A property utilized by GPT Industries is on the market for $12,155,323. The industrial building, located at 4990 N Iris St, Wheat Ridge, encompasses 64,955 square feet and is suitable for distribution, warehouse, and manufacturing purposes. It features a single tenant with a corporate guarantee lease that expires on January 27, 2043, offering a remaining term of 17.1 years.
The property, built in 1978 and renovated in 2009, has a cap rate of 6.50% and a net operating income (NOI) of $790,096. Additionally, the lease includes annual rent increases of 3.5% for the duration of the initial term and options. Its location boasts easy access to I-70 and high daily traffic flow, enhancing operational efficiency and visibility.
Situated in a densely populated and affluent area, the vicinity has an average household income exceeding $108,000 within a three-mile radius, with over 294,000 residents within five miles. The property benefits from access to a skilled workforce across Wheat Ridge, Arvada, and Northwest Denver, making it attractive for industrial users.
The Northwest Denver submarket is characterized by high barriers to entry and limited developable industrial land, reinforcing the value of existing properties like this one. Its strategic location allows for convenient access to major transportation routes, providing efficient logistics and service opportunities.
Source: Property Listing
