Denver, CO – April 21, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of the Pierce Street Assemblage in Lakewood, CO.
Principals Joe Hornstein & Scott Fetter (NorthPeak Commercial Advisors) represented the Seller in this transaction.
“We were able to get the property sold at 3.52% capitalization rate due to opportunity for buyer to increase rental rates in the short term and potential for redevelopment in the future. The buyer recognized the long-term development opportunity along West Colfax business district and intends to hold as rental property for the foreseeable future, until the timing is right to consider building something new.” – Joe Hornstein, NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Joe Hornstein at 720-738-1944 or Joe@NorthPeakCRE.com.
SALE HIGHLIGHTS
Address: Pierce Street Assemblage | 1411-1429 Pierce St., Lakewood, CO 80214
Sale Price: $1,850,000
Number of Units: 9 | $254,167 / Unit
Property SF: 7,616 SF | $243 / SF
Lot Size: 53,280 SF | $35 / SF (Land)
Cap Rate: 3.52%
About the Pierce Street Assemblage
Located in one of Lakewood’s most promising locations, 1411-1429 Pierce St is a three-parcel assemblage with nine fully-rented, income producing units. At present, the site sits just blocks from Light Rail’s Lamar Station located on the busy West Line. The site is also located just one block from Lakewood’s “40 West Art Walk”, a dynamic collection of interactive art exhibits and vendors for walkers and bikers connected by parks, mass transit and historic neighborhoods. Additionally, the property is located in one of Lakewood’s designated Opportunity Zones. To cap off the appeal of the site, it’s proximity to historic Colfax Avenue makes this assemblage exempt from the city of Lakewood’s recently passed “Growth Cap Initiative”.
