Denver Swim School splashes a 7 percent return for Boulder investors

Property Location: 4151 E. Colfax Ave., Denver, “Safe Splash Swim School”

Property Description: 6,513-sf retail building, YOC 1993, masonry

Land Size: 39,693 sf

Sales Price: $2.85M, or $437.59 psf

Reception No.: 2017069867

Grantor: 4151 Denver LLC, Matt Lane, director

Grantee: Dwellings LLC & Mile High Real Estate Enterprises LLC, Tom Jacky, Doug Campbell & Matt Lewallen

Closing Date: 5/26

Financing: $1.99M payable to First National Bank of Arapahoe

Comments: Listed by Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors LLC. Buyer was represented by Matt Lewallen & Kevin Calame of Pinnacle. Ten-year lease with 7% increases every five years reflects 7% going-in cap rate. Seller purchased the property in June 2013 for $1.45M. The buyer facilitated a 1031 exchange for its apartment building at 1422 Leyden St. in Denver, which sold for $2.16M. It purchased the apartment building in February 2016 for $1.5M.

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