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709 Paris St is the only remaining vacant/development-ready lot in this rapidly transforming neighborhood adjacent to the University of Colorado Hospital & Anschutz Medical Campus. Zoned R-3, the site supports high-density residential development, including multi-unit buildings, condos, townhomes, or a mid-rise structure. Existing structure is non-habitable and should be demolished; value is in the land and development potential. This location offers unmatched demand from medical professionals, students, and hospital staff - making it a prime opportunity for developers seeking high-yield rental or resale projects. PROPERTY HIGHLIGHTS Zoning: R-3 (High-Density Residential)MARKET JUSTIFICATION FOR PRICE To justify the seller's $1.5M expectation, highlight developer-level comps, not residential sales: 1. New Construction Sales Near Anschutz Townhomes selling $550K-$750K Condos selling $400K-$600K Multi-unit buildings generating $2,000-$2,800/mo per unit in rent 2. Land Scarcity This is the last available development lot in the neighborhood - scarcity drives premium pricing. 3. Institutional Demand The Anschutz campus population creates permanent, stable demand for housing. 4. Developer ROI A 12-20 unit project can easily justify a $1.5M land acquisition when projected: Gross revenue: $8M-$12M (sales) Annual rental income: $500K-$800K+ (if held as rentals)
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Listed by Virendra Sharma (#IRE018641)
Listing Office: HomeSmart Realty (#IRE400017371)
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