Denver’s Monroe Professional Building Sells For $3.8M
Monroe Professional Building, a 12,500-square-foot office building in Denver’s Congress Park neighborhood, has sold for $3,825,000.
Located on the SWC of 12th Avenue and Monroe Street, Monroe Professional Building is within walking distance of a host of restaurants, shops, and two regional hospitals (National Jewish Health and Rose Medical Center).
Kevin Calame and Matt Lewallen, principals at AQYRE Real Estate Advisors, represented the transaction for both the buyer and the seller. “The seller was looking for an opportunity to move their equity into a more passive investment and was able to achieve a price with a nice profit to justify the sale. The buyer was in a 1031 exchange and saw a value-add opportunity with the management of this space.”
“Although office has been unpredictable during this time in Covid, due to the location of this property and the smaller office spaces, this property continued to perform well. The property sold at 95 percent occupancy with a list of applicants wanting to rent the last couple units.” – Kevin Calame, AQYRE principal.
Property highlights include small office spaces, good parking ratio with private on-site spaces, and a large conference room available to all tenants and live receptionist services during business hours.
Photo courtesy of AQYRE