418 Edison St - The Historic Carroll Building in Brush, Colorado. Listing #948781

16 UNIT | UNIQUE MIXED USE PROPERTY OFFERING MEMORANDUM

THE CARROLL BUILDING 418 Edison St. Brush, CO

THE CARROLL BUILDING CONTENTS 01 EXECUTIVE SUMMARY

02 PROPERTY DESCRIPTION

03 APARTMENTS @ THE CARROLL 04 EVENTS @ THE CARROLL

06 OFFICES @ THE CARROLL 07 RENT ROLL 08 FINANCIALS AND ANALYSIS 09 OPPORTUNITY ZONE

05 THE QUIRT LOUNGE @ THE CARROLL

PRESENTED BY:

MIKE SALZA

SEAN HUDGENS

202.701.9254 msalza@c3-re.com

970.219.2087 shudgens@c3-re.com

The information contained herein, while from sources believed reliable, is not guaranteed and is subject to change without notice. C3 Commercial makes no warranties or representations as to the accuracy of this information. This brochure is the exclusive property of C3 Broker Associate | C3 Commercial Broker Associate | C3 Commercial Commercial.

Any duplication without C3 Commercial’s express written consent is prohibited.

Information is deemeded reliable, but not guaranteed.

© 2016 C3 REal Estate Solutions, LLC.

The information contained herein, while from sources believed reliable, is not guaranteed and is subject to change without notice. C3 Commercial makes no warranties or representations as to the accuracy of this information. This brochure is the exclusive property of C3 Commercial. Any duplication without C3 Commercial’s express written consent is prohibited.

01

EXECUTIVE SUMMARY

OFFERING SUMMARY ADDRESS: COUNTY: SUB MARKET BUILDING SF LAND ACRES NUMBER OF UNITS YEAR BUILT

418 Edison St. Brush, CO 80723 Morgan County Brush 18,700 .643 16 Units 1914

BUSINESS SUMMARY THE CARROLL BUILDING

Current Gross Income

APARTMENTS @ THE CARROLL

$88,383.25

EVENTS @ THE CARROLL

$3,814.25

QUIRT @ THE CARROLL

$0

OFFICES @ THE CARROLL

$0

FINANCIAL SUMMARY OFFERING PRICE PRICE PSF PRICE PER UNIT RESIDENTAL OCCUPANCY COMMERCIAL OCCUPANCY AVG NOI (CURRENT) NOI PRO FORMA CAP RATE (CURRENT) CAP RATE (Pro Forma)

$1,700,000 $91 PSF $106,250 100% occupancy 0% long term occupancy $40,873.4 $94,164.31 2.4 % 5.5 %

THE CARROLL BUILDING A true gem of historic architectural beauty. This modernized mixed use complex has it’s roots in the historic past of beautiful Brush Colorado. Originally the Carroll Hotel, the building retains all of the classic features of 20th century brick architecture. Expansive brick facades, iron window accents and beautiful archways make this building the pinnacle Main St. USA design. The main floor hosted the Quirt Cocktail Lounge and restaurant. Named after the horse racing riding crop, the lounge hosted patrons during the bustling days of horse races at the nearby track. Today, the lounge still retains its incredible tile floors and a one of a kind atmosphere

Value-Add Opportunity While the Apartments at The Carroll has been the main income generator for The Carroll Building, the main floor commercial space has served as the owner’s family offices and a community gathering space instead of a revenue producing space. This space allows tremendous upside potential from a variety of sources.

The Offices at the Carroll can be rented in their entirety, or as individual offices in a co-working environment. The Quirt Lounge can be reintroduced as an economic generator as a coffee shop, cocktail lounge, grab-and-go deli etc. With 12 residential units as an immediate audience there is a wide variety of uses that could complement this space. The Event Center has been rented for special occasions, but could be promoted to increase occupancy and the Kitchen at The Carroll could be rented by the hour/day as a ghost kitchen or food production space for local entrepreneurs.

The information contained herein, while from sources believed reliable, is not guaranteed and is subject to change without notice. C3 Commercial makes no warranties or representations as to the accuracy of this information. This brochure is the exclusive property of C3 Commercial. Any duplication without C3 Commercial’s express written consent is prohibited.

02

PROPERTY DESCRIPTION

PROPERTY FEATURES

UTILITIES

YEAR BUILT

1914

Water

City of Brush

EFFECTIVE YEAR BUILT

1939

Sewer

City Brush

SUBSTANTIAL REHAB

1992

Electric

Xcel

Natural Gas

Xcel

Cable

Available

Internet

High Speed Avail

LOCATION INFORMATION SUBDIVISION

BRUSH ORIGINAL TOWN

ZIP CODE

80723

CENSUS TRACT

7.00

TAX YEAR

2020

PERCENT IMPROVED

87%

TAXES

$4,039

TAX AREA

001

LEGAL DESCRIPTION

SUBD: BRUSH ORIGINAL TOWN, BR BLOCK: 13 LOT: 15 THRU:- LOT: 18

CHARACTERISTICS STORIES

3

ELEVATOR

Three Stop

STAIRWELLS

Two

CONSTRUCTION

Concrete Block with Brick Exterior

INTERIOR WALLS

Drywall

FINISHED SQ FT

18,700

GROSS AREA

18,700

LOT ACRES

.623

LOT SQFT

28,000

PARKING LOT

Asphalt paving and striped parking space

SIDEWALKE

Concrete with city sidewalk lights and metal tree surrounds

ENTRIES

Concrete exterior, tile interior, vestibules, double doors

ROOF MATERIAL

Roll Composition (still in warranty)

ROOF SHAPE

Flat

COOLING TYPE

Central Air

HEAT TYPE

Forced air in residential units, Boiler for building

Flood Plain

500 year Moderate Risk

BUSINESS UNITS

16

RESIDENTIAL UNITS

12

RESIDENTIAL BEDROOMS

22

TOTAL BATHS

17

03

APARTMENTS @ THE CARROLL

Updated Kitchens with Tons of Natural Light

Private, key controlled main entrance

Large bedrooms with panoramic views

Three stop elevator access

Spacious living and Dining areas

Coin operated laundry on each residential floor

04

EVENTS @ THE CARROLL

EVENTS @ THE CARROLL We gather together to enjoy each other, to smile and hug, to celebrate amazing life events, to cheer for each other, to build each other up. These activities build community, build society, build connections and bring a wonderful flavor to life. Events at the Carroll provides the space for the fun of life.

Events at the Carroll have historically included weddings, graduations, baby showers, lectures, cattle auctions, team building exercises, funerals, bridge and poker leagues, community thanksgiving dinners, church television productions, award ceremonies and well, the list goes on and on. All of our life events happen somewhere… This space was built to make hosting these life events easy and convenient.

Use your vision to bring a farmer’s market to the South parking lot, Holiday markets, book clubs, private movies, community plays, book releases, crafting, Rube Goldberg building, extension classes and meet the needs of friends, neighbors and the community while generating increased income for the new owner.

Features • • • • • •

3,500 SF± total event space

• • •

Full array of chairs for large events

•

Tile flooring at the entries and along the serving wall

•

Lots of natural light and full leveler blinds for when privacy is needed

• •

Full acoustic ceiling with recessed lighting

• •

Projector space with mounted screen

2,000 SF ± Event Room Attached commercial kitchen (Ghost Kitchen) Multi-stall bathrooms and drinking fountains Full set of rectangle and round tables included Table cloths (Beat Digger Colors as well as formal white!)

Climate controlled Individual breakers for appliances on the buffet wall

Separate circuits on wall outlets for major catering needs Private outdoor patio and reception space

05

KITCHEN @ THE CARROLL

Features

• •

Vulcan Snorkel controlled convection oven

•

Full size, three light range hood venting outdoors

•

InSinkerator garbage disposal undermounted rinse station with high pressure spray valve

• •

Dishwasher with attached Hatco sanitizer

• • • • • • • • • • •

Hand sink

Vulcan 8 burner gas range with 24” thermostatic griddle and 2 standard ovens

Stainless steel counter and three bay wash, rinse and sanitizing sinks Stainless steel kitchen racking Stainless steel moveable work station Stainless steel countertop with mounted sink Ceiling air conditioner New Scotsman ice maker Mop bucket filling and utility washout station Industrial flooring with multiple floor drains Exterior access Attached half bathroom Some dishes and kitchen supplies

Ghost Kitchen @ THE CARROLL The commercial kitchen is bright, clean, well built and ready for your projects. Connect with those in your community needing space to create and sell their culinary delights. With full disposal, dishwasher, three bay wash sink, 8 station gas range, extra large griddle, vent hood, three oven spaces with separate controls and plenty of counter space, you’ll be able to use this space to support the Events at the Carroll, Quirt at the Carroll and as a stand alone, reservation style commercial rental kitchen. It has been lightly and gently used during the current ownership. It is ready to be put to full time work, serving the community and generating increased income for the new owner.

06

QUIRT @ THE CARROLL

QUIRT LOUNGE @ THE CARROLL

The hand laid tile floor in the Quirt at the Carroll has been under the feet of lounge goers and hotel patrons since the 1930s. Brush was home to what most historians agree was the first betting race track in Colorado. This wonderful hotel and the Quirt at the Carroll served all of Brush and the racing community through the 1960s. This space is currently underutilized by the community. Imagination and minor investment will bring it back to life and generate increased income to the next owner. Possible future uses include a coffee shop, lounge and bar, space for clubs, host small events, grab n’go sandwich and ice cream for tenants and guests, retail rental space

Features • • • • •

Hand laid tile floor Brick fireplace 16’ of main street window frontage Built in kitchenette with counter and cabinet space Full coverage, metal Levolor blinds on all windows

07

OFFICES @ THE CARROLL

Features • • • • • • • • • • • • • •

Three private office spaces Kitchenette with refrigerator Locking storage area Entry vestibule with tile floor Waiting room Receptionist area Private bathroom access Industrial carpet squares High end blinds Overhead lighting Street signage available Dedicated parking available Climate controlled Boiler heating

OFFICES @ THE CARROLL The private offices have been self used to run multiple businesses not associated with the building. These offices are light and bright with industrial carpet tile floors, overhead lights, a kitchenette, storage and a vestibule entry. With the oversized parking lot, this space could be occupied by any business looking for high end, highly visible, easily accessible downtown office space. Coworking space, Real Estate, Accounting, Law Office, Engineering, Architect, Planning or any other professional services would love to have access to these offices that can be rented as a group or individually. With two different access doors, multiple possible layouts, storage areas and an amazing location, this space is ready to generate income for a new owner.

08

FINANCES & ANALYSIS

PRO FORMA Apartments @ The Carroll Laundry Income Events @ The Carroll Ghost Kitchen ($95/hour) Quirt @ The Carroll Offices @ The Carroll PGI Expence Advertising Apartment expense Attory Expense Background Check Cable Cleaning Service Contract Labor Dues and Subscriptions Elevator Service Filing Fees Fire Extinguisher Service Insurance Key Service Maintenance Pest Control Postage and Delivery Repairs and maintenance Supplies Taxes Telephone Utilities Total Expense NOI Cap EX (not included in Expenses)

$ $ $ $ $ $ $

2017 84,034.96 1,931.51 4,877.00 125.00 90,968.47

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

340.00 54.80 4,927.33 5,100.00 6,960.00 789.00 5,231.16 174.09 4,954.50 186.72 100.00 1,756.00 787.41 1,101.65 1,433.40 3,652.92 2,163.50 17,395.68 (57,108.16) 33,860.31 -

$ $ $ $ $ $ $

2019 94,846.52 2,242.25 4,325.00 550.54 101,964.31

$ $ $ $ $ $ $

$ 479.00 $ $ 138.96 $ $ 112.50 $ $ 95.90 $ $ 5,051.72 $ $ 5,200.00 $ $ 6,770.00 $ $ 1,034.99 $ $ 5,456.92 $ $ $ $ 62.00 $ $ 9,882.72 $ $ 317.16 $ $ 275.00 $ $ 1,989.00 $ $ 459.26 $ $ 3,459.53 $ $ 949.07 $ $ 3,792.80 $ $ 1,956.92 $ $ 17,174.60 $ $ (47,483.45) $ $ 43,827.62 $ $ 8,250.00 $

272.50 34.25 5,384.54 6,327.41 6,775.00 1,124.99 5,559.20 28.00 62.83 7,960.74 88.00 (31.99) 2,082.00 266.70 2,007.93 814.36 3,805.28 1,834.67 16,967.85 (44,396.41) 57,567.90 -

$ 424.00 $ 611.81 $ $ 45.00 $ 5,758.33 $ 9,084.00 $ 7,011.00 $ 1,129.99 $ 5,752.12 $ $ 45.00 $ 7,359.72 $ 223.05 $ $ 2,059.00 $ 18.35 $ 1,535.36 $ 2,415.27 $ 4,151.44 $ 2,054.64 $ 15,895.24 $ (65,573.32) $ 28,237.76 $ 15,982.02

$ $ $ $ $ $ $

2018 85,259.32 2,001.75 3,975.00 75.00 91,311.07

2020 89,392.18 1,838.90 2,080.00 500.00 93,811.08

AVG $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

88,383.25 2,003.60 3,814.25 312.64 94,513.73 310.75 187.69 96.25 57.49 5,280.48 6,427.85 6,879.00 1,019.74 5,499.85 7.00 85.98 7,539.42 203.73 85.75 1,971.50 382.93 2,026.12 1,403.03 3,850.61 2,002.43 16,858.34 (53,640.34) 40,873.40 6,058.01

PROJECTED $ 106,914.00 $ 2,003.60 $ 12,000.00 $ 5,700.00 $ 7,020.00 $ 14,400.00 $ 148,037.60 $ $ $ $ $ $ $

310.75 187.69 96.25 57.49 6,427.85 6,879.00

$ $ $ $ $ $ $ $ $ $ $

5,499.85 7.00 85.98 7,539.42 203.73 85.75 1,971.50 382.93 2,026.12 1,403.03 3,850.61

$ $ $ $

16,858.34 (53,873.29) 94,164.31 6,058.01

The information contained herein, while from sources believed reliable, is not guaranteed and is subject to change without notice. C3 Commercial makes no warranties or representations as to the accuracy of this information. This brochure is the exclusive property of C3 Commercial. Any duplication without C3 Commercial’s express written consent is prohibited.

09

OPPORTUNITY ZONE

OPPORTUNITY ZONE New investments, under certain conditions, may be eligible for preferential tax treatment. Investors receive tax credits when they reinvest capital gains, or profits from the sale of an asset, into opportunity zones. Investors may benefit in three ways.

• They can defer paying taxes on the original capital gain until they dispose of the investment or until 2026.

• If they hold the investment for at least five years, they will have to pay 10% less taxes on the original capital gain.

• If they hold the investment for at least ten years, they will not Have to pay any capital gains tax or depreciation recapture on their opportunty zone investment.

Areas highlighted in yellow are designated opportunity zones… according to the State of Colorado at: https://oedit.colorado.gov/colorado-opportunity-zone-program The Colorado Opportunity Zone Program encourages long-term private investments in designated communities by giving investors tax incentives for investing in real estate projects and operating businesses.

Investors receive tax incentives in the form of deferrals, reductions, and possible elimination of certain federal capital gains taxes.

OEDIT supports the opportunity zone program by:

• Helping economically distressed communities use this program • Supporting businesses in opportunity zones secure an investment through the Opportunity Zone Capital Accelerator Program

• Educating investors, community leaders, developers, and other •

stakeholders Connecting investors and projects through Colorado’s Investment Database

PRESENTED BY:

MIKE SALZA Broker Associate | C3 Commercial 202.701.9254 msalza@c3-re.com

SEAN HUDGENS Broker Associate | C3 Commercial 970.219.2087 shudgens@c3-re.com

Information is deemeded reliable, but not guaranteed. © 2016 C3 REal Estate Solutions, LLC.

The information contained herein, while from sources believed reliable, is not guaranteed and is subject to change without notice. C3 Commercial makes no warranties or representations as to the accuracy of this information. This brochure is the exclusive property of C3 Commercial. Any duplication without C3 Commercial’s express written consent is prohibited.