At Opportunity Knocks at #1 Colorado Boulevard

For years I have walked by #1 Colorado Boulevard, a stately 2-story brick home on a corner lot. Dominating the NWC of Colorado Boulevard and Ellsworth Avenue, the stately residence dates back to 1939 when Colorado Boulevard was a prestige street. Of note directly across Colorado Blvd at 4001 East Ellsworth Avenue is the original home of one of the founders of the law firm Holland and Hart.

Before World War II the two structures must have been most impressive, located at the pinnacle of a hill moving north from Alameda Avenue. The Hilltop side home has been renovated and is presently an impressive single-family residence.

The future of 1 Colorado Boulevard is more uncertain. Presently configured as two residences with separate electrical meters it is being marketed as a redevelopment opportunity including the complete razing as the present zoning allows townhouses of 3 stories in the site.

The location would allow for phenomenal views over Cherry Creek and the greater valley to the south. While Colorado Boulevard will be a deterrent for many prospective buyers; if I had the financial means I would consider converting back to a stately single-family residence and updating to compensate for the location i.e. place triple-pane glass in the windows, build a sound wall on the east-side of the lot and so forth.

The asking is $600,000 which I believe is correct considering the size of the residence and the lot. Granted the residence is being sold “as-is” and I would assume needs a full interior renovation. Of note the last sale dates back to 1971 when the residence sold for $94,900 ($274,000 in today’s dollars).

For the astute buyer with a vision, to be able to purchase 3,900 SF with four(4) bedrooms and four(4) baths; while not necessarily a fix and flip, with a longer-term vision, a viable option at a below market valuation.

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