Office Flex Condos For
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10875 Dover St Units 100-800, Westminster, CO 80021
Eight office flex condos available for sale or lease.
Property Size22,478 SF
Price / SF$196.89
Days on Market183
Property Features for 10875 Dover St Units 100-800
General Information
Standard status
Active
Size
22,478 SF
Class
B
Property subtype
Industrial, Office
Zoning
PUD Westminster
Occupancy
23%
Lease Type
NNN
Investment Type
Owner/User
Net Operating Income
$71,092
Building Details
Year Built
2002
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Pinnacle Real Estate Advisors
(303) 962-9551
Listed By:
Joe Owston · License #100104497
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 8 at 6:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
This listing features eight office flex condos available for sale or lease. Each condo is approximately 2,500 square feet, totaling 22,478 square feet. The units can be purchased together, separately, or in any combination. Pricing ranges from $240 to $280 per square foot. Lease rates are $15 per square foot NNN, with NNN's for 2026 estimated at $9.30 per square foot. The units have varying degrees of office buildout, with some being office-intensive and others more open.
Key Highlights
- Flexible purchase options: Buy units individually, in combination, or all 8 condos.
- Sizeable units: Each condo offers approximately 2,500 SF of office/flex space.
- Purchase price range: $240-$280 per square foot.
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
$330,124
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
7.46%
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%
$6,602,480
$6.6M
Cap Rate 7%
$4,716,057
$4.7M
Cap Rate 9%
$3,668,044
$3.7M
Market Conditions
NOI Build-Up for 22,478 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
$585.3K $26.04/SF
− Vacancy
−$145.2K −$6.46/SF
EGI
$440.2K $19.58/SF
− OpEx
−$110.0K −$4.90/SF
NOI
$330.1K $14.69/SF
Area
Westminster, CO
Vacancy
24.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
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%
$6,602,480
Cap Rate 7%
$4,716,057
Cap Rate 9%
$3,668,044
Alternative Uses
Best Use
Office B
$4.72M
$4.13M – $5.50M
NOI $330,124 @ 7.0% cap · market cap 7.46%
Second Best
Flex RnD
$3.29M
$2.88M – $3.84M
NOI $230,294 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$6.57M
$5.75M – $7.67M
NOI $459,900 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80021, CO
36,176
Population
17,353
Households
2.1
Avg Household Size
36
Median Age
53%
College-Educated
98%
High-School Grad
16.5 sq mi
ZIP Area
2,192
Density / Sq Mi
$105,645
Median Household Income
$59,947
Median Earnings
$2,054
Median Rent
$530,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Eight office flex condos available for sale or lease.
Where is this flex space located?
The property is located at 10875 Dover St Units 100-800 Westminster, CO.
What is the asking price?
The asking price for this property is $4,425,600.
What are key features of this property?
This property features: Flexible purchase options: Buy units individually, in combination, or all 8 condos.; Sizeable units: Each condo offers approximately **2,500 SF** of office/flex space.; Purchase price range: **$240-$280 per square foot.**
