On May 18, Sheldon Good will auction a 2,200-sf, mixed-use building at 2859 Umatilla St. in the Highland neighborhood north of Denver's Central Platte Valley and Lower Downtown. Jim MacDonnell, senior vice president of Sheldon Good's Denver office, says the company wouldn't normally take on such a small deal. "But I want to get in front of all of the builders in this red-hot neighborhood of Highland," MacDonnell tells GlobeSt.com.
The building currently is owned by a young couple that operates a photography studio in part of the building and lives in the rest. The minimum bid is $175,000.
MacDonnell says the couple is moving to the East Coast and want a quick sale. Many properties Sheldon Good auctions in the Denver area are not distressed as they were in the mid-1980s, he says. Increasingly, developers and owners are seeking a quick way to sell their real estate, he says.
"The owner's parents are in real estate and they talked to real estate agents that specialize in the Highland-LoDo area, and they say it's probably worth $200 to $250 per sf," MacDonnell says. That would put the market price in the $440,000 to $550,000 range. "This is a perfect building and location for an owner-user wanting to be close to downtown on the hottest corner in the hot Highland neighborhood," MacDonnell says. "The buyer can live and work where things are happening, close to LoDo, Coors Field and the new Invesco Field at Mile High Stadium. With a minimum bid of $175,000, we feel buyers will find tremendous value at a fraction of comparable cost."
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