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11800 E Colfax Ave
Aurora, CO 80010
Summit View Inn · Hospitality Property For Sale
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32,250 SF
PROPERTY FACTS
| Property Type | Hospitality | Building Size | 32,250 SF |
| Property Subtype | Hotel | No. Stories | 4 |
| Building Class | C | Year Built/Renovated | 1961/2018 |
| Lot Size | 1.69 AC | Corridor | Exterior |
| Zoning | FBAD | ||
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 1.69 AC |
| Building Size | 32,250 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1961/2018 |
| Corridor | Exterior |
| Zoning | FBAD |
ABOUT 11800 E COLFAX AVE , AURORA, CO 80010
The Summit View Inn has gone through major renovations including re-branding. Those renovations include: • 42 units have been partially or fully remodeled. • New AC's, windows, and super low flow toilets (0.8 gallons) in every unit. • New security cameras and security setup. • Independent BBQ pits for guest use. The location of Summit View Inn is a major draw of the property. Those highlights include: • Blocks off Fitzsimmons Medical Campus. • Directly on bus line and walking distance to light rail. • Walking distance to shopping and restaurants. • Low cost option for housing in the area, including workforce temporary housing, traveling construction crews, etc. The combination of the great location, as well as the renovation inside and out, have had a positive impact on the returns of the investment, such as: • Current rates are up to 30% below market rates! • Upon completion of rehab, occupancy has been consistently over 90%. • Residents staying longer than traditional hotel guests, while still paying high rates, resulting in relatively low turnover and high cashflow. • Strong current returns and 9 to 10 cap rate returns on pro forma. • Motel use is grandfathered - Potential conversion into apartments. • Large lot with 73,755 SF and opportunity to develop on lot in future.
