunter, JD
303-717-4651 • [email protected]
207 CANYON BLVD.
HISTORY AND PROPERTY DETAILS
Constructed in 1979, 207 Canyon Blvd. is a 14,466 square foot office building located in
West Boulder, close to the entrance to Boulder Canyon. The property, which consists of
four separately deeded office condos, is located on a large lot of approximately 49,031
square feet (1.13 acres) that is shared with privately owned residential condos on the
back half of the lot. The owner of the commercial side of the property controls the Owners
Association.
Situated among small professional office buildings and privately owned residences and
apartments, the building is located two blocks from the Boulder County Justice Center, 7
blocks from the Pearl Street Mall and a short walk to The University of Colorado.
The property is steps aways from the Boulder Creek Bike Path and Settlers Park
Trailhead, and is located adjacent to a bus stop on Canyon Blvd. 207 Canyon is one of
the last value-add, large office properties in Central Boulder.
3,452 sf + 365 sf common area*
Suite 201:
Suite 202:
3,089 sf + 327 sf common area*
Suite 301:
3,452 sf + 365 sf common area*
Suite 302:
3,089 sf + 327 sf common area*
* common are sf based on pro rata share
of entire 1,384 sf interior common area
14,466 sf. office building
Consisting of 4 separately deeded office condominiums.
John Hunter, JD
303-717-4651 • [email protected]
207 CANYON BLVD.
SAMPLE FLOOR PLAN
SUITE 301
3,309 sq. ft. mix of private offices, open collaborative workspaces, kitchenette and conference room.
other floor plans available upon request
John Hunter, JD
303-717-4651 • [email protected]
207 CANYON BLVD.
MARKET ANALYSIS
The commercial real estate market in Downtown Boulder
is strong, with numerous projects ongoing and more on the
horizon. Rents for true Class A space in the heart of Downtown have steadily increased to above pre-recession levels,
with some properties leasing at rates in excess of $40 psf
NNN. Within the City of Boulder there are approximately
6.5 million square feet of rentable office space. According
to Metro Denver Economic Development Corporation, employment in the Boulder MSA increased 1.8 percent between
February 2014 and 2015, representing the addition of 3,100
jobs. Significant improvements during the first quarter of
2015 have been widely reported in the Boulder commercial
market, with declining vacancy rates (less than 6%) and rising average lease rates fueled by increasing demand from
Boulder’s Creative Class and start-ups. This trend will continue with spin-offs from the oncoming Google Plex, a threebuilding, 330,000-square-foot office complex to be located
on 30th and Pearl, forecasted to increase the number of
Google employees in the City from 300 to 1,500.
Current Downtown Boulder Development Projects
• 900 Walnut St. — The “civic use pad” adjacent to the St.
Julien Hotel & Spa, an 8,000-square-foot community and
event space with hotel rooms above.
• 1 738 Pearl St. — a three-level addition to the property
• 1301 Walnut St. — a 62,000-square-foot infill project at
the site of the existing Wencel Building.
foot redevelopment to include commercial and microoffice uses, 43 residential units and “micro-lofts” at the
James TravelPoints building.
that houses Frasca Food & Wine.
• 1 750 14th St. — The James Concept, a 64,400-square-
• 1707 Walnut St. — a three-story infill redevelopment of
the former 7-Eleven site to include 26 apartments and
below-grade parking.
• 2 049 Pearl St. — 21 Pearl, a project to include five
• 909 Walnut St. — a three-story, mixed-use building.
• 6 01 Canyon Blvd. — Four pre-sold townhomes.
• 1023 Walnut St. and 1048 Pearl St. — PearlWest, a
160,000-square-foot redevelopment to include offices,
retail and restaurant uses, a theater and an automated
parking garage.
•W
alnut St. and 22nd — Dwell 22, a four-townhome project.
pre-sold townhomes with rooftop decks.
• 901 Pearl St. — a 21,000-square-foot, three-story development with four condos and a ground-floor restaurant.
John Hunter, JD
303-717-4651 • [email protected]
207 CANYON BLVD.
PREMIUM LOCATION
BOULDER COLORADO
A diverse, unique economy
Home to a world-class research university, a diverse mix of
key industry clusters, major government research facilities,
visionary entrepreneurs and the nation’s most highly
educated population, Boulder’s economy is truly unique in
size and diversity. Key Boulder highlights include:
• 7,000 employers (5 or more employees)
• 94,000 jobs; 550+ primary employers
• 103,163 population
• Top research university; 17 federally-funded research labs
• Nationally-recognized center of entrepreneurship
and innovation
• Leading industry clusters, including aerospace, bioscience,
cleantech, IT, natural products and outdoor recreation
John Hunter, JD
303-717-4651 • [email protected]
207 CANYON BLVD.
THE Best of both worlds
A vibrant culture and prosperous economy
Inc. Magazine calls Boulder “an entrepreneurial powerhouse like no other”. In 2010, the city had six times more
high-tech start-ups per capita than the nation’s average, according to an August 2013 study by the Kauffman
Foundation--twice as many per capita as runner-up San Jose-Sunnyvale in California. With over 300 days of
annual sunshine, miles of hiking and biking trails, and world class eateries and shopping, it’s no wonder Men’s
Journal ranked Boulder the Number One City to live in America.
Boulder Tops the Lists
Boulder, Colorado has won many accolades for its recreation, culture, health and overall quality of life.
#2 “Top Cities for Well Being” – Gallup-Healthways
Well-Being Index, March 2014
The Best College Towns in America – GQ, June 2014
America’s Best Towns for July 4th –
TravelandLeisure.com, June 2014
10Best: Bike-friendly cities – USAToday.com, July 2014
#2 “Top Cities for Well Being” –
Gallup-Healthways Well-Being Index, March 2013
#4 “The Best Clubs in America” (Fox Theater) –
Rolling Stone, April 2013
Outstanding Wine Program (Frasca Food and Wine) –
James Beard Foundation Award Winner, May 2013
Ten Best Foodie Streets in America (Pearl Street) –
Food & Wine, May 2013
#2 “Top Urban Bike Paths” – USA Today, July 23, 2013
America’s Best College Towns –
Travel & Leisure, December 2013
John Hunter, JD
303-717-4651 • [email protected]
207 Canyon Blvd.
iN THE HEART OF iT ALL
207 CANYON BLVD.
DOWNTOWN BOuLDER
AND ViCiNiTY
John Hunter, JD
303-717-4651 • [email protected]