Gov. Bill Ritter announced Wednesday that ConocoPhillips, the nation’s third-biggest oil-and-gas company, purchased the (Storage Tech) site for $55.6 million and plans to use it for a global training and technology center.
The Denver Post February 2008
Today’s pick Denver investment property is not just one, but 9 condominium buildings, each sold separately. As I have stated earlier in this post, we rarely write about our own listings unless they are A+ investment grade properties. These are, so read on…
With its acquisition of the 432 acre campus in Broomfield, Colorado, ConocoPhillips is moving forward with plans to establish its renewable energy research center. Once completed, 7,000 employees will work at the campus and an additional 4,000 jobs are expected to be created by ancillary companies.
Conveniently located at the approximate Boulder/Denver midpoint, and just fifteen minutes from the ConocoPhillips site, the Summit Ridge Condominiums bring a rare investment opportunity that will likely be the star of any portfolio.
Priced between $800,000 and $1.2 million, these 4, 5 and 6 unit buildings carry uncommonly strong potential as executive rental properties, and Abundance Property Management Services has expressed enthusiasm with the possibility of overseeing this community as temporary housing for its largest client, ConocoPhillips.
According to the management company, monthly revenue generated by each of the two and three bedroom units is expected to range from $2,250 to $2,625 after management fees and an anticipated vacancy rate of 12%. With preferred 6% financing for three years (20% down), and low taxes and HOA management fees, an estimated Cash-On-Cash return of 31% and a CAP rate of 12% is expected.
Added to its high appeal for use as an executive rental community, the Summit Ridge Condominiums are located just twenty minutes from Denver Internatinal Airport and once the Northwest Light Rail Corridor is completed, they will be within blocks of the Westminster Station, all contributing to excellent appreciation on resale.
The Summit Ridge Condominiums are exclusively marketed by MyH-O-M-E.com. For additional information, please contact Dave or Steve at (303)650-2866 or email contact@myh-o-m-e.com
Posted by: Dave Perlowski
Categories:
