Retail Condo in Boulder,
For Sale
$515,000
5420 Arapahoe Ave, Boulder, CO 80303
COMMERCIAL - Boulder, CO
Property Size1,082 SF
Lot Size0.06 Acres
Price / SF$475.97
Days on Market346
Property Features for 5420 Arapahoe Ave
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BC-1
Subdivision
Piazza D Tango Condo
Standard status
Active
APN
R0503121
Size
1,082 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8884
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2002
Building materials
Block, Stucco
Roof type
Rubber
Listing Agency:
Gibbons-White, Inc.
(303) 442-1040
Listed By:
Michael-Ryan McCarty · License #FA.040029628
(303) 586-5939
Added: Sep 11, 2025
Changed: Aug 19
Last Checked: Aug 22 at 10:06AM
MLS# 1043489
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,082 square foot retail condo is currently operating as a dispensary. The layout includes a waiting/reception area, retail area, office, and restroom. It is leased through December 31, 2026, for a cap rate of 6.1%. The property is zoned BC-1, which allows for a wide range of office, retail, personal service, wellness, and fitness uses. Monument signage is available. The property is located close to 55th Street and Arapahoe Avenue in Boulder, Colorado. The lot size is 0.06 acres.
Key Highlights
- Leased through December 31, 2026, providing immediate income with a 6.1% cap rate.
- Currently operating as a dispensary, offering a turnkey investment opportunity.
- BC‑1 zoning allows for a wide range of uses including office, retail, personal service, wellness, and fitness.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,846
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$356,920
$356.9K
Cap Rate 7%
$254,943
$254.9K
Cap Rate 9%
$198,289
$198.3K
Market Conditions
NOI Build-Up for 1,082 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.3K $25.20/SF
− Vacancy
−$1.8K −$1.64/SF
EGI
$25.5K $23.56/SF
− OpEx
−$7.6K −$7.07/SF
NOI
$17.8K $16.49/SF
Area
Boulder, CO
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$356,920
Cap Rate 7%
$254,943
Cap Rate 9%
$198,289
Alternative Uses
Best Use
Retail
$254.9K
$223.1K – $297.4K
NOI $17,846 @ 7.0% cap · market cap 3.47%
Second Best
Office B
$217.3K
$190.1K – $253.5K
NOI $15,211 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$365.6K
$319.9K – $426.6K
NOI $25,594 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,977
Businesses Nearby
Explore this area
Business Placement
Demographics for 80303, CO
25,328
Population
12,583
Households
2
Avg Household Size
32
Median Age
79%
College-Educated
99%
High-School Grad
21.9 sq mi
ZIP Area
1,157
Density / Sq Mi
$77,344
Median Household Income
$31,661
Median Earnings
$1,833
Median Rent
$941,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Retail condo operating as a dispensary, leased through 2026.
Where is this retail space located?
The property is located at 5420 Arapahoe Ave Boulder, CO.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Leased through December 31, 2026, providing immediate income with a 6.1% cap rate.; Currently operating as a dispensary, offering a turnkey investment opportunity.; BC‑1 zoning allows for a wide range of uses including office, retail, personal service, wellness, and fitness.
