Investment 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.