Denver, CO Live/Work Rehab - Micki McNie

Denver, CO Live/Work Rehab - Micki McNie

Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes

Alright, I'm going to try this deal diary thing out.  I'm one of those people who likes to have everything wrapped up so I can post a success story but this should be a fun process to go through so I'll bring you along with me. (I'll save my numbers til the end if you don't mind.)

Now that the Biker Bar is done I decided I would prefer to do deals closer to home and stuff I'm really passionate about.  What would meet that criteria here in Denver?  Small scale live/work that's super funky... basically my own personal dream home.

I immediately found a handful of candidates but the winner was on Federal near 10th.  This week we got under contract and have gone through environmental and mechanical due diligence - everything went well which makes me happy on the one hand but disappoints my inner negotiator who wanted some leverage on the price.  We're starting to work on drawings so we can get in line for permits which is going to take a while.

Going through this process on a building designated commercial is a bit more involved so I'm learning a lot. Fortunately a colleague who has experience really liked the project and is doing it with me.  Here's a little video of the space (apparently I'm a sucker for POS properties full of junk).  The vision is to create an industrial loft feel with an open plan.  The front 1/3 will be dedicated to office/commercial use and the back 2/3 will be living space, but the usage is flexible throughout.  We'll pop in a glass roller door to the back and create a zen garden and roof deck (which has killer views).  Stay tuned...

4Reply
137 views

Most Popular Reply

Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y

Let's have a meetup there at some point so we can see the work and you can get some free marketing.

See this reply in the discussion

52 Replies

Jump to latestLatest
  • Dana WhickerPro Member
    Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes
    11y

    You and I have something in common.  We like to buy turds and see if we can shine them up.  :)  Following.

  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    11y

    I am a turd polisher as well.  Can't wait to see how this goes.

  • Denver, CO · Member since 2013 · 185 posts · 160 votes
    11y

    Wow! You got it under contract!!! Congratulations, it looks like a really fun project. I know you'll make that place shine. I cant wait to see the finished product

  • Investor · Denver, CO · Member since 2014 · 128 posts · 23 votes
    11y

    Awesome, love projects like this and looking forward to seeing it come together.

    Did you look in the RiNo/Brighton Blvd areas?  I imagine everything up there might be too pricey already?

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    @Mitch H.

     RiNo is where I was working with my old company about 3 years ago, that area is already done IMHO unless you've got a couple million.  I'm focusing on the next curves and have a couple areas of focus.  These types of projects are a great first step in a neighborhood because the end client wants to be somewhere that's fringe, so you have time for the strictly commercial & residential market to catch up.  Whenever anyone asks me about the neighborhoods I tell them you're supposed to follow the artists and the gays so I'm a natural expert!

  • Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    11y

    @Micki M.

    I'll be interested to follow along on this one, being from Cheyenne.  I loved what you did with the Biker Bar!  The industrial loft and zen garden with roof deck is a perfect vision for Denver!  

  • Project Engineer · Littleton, CO · Member since 2014 · 80 posts · 17 votes
    11y

    @Micki M.  That looks to be yet another great project for you.  I can't wait to see how it turns out and hear about the final numbers as well.  I love the type of work that you do, nothing cookie cutter about it.  Good luck!

  • Investor · Denver, CO · Member since 2014 · 135 posts · 37 votes
    11y

    @Micki M., I will definitely be following this thread, thanks for sharing! Can't wait to see what you do with the place!

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    Closing was successful and we now officially own this gem (though we still have some crazy family members dropping by...new locks should help).  Demo is coming along.  See if the de-cluttering makes it easier to see the possibilities.  

  • Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    11y

    It looks a hundred times better without the clutter.  Even the outside part looks nicer.  Can definitely see possibilities now.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    I've had complaints that I'm not posting enough :) , but this is the reality of rehab. It doesn't fit into 30 minutes like it does on TV.  I doubt you want to see photos of me coordinating architects and contractors so I can get my damn permit application in already!  Instead here's a pretty picture of the awesome feature wall I uncovered.

  • Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    11y

    Wow, think of the history of that wall!  What are your plans with it?

  • Las Vegas, NV · Member since 2014 · 732 posts · 137 votes
    11y

    maybe where the valentine massacre happened looks like that wall??

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    @Account Closed

     I'm going to wire brush and clear coat it and leave it just like it is, I love it!  Design meeting today, goal is to get everyone all the info we need so we can start doing stuff!

  • Project Engineer · Littleton, CO · Member since 2014 · 80 posts · 17 votes
    11y

    @Micki M.  Very cool.....I agree, the wall is awesome.  One of a kind.  I look forward to seeing the finished project for sure.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    The biggest lesson I'm learning on this project, is don't get married to your concepts unless you have unlimited funds and patience.  Sound familiar to anyone?  As soon as you tell your team (structural engineer, GC, MEP, Architect) any of your cool ideas, they'll start telling you why it's problematic.  When it's important, you can stick to your guns (wow factor items) but otherwise there's a lot of deferring to the path of least resistance.

    For example:

    I'd like the spiral staircase to the roof deck located inside >> rejoisting roof supports, building a shed on top vs a hatch, possible bulk plane issues, taking up too much space to leave room for doors, $$$$ >> okay fine the staircase can stay outside >> team breathes a sigh of relief, I simply sigh

    Also, I always want to start shopping for finishes so they're ready to go when we need them - especially since I look for those special finds that aren't available on demand - but there's no convenient place to put them before we've done floors and drywall.  So I roam Habitat and take pictures instead :)

    Currently seeking: 

    1. Denver street / grafitti / mural artist or community group to paint the side of my building (great exposure for their work, 50,000 cars/day)

    2. electrostatic painter or auto body worker who wants to moonlight and restore my metal cabinets lowrider style (think glossy turquoise or black with pin strips)

  • Architect · San Diego, CA · Member since 2013 · 244 posts · 101 votes
    11y
    Originally posted by @Micki M.:

    The biggest lesson I'm learning on this project, is don't get married to your concepts unless you have unlimited funds and patience.  Sound familiar to anyone?  As soon as you tell your team (structural engineer, GC, MEP, Architect) any of your cool ideas, they'll start telling you why it's problematic.  When it's important, you can stick to your guns (wow factor items) but otherwise there's a lot of deferring to the path of least resistance.

    For example:

    I'd like the spiral staircase to the roof deck located inside >> rejoisting roof supports, building a shed on top vs a hatch, possible bulk plane issues, taking up too much space to leave room for doors, $$$$ >> okay fine the staircase can stay outside >> team breathes a sigh of relief, I simply sigh

    Also, I always want to start shopping for finishes so they're ready to go when we need them - especially since I look for those special finds that aren't available on demand - but there's no convenient place to put them before we've done floors and drywall.  So I roam Habitat and take pictures instead :)

    Currently seeking: 

    1. Denver street / grafitti / mural artist or community group to paint the side of my building (great exposure for their work, 50,000 cars/day)

    2. electrostatic painter or auto body worker who wants to moonlight and restore my metal cabinets lowrider style (think glossy turquoise or black with pin strips)

     i feel like i've had this exact conversation w/ clients!  looking forward to see how this turns out.  care to share any of the numbers behind the deal?

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    @Colin L.

     I'm sure you have LOL. We're exploring different exit strategies (partly because I really want to move into it!) so I'm keeping numbers until the end, but will definitely share.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    Can you start to see it?

    Hopefully everyone will be done raising new questions based on old decisions and we'll have completed drawings and permits walked by next week.  Then the real fun starts!

    Choosing to do something unique like live/work gets complicated because it inhabits very gray areas in zoning or code requirements, and when your team isn't experienced with the concept there's a lot of if/then (if we go strictly commercial we have to do xyz, if we go live/work do we have to designate how much area is work? etc).  Once we get the system down we'll definitely have to do more just to apply all this learnin'. 

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    I wanted to get some renderings done so I could pre-market the property. I decided to try Fivrr and am pretty happy with the results.  I got bids from $30 to $700 for four individual renderings based on photos and concepts like the one I posted above.  I figured it was worth $5 to test the lowball offerer. I just got back my first view of the "work" area and am pretty happy. What do you think?

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y

    Things are moving along at the urban oasis.  I ran out of patience with our original contractor who had a lot of excuses and very little accomplished.  Found a new commercial contractor and have most of our permits approved. Of course the last one we're waiting on is the structural which is the first work we need to do, but everyone is lined up and waiting to get started.

    We've been doing what we can, yard work, some exterior painting (punk rock style of course). I'll post finished photos when it's done.

    The most encouraging thing for me so far is the response I've gotten to my test ads. I've posted the property with some concept photos and have shown the property quite a bit. It's going to be fun to show once it's done.

  • Investor · Front Royal, VA · Member since 2013 · 586 posts · 418 votes
    11y

    Micki this is awesome! I can't wait to see the final product. This is exactly what that area needs. Great idea to market the property with test ads and renders. 

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    11y
  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    A mere six months after purchase we are starting work in the morning! There's not that much to do so hopefully you'll see a flurry of updates from me. The most recent challenge was that our live/work designation is a commercial use so it required a sprinkler system. Which was fine with me except that our water main runs under Federal Blvd and is encased in some special conduit so Denver Water will not allow us to pull the required tap until they start street widening in the area (2017ish). The people at the city are such "tick the box" types that they wouldn't help us find an alternative, so we are changing our use to strictly residential to eliminate the sprinkler requirement. This will still allow for the type of home office or non-public business we envisioned in the space, but next time I'll be extra aware during my due diligence. If we had planned on any sort of open to the public retail we would not have gotten a COO without sprinklers.

  • Jean BolgerPro Member
    Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
    10y

    hallelujah! onward and upward...

Join the conversationCreate a free account to reply, vote on answers and follow this thread.