Mixed-Use Property Sells on Bustling South Broadway
A mixed-use property located at 66-70 South Broadway in the trendy Baker neighborhood of Denver, has sold for $1.8 million to an undisclosed buyer. Robert Bratley with CBRE’s Denver office represented the seller in the sale that closed Feb. 6.
“This is a rare mixed-use property with three apartments above retail, which is attractive to renters who like the vibrant bar and restaurant scene of the South Broadway neighborhood,” said Robert Bratley, first vice president, CBRE. “While the property has two retail tenants, more than half of the first floor and two of the three apartments were available at the time of the sale, leaving room for substantial income growth for the buyers.”
Built in 1924, 66-70 South Broadway totals 8,583 square feet, with 6,033 square feet of that space dedicated to retail. Tenants include the Grafenberg Sketch Comedy and Improv Theater and NOVL, a clothing store. The three apartments have modest renovations, some include stainless steel appliances, 10-ft. ceilings, newer windows and exposed brick walls.
The property is located at the intersection of South Broadway and West Bayaud Avenue, within walking distance of numerous shops and restaurants including Voodoo Doughnuts, Beatrice & Woodsley, Postino, Denver Biscuit Company and Punch Bowl Social. The area sees a traffic count of 22,000 cars daily.
Robert Bratley of CBRE concentrates on mid-market multifamily investment properties up to $20 million. Robert specializes in working with private local owners, many of whom have owned their investment for decades.