Capstone has closed the sale of 8700 W Colfax Ave, a 0.91-acre property with 8,056 SF of commercial space in a converted former motel for the sale price of $1,070,000. Travis Hodge and Tony Bobay of Capstone represented the Seller, 8700 W Colfax, LLC and Buyer, Travertine Group LLC.
The property consists of 10 commercial units of varying sizes and occupying tenants. The property comes with an in-place cap rate of approximately 6% and has 2 vacant units at the time of sale. The new owner plans to fix up the vacant units for releasing and improve the remaining units as the leases turnover. The property is also being considered for its land value potential, and will at some point be redeveloped or sold to a developer.
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About Capstone:
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-housing investment properties. To do so, we provide comprehensive multi-housing advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-housing-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
