Tepuy Properties, a Boulder-based real estate syndicator and property management company, has purchased 7,094-square-foot, multi-suite office space at 3050 Broadway Street for $2.6 million, from Attache International Marketing, Inc. Built in 1981, the property sits in a prime, central location — just one mile north of Pearl Street in the heart of historic downtown Boulder.
“It is a fantastic location for any small business that wants to be in the busy part of town,” said Brandi Prochazka, Tepuy’s property manager.
The building is also particularly valuable for its parking, 20 on-site spots in a covered garage. “In the downtown area, everything is pay to park or street parking and is a battle to come by. The tenants in this building can reserve a spot and know they don’t have to scavenge for parking every day for work.”
Currently, the property is 100 percent vacant, but Tepuy expects to lease the space quickly to a single occupant or perhaps multiple tenants demised into several suites. Though the building has great bones, Tepuy has extensive plans to update the property, approximately $700,000 worth of work.
“The space itself is functional, but dated,” Prochazka said. “We immediately plan to replace the full roof, install new HVAC equipment, and re-side the building. We want to maintain the architectural design, as this is very important to us.”
Additionally, Tepuy Properties has planned for a series of cosmetic updates, including bathroom remodels, new lighting fixtures, and improvements to the second-floor kitchenette. The building also features a neglected rooftop patio with stunning views of
the flatirons. Tepuy intends to repair and restore the original patio, which has deteriorated over time and is currently unusable.
Although the Broadway building requires substantial improvements, Tepuy’s investors were motivated by the opportunity for greater rewards. Tepuy Properties purchased its first distressed building in Broomfield last year and are currently finishing updates to the property. So far, the Broomfield investment has been a great success.
“Traditionally we have purchased assets that needed minimal improvements, more turn-key opportunities,” said Prochazka. “We are excited by the potential of another building that requires a lot of up-front costs but will be very profitable down the road.”
Similar to the Broomfield property, Tepuy purchased the Broadway building via a 506(c) raise, joined by 27 eager investors from the United States, Latin America, and Europe. The project was fully subscribed in the span of just two weeks.
Eric Rutherford with WK Real Estate represented Tepuy Properties in the transaction, and Chris Jensen with Vista Commercial Advisors represented Attache.
