Mixed-Use Property with Landmark
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For Sale
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1215 Spruce St, Boulder, CO 80302
Downtown property combines retail, professional office, and wellness space near Pearl Street Mall.
Property Size23,527 SF
Price / SF$436.73
Days on Market7
Property Features for 1215 Spruce St
General Information
Standard status
Active
Size
23,527 SF
Property subtype
OFFICE
Listing Agency:
The Colorado Group, Inc.
(208) 720-6215
Listed By:
Scott Crabtree
(208) 720-6215
Source:
Moodyscre
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 22 at 10:53AM
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 The Colorado Group, Inc.
Investment Insights
Based on property information with market context.
This 23,527-square-foot mixed-use property at 1215 Spruce St combines retail, professional office, and wellness uses within a downtown commercial building. An exterior mural honoring Olympic marathon champion Frank Shorter provides a distinctive visual element tied to Boulder’s athletic and community identity.
The property is located one block from the Pearl Street Mall in the center of Boulder’s business, hospitality, and cultural activity. Festival venues, hotels, restaurants, and year-round cultural programming are nearby. The building is identified as the first LEED Platinum-certified building in Colorado, adding a notable sustainability credential to its architectural and community profile.
The property is located one block from the Pearl Street Mall in the center of Boulder’s business, hospitality, and cultural activity. Festival venues, hotels, restaurants, and year-round cultural programming are nearby. The building is identified as the first LEED Platinum-certified building in Colorado, adding a notable sustainability credential to its architectural and community profile.
Key Highlights
- 23,527‑square‑foot mixed‑use property in downtown Boulder
- One block from the Pearl Street Mall
- Retail, professional office, and wellness uses
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
$388,040
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
3.78%
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%
$7,760,800
$7.8M
Cap Rate 7%
$5,543,429
$5.5M
Cap Rate 9%
$4,311,556
$4.3M
Market Conditions
NOI Build-Up for 23,527 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
$592.9K $25.20/SF
− Vacancy
−$38.5K −$1.64/SF
EGI
$554.3K $23.56/SF
− OpEx
−$166.3K −$7.07/SF
NOI
$388.0K $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%
$7,760,800
Cap Rate 7%
$5,543,429
Cap Rate 9%
$4,311,556
Alternative Uses
Best Use
Retail
$5.54M
$4.85M – $6.47M
NOI $388,040 @ 7.0% cap · market cap 3.78%
Second Best
Mixed Use
$5.45M
$4.77M – $6.36M
NOI $381,490 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$7.95M
$6.96M – $9.28M
NOI $556,517 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,550
Businesses Nearby
Explore this area
Business Placement
Demographics for 80302, CO
27,322
Population
13,556
Households
2
Avg Household Size
29
Median Age
75%
College-Educated
98%
High-School Grad
93.9 sq mi
ZIP Area
291
Density / Sq Mi
$60,649
Median Household Income
$19,586
Median Earnings
$1,850
Median Rent
$1,123,800
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?
Mixed-use property - Downtown property combines retail, professional office, and wellness space near Pearl Street Mall.
Where is this mixed-use property located?
The property is located at 1215 Spruce St Boulder, CO.
What is the asking price?
The asking price for this property is $10,275,000.
What are key features of this property?
This property features: 23,527‑square‑foot mixed‑use property in downtown Boulder; One block from the Pearl Street Mall; Retail, professional office, and wellness uses
