The old Jackass Cafe on 227 W. Bennett Ave. (note the PROPER address here - Zillow has it wrong) was closed due to death of primary operator 3 years ago. The remaining former owner is now in a care home. We recently purchased the property and are currently doing a minor rehab of the building: cleaning, painting and flooring. All remaining restaurant equipment, dishwashing equipment and most shelving will remain. 300 amps of updated electric spread over 2 panels is present. Pictures below were taken July 12 and are already obsolete. The building is large enough that 3 businesses were being operated at the same time (Cafe, Printing shop, and office retail store). The upstairs, formerly a Victorian home, is large enough for an apartment, complete with separate bedroom and bathroom. Even though the former upstairs bathroom was being used as a storage room, the plumbing is still present (stubbed out) and recently tested as good. An easy conversion back into a bathroom and kitchenette if desired. The property is zoned "Mixed Use Commercial" so it can be used as commercial, residential, multi-family or mix. Once completed next week I will post final pictures. but it will also be posted on MLS and therefore command a much higher price. Being posted now, pre MLS, cash price, and only a couple days away from completion. We have the expertise on staff for some additional buildout if desired. Once completed and listed with our Realtor the price will be higher, although it will still be well below market value for a quick sale. According to available documents, the property last sold in 2007 for $585K. Several potential buyers have come forward. Ideas ranging from multiple housing to an occupied self run diner have emerged. Finding a commercial loan broker seems to be the slow down from signing a contract. Loan brokers do exist, just try Googling "commercial loan broker Colorado" and giving them a call. As an FYI, in most cases you will need at least 20% to 25% down payment, good credit, and a business plan to qualify. But this may not always be case unless you have other assets. I have used a mortgage broker in the past who can obtain a loan. I will pass his info on to those who view the property in person and are seriously interested. We will consider owner carry with enough down payment and a slightly higher price ($220K). As with any owner carry, interest rates are much higher than market bank rates.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
