Working with Tepuy
This month, WK’s commercial real estate team, led by Eric Rutherford, sold the multi-suite office of 3050 Broadway for a sales tag of $2.6million! Rutherford negotiated this deal for Tepuy, which is a Boulder-based real estate syndicator and property management company.
History of the building
Constructed in 1981, the property is located in a prime spot, a mile north of Pearl Street in the heart of historic downtown Boulder. And, at 7,094 square feet, it boasts plenty of room for many businesses. The 3000 block of Broadway St has been home to at least one building since around the year 1900, when the first house at 3050 was recorded as being built. Back then, it was a brick and timber home with what looks like a cute patio supported by round columns.
3050 Broadway Historical Pictures by Carnegie Library via BHS
Some of the property highlights include:
- South and East facing suite with mature landscaping. Perfect for that mid-afternoon lunch break under a big tree with shade.
- On-site parking. There is ample parking in the underground parking lot beneath the building.
- Outstanding visibility and easy access. This will be important when you need to get your business noticed in Boulder.
- Quiet setting in a multi-tenant professional building. This, of course, is key to being able to getting work done.
- All three suites have the option of being combined together, or the buyer could reconfigure any combination of the three.
“It is a fantastic location for any small business that wants to be in the busy part of town,” said Brandi Prochazka, Tepuy’s property manager.
Going forward with a plan
With this building under new ownership, and renovation plans being drafted, Tepuy may have struck gold with this purchase. They expect to spend about $700,000 in renovations and updates to get the building up-to-date. The goal is to lease the building to a single occupant or multiple tenants demised into several suites. Some of the big-ticket repairs that they have planned include:
- Replace the roof, opening access to the rooftop patio with seating and stunning views of the flatirons.
- HVAC updates
- Re-siding the building
- Cosmetic updates: Bathroom remodels, lighting updates, and improvements to the second-floor kitchenette.
If all of the renovations go well, and the time for completion is kept reasonable, we could be looking at new tenants in 3050 Broadway before the end this year! Who it will be, we don’t know yet. But, we know one thing: they’ll be happy to be here. With Boulder’s population of over 100,000 people, the business or businesses that end up leasing this building will have prime real estate for their work activities.
WK Real Estate is dedicated to you and your property search! Please, contact us today to see how we can help you.