Villa I & II
350 South Harlan St, Lakewood, CO 80226
Description
Value enhanced by immediate renovations and renewing/restructuring leases. Renovations included painting common areas, installing new carpeting and improving the lobbies and restrooms. Increased NOI over $85,000 within six months after acquisition. After experiencing a loss of a major tenant (20% of building occupancy), the LLC decided it was not a long term asset and sold the property.
Details
| Cost PSF $45.04 | Sale Price $2,400,000 | Total Cost $2,200,000 |
| Acquisition Date Feb, 1998 | Add. Capital Costs $100,000 | Sale Date May, 2005 |
| Total Project Size 48,847 SF | Sale Price / SF $49.13 | Avg Annual Return 22% |
| Acquisition Price $2,100,000 |