Pictures of Land, Mixed Use, Mobile Home Park, Multifamily, Retail property located at 460 E Colfax Ave, Bennett, CO 80102, 475 Kiowa Ave, Bennett, CO 80102 for sales - image #1

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Bennett Homes & 460 Colfax Ave

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Matt Brinkhoff
PRO
License: CO FA.100073407
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Asking Price: $2,735,000

Earnest Money Deposit: $40,000 min.

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Address (2 locations)

460 E Colfax Ave, Bennett, CO 80102

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475 Kiowa Ave, Bennett, CO 80102

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Date Added

Mar 14, 2024

Days on Market

402 days

Time Since Last Update

6 hours

Details

Property TypeLand, Mixed Use, Mobile Home Park, Multifamily, Retail

SubtypeCommercial, Residential, Single Family Rental Portfolio

Investment TypeValue Add

Investment Sub TypeResidential / Commercial Mixed - Use

TenancyMulti

Number of Tenants13

Square Footage14,820 - 16,020

Cap Rate5.71%

Pro-Forma Cap Rate7.78%

Occupancy100%

Units13

Years Built2019, 2018 and 2 more

Buildings14

Stories1

ZoningCommercial

Lot Size (acres)1.32

Parking (per unit)2

Broker Co-OpYes

Price/Unit$195,357.14

Ground LeaseNo

Marketing Description

Opportunity to own multiple income streams in the growing town of Bennett. The 13-unit manufactured home community is turnkey with newer Champion homes (2017 to 2019), park-owned, rented, and included in the sale. Each unit is separately metered for gas and electric. The community is served with city water and sewer, each unit having a sub meter system for individual water utility billing. The Champion manufactured homes are a spacious 1,150 sq ft, 2 bed/2 bath layout, with 2x6 exterior walls, smart siding, 50yr Malarkey Legacy shingles (2021), and a two-car driveway directly in front of each unit.

Develop an additional income stream with 100 ft of high visibility frontage along E. Colfax Avenue and Town of Bennett commercial mixed-use zoning. Reimagine the approximately 1,200 sq ft 1940’s structure: perhaps future retail, or a convenient office for your growing enterprise. Invest in an area that has experienced a notable population increase since 2020, with an average annual growth rate of 8.7% in the Town of Bennett. The population in Bennett is projected to continue expansion at a 12% - 20% growth rate per year with projections through 7/1/2029. (Source: Town of Bennett publication, November 2024.)

Convenient location for tenants, near Denver International Airport (Top 6 busiest airport in the world by 2024 passenger count), Colorado Air & Space Port, and the adjacent Data, Tech, and Industrial developments at Port Colorado & Rocky Mountain Rail Park.

Bennett Homes: 13-Unit Manufactured Home Community:

• In-Place Cap Rate: 6.0%

• Year 1 Cap Rate: 6.4% +

• Pro Forma Cap Rate: 8.0%

460 E Colfax Avenue:

• Additional Land Value with water tap & 1940's structure.

Total Price: $2,735,000.

Investment Highlights

Opportunity to own multiple income streams in the growing town of Bennett. The 13-unit manufactured home park is turnkey with all units manufactured 2017 to 2019, park owned, rented, and included in the sale. Develop an additional income stream with 100 ft of frontage along Colfax Avenue with Town of Bennett commercial mixed-use zoning.