19 Room, Four-Story Hotel Built in 1895 and renovated in 2015
Core Downtown Denver Real Estate Investment: Marcus & Millichap is pleased to exclusively market for sale 1612 Wazee Street, a four-story 16,800 square foot building located in the heart of Lower Downtown (LODO) Denver. The offering is a rare opportunity to acquire urban high street real estate in an irreplaceable location.
Turn-Key Hotel Redevelopment: The property is currently occupied by Nativ Hotel & Lounge which operates a boutique hotel, restaurant, and nightclub. The 2nd, 3rd, and 4th floor consist of 18 hotel rooms ranging from 225 square feet to 1,000 square feet. The 1st floor hosts the hotel lobby and a 1,500 square feet restaurant space. The basement includes a fully built out nightclub and lounge which includes a full kitchen. The property will be delivered free & clear of any lease, providing the purchaser a turn-key hotel or the ability redevelop to a wide variety of uses. Hotel/Bar financials are available upon request.
High Profile Lodo Location: The site is prominently located just off the 16th Street Mall, a mile-long tree-lined pedestrian, and transit promenade of shops, restaurants, hotels, and attractions that runs through the center of downtown. Steady daytime foot traffic is provided by surrounding offices, retail, and residences. All of downtown’s major destinations are within walking distance including Union Station (2 blocks) Ball Arena (3 blocks), Coors Field (4 blocks), Denver Center for Performing Arts (7 blocks), and Colorado Convention Center (8 blocks).
Denver, Colorado has put a strong emphasis on the expansion and revitalization of itself as a major metropolitan area over the past few years. Redevelopment of landmark buildings and historic districts, along with modern light rail transportation within the city and surrounding suburban areas, has attracted major business, retail anchors, and higher-end residential developers as the region becomes more well-connected. As Denver’s population growth and consumer spending outpace national levels, investors and retailers target Denver and its attractive business climate for future opportunities. Robust employment growth, particularly among degreed positions in the healthcare and IT industries, lured many new inhabitants to the Mile High City. The influx of residents obtaining high-wage jobs helped push the median household income over $75,000. Denver is nestled in the foothills of the Rocky Mountains and is the capitol and most populous city in the state. With a population exceeding 715,000 people, Denver ranks as the 18th most populous city in the United States and is also one of the fastest-growing cities in the United States as well. The population of residents living in Downtown Denver has more than tripled since 2000, with an increase of 13% last year alone. Denver offers many attractions that have drawn people into the area including Downtown, Coors Field, Ball Arena, Empower Field at Mile High, and Union Station.
16th Street Mall has been the most visited destination in Denver for more than 30 years. One of the most popular attractions on the street is the MallRide, transporting over 14,000,000 people annually. The MallRide experience is an easy way for patrons to hop on and off the bus to visit all of the attractions 16th Street Mall has to offer. In fact, 16th Street Mall includes 189 retailers and restaurants, 44 sidewalk cafes, 21 cart and kiosk vendors, 1,402 hotel rooms, 1,241 residential units, and 5,000,000 square feet of office space. Every year, the Downtown Denver Business Improvement District spends over $3,000,000 to upkeep the mall’s maintenance, safety, and amenities. As one of Denver’s most vital connectors and important public spaces, the 16th Street Mall is visited by more than one million people per month.