Multi-Family
12th & Teller Development Site
1221 Teller St, Lakewood, CO 80214
Listing Price: $1,450,000
Investment Overview
Marcus and Millichap is pleased to present a unique investment opportunity located at the corner of 12th and Teller St in Lakewood, Colorado. This development opportunity is shovel ready for (21) 2 Bed / 2.5 Bath Townhomes. The property is situated in Lakewood which remains a great choice as an affordable option for young professionals and families who are looking to have close proximity to the mountains and Denver's downtown. Apartment starts in Denver have fallen to the lowest level in four years, which is expected to
translate to a decrease in Denver's elevated vacancy rate leading to strong rent growth in years to come.
12th & Teller Development Site
Investment Highlights
- Entitled design for 21 two-bed/2.5-bath townhomes on 0.43 ac; asking $1.45M equates to about $69k/unit and ~$42/sf buildable, resulting in a lean land basis that supports merchant-build or BTS exit.
- Lakewood/West Corridor has lower vacancy than the Denver MSA and is positioned for rent growth as metro deliveries taper and absorption normalizes.
- Lakewood has updated zoning and is implementing state mandates reducing/waiving parking near transit, easing site planning and lowering hard costs for townhome infill.
Exclusively Listed By
Listing Price: $1,450,000
Investment Highlights
- Entitled design for 21 two-bed/2.5-bath townhomes on 0.43 ac; asking $1.45M equates to about $69k/unit and ~$42/sf buildable, resulting in a lean land basis that supports merchant-build or BTS exit.
- Lakewood/West Corridor has lower vacancy than the Denver MSA and is positioned for rent growth as metro deliveries taper and absorption normalizes.
- Lakewood has updated zoning and is implementing state mandates reducing/waiving parking near transit, easing site planning and lowering hard costs for townhome infill.
Investment Overview
Marcus and Millichap is pleased to present a unique investment opportunity located at the corner of 12th and Teller St in Lakewood, Colorado. This development opportunity is shovel ready for (21) 2 Bed / 2.5 Bath Townhomes. The property is situated in Lakewood which remains a great choice as an affordable option for young professionals and families who are looking to have close proximity to the mountains and Denver's downtown. Apartment starts in Denver have fallen to the lowest level in four years, which is expected to translate to a decrease in Denver's elevated vacancy rate leading to strong rent growth in years to come.
Exclusively Listed By
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