Industrial Property Near Ward
For Sale
Contact for pricing
Pending
12198 Ridge Rd, Wheat Ridge, CO 80033
13,541 SF multi-tenant industrial asset with outdoor storage.
Property Size13,541 SF
Days on Market490
Property Features for 12198 Ridge Rd
General Information
Standard status
Pending
Size
13,541 SF
Class
C
Property subtype
Industrial
Zoning
I-E
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1968
Year Renovated
2024
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Denver
(303) 328-2020
Listed By:
Brandon Kramer · License #CO FA100045203
Source:
Crexi
Added: Apr 28, 2025
Changed: Aug 8
Last Checked: Jul 24 at 12:55PM
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 Marcus & Millichap - Denver
Investment Insights
Based on property information with market context.
This 13,541 SF multi-tenant industrial asset with outdoor storage is located at 12198 Ridge Road in Wheat Ridge, CO. The property is comprised of three tenants on shorter-term gross leases, presenting an opportunity for a new buyer to add value by transitioning to NNN leases. Conveniently situated off Ward Road and I-70, the property provides access to major transportation routes in the western suburbs. The property is located across from the Ward Station light rail stop and new apartment developments like The Ridge at Ward Station. The property was recently repaved in August 2024.
Key Highlights
- 13,541 SF multitenant industrial and outdoor storage asset.
- Convenient location off Ward Road and I‑70 with access to major transportation routes.
- Located across from the Ward Station light rail stop.
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
$104,934
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
5.12%
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%
$2,098,680
$2.1M
Cap Rate 7%
$1,499,057
$1.5M
Cap Rate 9%
$1,165,933
$1.2M
Market Conditions
NOI Build-Up for 13,541 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
$156.8K $11.58/SF
− Vacancy
−$6.9K −$0.51/SF
EGI
$149.9K $11.07/SF
− OpEx
−$45.0K −$3.32/SF
NOI
$104.9K $7.75/SF
Area
Jefferson County, CO
Vacancy
4.40%
Lease Rate
$11.58 /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%
$2,098,680
Cap Rate 7%
$1,499,057
Cap Rate 9%
$1,165,933
Alternative Uses
Best Use
Industrial
$1.50M
$1.31M – $1.75M
NOI $104,934 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$30.13M
$26.37M – $35.16M
NOI $2,109,353 @ 7.0% cap · market cap 102.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
967
Businesses Nearby
Explore this area
Business Placement
Demographics for 80033, CO
26,618
Population
13,257
Households
2
Avg Household Size
42
Median Age
44%
College-Educated
95%
High-School Grad
8.3 sq mi
ZIP Area
3,207
Density / Sq Mi
$84,719
Median Household Income
$53,503
Median Earnings
$1,536
Median Rent
$568,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 13,541 SF multi-tenant industrial asset with outdoor storage.
Where is this industrial property located?
The property is located at 12198 Ridge Rd Wheat Ridge, CO.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 13,541 SF multitenant industrial and outdoor storage asset.; Convenient location off Ward Road and I‑70 with access to major transportation routes.; Located across from the Ward Station light rail stop.
