$4,848,237
4499 W 38th Ave
Details
Property Type Retail
Sub Type Restaurant, Storefront
Square Footage 7,752
Cap Rate 6.75%
NOI $327,256
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $625
Year Renovated 2026
Acreage 0.270
Zoning U-MS-5
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Ground Lease No
Retail | 6.75% CAP | 7,752 SqFt
Marketing description
4499 W 38th Ave presents a rare opportunity to acquire a 100% leased, two-tenant NNN investment at the hard corner of West 38th Avenue and Tennyson Street in Denver’s highly sought-after Berkeley neighborhood. Known as one of Denver’s premier retail corridors, this irreplaceable location offers exceptional visibility, strong traffic counts, and immediate access to the vibrant Tennyson Street district.
The 7,752 SF mixed-use asset sits on 11,917 SF of U-MS-5 zoned land and was substantially renovated in 2018 and 2026, creating a turnkey investment with stable in-place cash flow. The property is anchored by Smile Vista Kids Dental + Orthodontics, a corporately guaranteed tenant backed by Salt Dental Collective, alongside Wild Taco, an established neighborhood restaurant with a proven operating history at the site.
With both leases structured NNN, a new 10-year lease at Smile Vista featuring approximately 3% annual rent bumps, and below-market in-place rents offering future upside, 4499 W 38th Ave, Denver, CO delivers a compelling blend of credit tenancy, income growth, and premier infill real estate in one of Northwest Denver’s most dynamic neighborhoods.
Investment highlights
- Institutional-quality credit tenant — Salt Dental Collective is one of the nation's largest specialty pediatric DSO platforms with 207 locations, 292 doctors, 1,950 team members, and 416,000+ active patients, backed by Latticework Capital Management ($650M+ AUM healthcare PE)
- New 10-year lease, ~3% annual bumps — Smile Vista executed a brand-new 10-year NNN lease commencing May 1, 2026, with annual rent escalations averaging ~3.0%. Year 1 base rent of $234,740 ($48.50 PSF) grows to $306,282 ($63.28 PSF) by Year 10 — providing a contractual inflation hedge
- Established restaurant tenant (7+ years) — Wild Taco has operated continuously at the Property since rent commencement in January 2019, having invested significant capital into the full build-out.
- Hard corner — Main & Main Tennyson — The Property occupies a signalized hard corner at West 38th Avenue and Tennyson Street — the most visible intersection in Berkeley — immediately adjacent to a Natural Grocers anchor and within one block of the Tennyson Street retail corridor (13+ world-class restaurants, 4 craft breweries, 20+ unique retailers)
- Affluent, densely-populated trade area — The 1-mile trade area features 23,849 residents with median household income of $138,726 and average HH income of $179,647 — well above the Denver MSA average. The Property is 10 minutes from Downtown Denver and 27 minutes from DIA
Listing Contacts
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$327,256.00
$27,271.33/mo
Valuation Metrics
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DSCR
6.75%
Cap Rate
6.75%
ROI
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Zoning
U-MS-5 CommercialSpecial CommercialUrban Neighborhood Context Main Street 5
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View all 141 uses Last updated Apr 22, 2026 For deeper zoning details, reports are available at Zoneomics
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