5401 W 10th Avenue

Our listing of the week brings us to Lakewood, where this 1.2 acre parcel located in an "opportunity zone" hit the market for $2,200,000 ($42/sf).

This property features a single-family home, encompassing 1,796 square feet, originally constructed in 1955. Remarkably, this residence has not changed ownership in 40 years, with its last sale dating back to 1984.

This property is located in a hot bed of new and proposed development. Last year, we covered the proposal of an 8-story, 104 unit affordable apartment building a few parcels over at 1080 Ames Street. Prior to this, we reviewed plans for a 363-unit mixed-use building set to rise at the corner of 10th and Sheridan, just up the street. Click here for more info on 955 Sheridan.

All this new development isn't by coincidence, this property is located at the edge of Lakewood's opportunity zone enacted in 2017. An "opportunity zone" refers to a designated area where investors can receive tax incentives for investing in specified communities.

These zones are intended to spur economic development by providing tax benefits for long-term investments in properties within these designated areas, making this parcel an extraordinary opportunity for investors! Click here for more info on Lakewood Opportunity Zones.

Positioned adjacent to the  Lakewood Dry Gulch trail and Sheridan Light Rail Station, giving the property good access to transportation and recreation.

The property is zoned M-R-T (Mixed-use - Residential - Transit), intended to allow for compact multifamily residential development with varying densities as well as office and retail uses along local and minor collector street. The Transit context reflects the most pedestrian oriented environment, and requires that buildings be located within a short distance of adjacent public streets with parking located behind or in a parking structure.

Click here for more info on the MRT Zoning Code.

Sales in the area, exemplified by recent transactions like those of single-family homes at Eaton Ct & W 10th Ave, have achieved prices in the mid $600k range, whereas West Line Village presently presents townhomes priced from the mid $500k to high $600k.

Upcoming initial city pre-approval meetings for townhome developments are set to begin soon, highlighting the forward momentum surrounding this opportunity.

Furthermore, soil testing has initiated, marking progress in the development process.

For a private showing of 5401 W 10th Ave contact Adrienne Herzog of LPT Realty at 303.597.8720 or adrienne@aherzogrealty.com.