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Office Vacant-User

Glenwood Springs- GSA

100 Midland Ave, Glenwood Springs, CO 81601

Listing Price: $4,900,000

Cap Rate
6.73%
Rentable SF
13,530
Lot Size
0.31 acres
Year Built
2005

Investment Overview

The Kramer Group of Marcus & Millichap is pleased to bring to market the Midland GSA Condos, a trio of office condos fully leased to the General Services Administration (GSA). The Condos are located at 100 Midland Ave and 120 Midland Ave, Glenwood Springs, CO, and are occupied by Immigration and Customs Enforcement (Suite 100, 51% of total RSF), Social Security Administration (Suite 120, 33% of total RSF), and the Drug Enforcement Agency (Suite 120, 16% of total RSF). All three GSA leases feature rare yearly increases to Base Rent. These are in addition to yearly CPI increases, which are usually standard. ICE, SSA, and DEA have all shown a strong commitment to the location, both through their highly owner-favorable leases, and their large individual investments in their spaces. Through Tenant Improvement projects, the tenants have collectively invested almost $1 million into their respective units. Among the three tenants, the average lease term remaining is about 5 years, 2.5 years firm. The DEA and ICE leases also feature 2 5-year options each, with substantial additional bumps to Base Rent. Situated along the expanding edge of Glenwood Springs, the Midland GSA Condos stand to greatly appreciate from ongoing and future development projects, as well as overall Submarket strength. Glenwood's strategic position at the intersection of I-70 and CO-133 has turned it into an important regional hub and the largest city between Denver and Grand Junction.

Investment Highlights

  • Multi-Tenant GSA Investment Opportunity (ICE, SSA, DEA)
  • All Leases Include Yearly Shell-Rent Increases, In Addition To CPI-Tied Operating Cost Reimbursements
  • Strategically Located in Rapidly-Expanding Glenwood Springs, Along the Colorado River and I-70 (Only Major E/W Interstate in CO)
  • All Tenants Have Invested Substantially in Tenant Improvements Over the Past 5 Years
  • Long Term, AA+ Credit Tenants (S&P)

Exclusively Listed By

Financing By

Office Vacant-User

Glenwood Springs- GSA

Listing Price: $4,900,000

Cap Rate
6.73%
Rentable SF
13,530
Lot Size
0.31 acres
Year Built
2005

Investment Highlights

  • Multi-Tenant GSA Investment Opportunity (ICE, SSA, DEA)
  • All Leases Include Yearly Shell-Rent Increases, In Addition To CPI-Tied Operating Cost Reimbursements
  • Strategically Located in Rapidly-Expanding Glenwood Springs, Along the Colorado River and I-70 (Only Major E/W Interstate in CO)
  • All Tenants Have Invested Substantially in Tenant Improvements Over the Past 5 Years
  • Long Term, AA+ Credit Tenants (S&P)

Investment Overview

The Kramer Group of Marcus & Millichap is pleased to bring to market the Midland GSA Condos, a trio of office condos fully leased to the General Services Administration (GSA). The Condos are located at 100 Midland Ave and 120 Midland Ave, Glenwood Springs, CO, and are occupied by Immigration and Customs Enforcement (Suite 100, 51% of total RSF), Social Security Administration (Suite 120, 33% of total RSF), and the Drug Enforcement Agency (Suite 120, 16% of total RSF). All three GSA leases feature rare yearly increases to Base Rent. These are in addition to yearly CPI increases, which are usually standard. ICE, SSA, and DEA have all shown a strong commitment to the location, both through their highly owner-favorable leases, and their large individual investments in their spaces. Through Tenant Improvement projects, the tenants have collectively invested almost $1 million into their respective units. Among the three tenants, the average lease term remaining is about 5 years, 2.5 years firm. The DEA and ICE leases also feature 2 5-year options each, with substantial additional bumps to Base Rent. Situated along the expanding edge of Glenwood Springs, the Midland GSA Condos stand to greatly appreciate from ongoing and future development projects, as well as overall Submarket strength. Glenwood's strategic position at the intersection of I-70 and CO-133 has turned it into an important regional hub and the largest city between Denver and Grand Junction.

Exclusively Listed By

Financing By

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