PROPERTY DESCRIPTON
  
Pricing:
 
1920-1926 Market Street · $CALL
      
Current owner paid: $3.3M in 12/2006
Last appraisal: $5.22M bank certified appraisal May 2008.
Asking Price: $Negotiable
(see Assumable Loan info in right column)
    
Appraisal:
PDF of May 2008 Appraisal, click HERE to view.
     
Property Information:
Year Built: 1931
Property Type: Commercial - Restaurant
Zoning: B7 (Urban mixed use
Parcel: 0227915032000
Lot Size: 12,500 ft² (0.290 acre)
Building Square Footage: 15,642 ft² finished
and 5667 ft² unfinished basement space
      
Total: 21,309 ft²
   
Current Tenants: 4
      
1. Second Floor:  Design Company
Square Footage: 6000 ft² +/-
Lease rate: $10,166/month
CAM: Included
Term: 10 year lease, expiring 2017

2. Main Floor: Catering Company
Square Footage: use of kitchen & equipment only, 600 ft² +100 ft² storage
Lease rate: $4250/month
CAM: Included
Term: Year to year, lease expires 11/09
        
Note: When it was advertised as a possible place to run a catering operation, the owner had 35 people who wanted the space.
    
3. Main Floor Restaurant: Nightclub operator
Square Footage: 7800 + 2500 ft² with outdoor patio
Lease rate: $17,000/month
CAM: Included
Term: 5 year + option to renew for another 5 years. Expires/renews 10/2013
       
Note: He could go if the buyer wants to run the restaurant.  Owner also has another interested party who would like to lease.
     
4. Main Floor: Wine Store
Square Footage: 3000 ft²
Lease rate: $5,999/month
CAM: Included
Term: 5 year + option to renew for another 5 years.  Expires/renews 2012
    
All leases have 3% escalation per year.
    
Additional Space: 4000 ft² of unfinished basement space. Perfect for a wine cellar, offices, or storage. Currently not used.

Photo Gallery:
The photographs that show this building on the web site have been divided into six photo galleries:

• Building Exterior
• Nightclub Interior
• Upstairs Office
• Retail Space
• Unfinished Basement
• The Neighborhood

Contact:  Ann Hicks, 303 507-7766

     
           
WHY THIS DEAL IS ATTRACTIVE:
        
1. The property has a cabaret/tavern license which transfers with the property. Cabaret License/tavern licenses are NO LONGER being given in LoDo or Highland.
        
2. Assumable loan $3.96M 6.6%. Non recourse loan 30 yr am/10 year balloon. Balloon due 10/2018. This property is in an LLC and the only two members are the owner and his wife. It was created for this project and property only. There was nothing before and nothing since.
An attorney can draw up documents to transfer this property via the LLC. Owner would stay on as a member yet release 100% interest in the LLC. This will allow you to take over this favorable loan without triggering the Due on Sale clause.
        
3. All kitchen and bar equipment is owned by another company. Able to continue leasing it or will negotiate the sale of it. ($150-200K for all equipment $500K. Near new, 1 year old)
        
4. Mortgage includes property taxes, insurance and 2 years of reserves for tenant allowance. $31,175 PITI Reserve currently has $19K in the account.
        
5. Other expenses include minimal cleaning fee, garbage removal, snow removal when necessary, repairs and maintenance $19K/year, $1600/month.
        
6. Zoned B7 which allows for varied use including grocery.

Why do we call it the "MTV Building"?

The building at 1920-1926 Market Street was the home set of "The Real World: Denver"
     
"On this season of The Real World, we're heading to the Mile High City where our seven strangers will not only discover a Rocky Mountain high in the trendy nightlife scene, but will work with kids who were affected by Hurricane Katrina as Outward Bound counselors. Get ready for a season packed full of adventure as the The Real World reaches new heights, literally, as the roommates scale mountains and learn to live in the wilderness. However, the true test of their survival skills will come back in the house as hasty hook-ups and deep-rooted conflicts make living together a challenge of sometimes epic proportion." For more click HERE.

Colorful Denver History:
   
This building used to be B-52... "catering to the sports fan, the clubber, the pool shark and hip loungers. B-52 and the Red Monkey served up some mean cocktails with nightly specials along with better than average bar fare to satisfy the yens of its diverse crowds." (More info HERE)
       
Current Primary Occupant:
   
"Theorie Restaurant & Lounge exudes style with its sleek design, pleasing music and sensational drinks-all hallmarked by four star service. Located on Market St. in the heart of Downtown Denver. Theorie is the pulse of the city! The extraordinary ambience will delight and enchant you as you enjoy the "familiar with a twist" cuisine.