Iliff Office Park
2323 S. Troy Street
Aurora, CO
This property is an unusual investment opportunity because it is a quality property that that is being purchased at a below market price of only $42 per square foot. This compares quite favorably to the 1998 market average office building price of nearly $80 per square foot. The reason for this bargain was simply our being at the right place at the right time. The property was obtained by its seller in the settlement of a partnership liquidation. The seller is an industrial property specialist and has little interest or knowledge of the office building business. The seller’s disinterest in office building operations also helps explain why the property’s current average square foot rent is only $10.53 compared with our estimated market level of between $10 and $11. He therefore asked that it be sold quickly and we were happy to accommodate this request.
|
Address |
225 W. Verdugo Avenue
|
|
Location
|
City of Aurora, Eastern Submarket 1/2 Mile off of Hwy 225
on Iliff Street
|
|
No. of Buildings
|
6
|
|
Year of Construction
|
1980
|
|
Size
|
67,461 RSF
|
|
No. of Stories
|
2 & 3
|
|
Leasing Status
|
60.8% Occupancy
|
|
Parking
|
221 spaces (45% covered),
3.43 spaces/1,000 SF
|
|
Lot Size
|
90, 444 SF (2.1 Acres)
|
|
Zoning
|
PCZD Commercial Office
|
|
Average Rent
|
$10.79/SF
|
|
Pro Forma Rent
|
$14.00/SF
|
|
Available to Rent
|
5,455 SF
|
|
Purchase Price
|
$42.99/SF
|
|
Replacement Cost
|
$80.00/SF
|
|
Amenities
|
Lake & Rocky Mountain views
|
|
|
|
|
