Overview
Marcus & Millichap is pleased to present 2479 S Broadway, a newly constructed, mixed use multifamily asset located along one of Denver’s most dynamic infill corridors. The property consists of 10 residential units and approximately 1,000 square feet of ground floor retail and is being offered prior to certificate of occupancy, with delivery projected
in 4 to 6 months.
This offering presents a rare opportunity to acquire brand-new product at a basis established before stabilization. Investors have the ability to step into the asset during the final stages of construction, with flexibility to close prior to or at certificate of occupancy, while influencing lease-up execution and retail tenanting strategy. In a market where most new construction trades only after full delivery and stabilization, this timing creates a differentiated entry point.
At a list price of $2,500,000, or $250,000 per unit and $373 per square foot, the asset is priced below recent new construction comparables, which average approximately $288,000 per unit and $493 per square foot. This pricing dynamic provides a favorable basis relative to replacement cost, particularly given the continued rise in construction
costs and barriers to new development in infill locations.
The property’s position along South Broadway offers immediate access to one of Denver’s most established retail and dining corridors, with strong connectivity to Downtown, the University of Denver, and the I-25 employment corridor. The surrounding submarket is defined by limited developable sites, fragmented ownership, and increasing difficulty in
delivering new product at competitive economics, supporting long-term rent growth and asset appreciation.
From an operational standpoint, the asset benefits from modern construction and an efficient unit mix of one-bedroom residences averaging approximately 600 square feet. The streamlined design supports ease of management, while new building systems and limited near-term capital requirements allow ownership to focus on lease-up and cash flow rather than renovation execution.
2479 S Broadway represents an opportunity to acquire a newly constructed, mixed use asset at a compelling basis, with embedded upside through lease-up, conservative residential rent assumptions, and below-market retail underwriting.
Investment Highlights
BASIS ESTABLISHED AHEAD OF STABILIZATION (PRE-CERTIFICATE OF OCCUPANCY)
The opportunity to acquire the asset prior to certificate of occupancy allows investors to lock in pricing before lease-up is complete. This creates a path to capture value through stabilization rather than competing for a fully marketed, stabilized asset.
COMPELLING ENTRY POINT RELATIVE TO REPLACEMENT COST AND COMPS
At $250,000 per unit and $373 per square foot, the offering is priced below recent new construction sales, providing a favorable basis for a 2026-vintage asset in a high-demand infill location.
HIGH-BARRIER INFILL LOCATION ALONG SOUTH BROADWAY
South Broadway continues to attract residential and retail demand driven by its walkability, connectivity, and established amenity base. Limited available sites and rising development costs restrict future supply. The property sits along one of Denver’s most walkable retail and dining corridors, with direct connectivity to Downtown, DU, and the broader I-25 employment corridor.
NEW CONSTRUCTION WITH EFFICIENT OPERATIONS
Modern systems and design support lower operating expenses and minimal capital expenditure needs. Underwritten expenses of approximately 29% of effective gross income position the asset for strong net operating margins.
Exclusively Listed By:
