Mid-Century Office Building Conversion
For Sale
$9,900,000
2995 Baseline, Boulder, CO 80303
Three-story office building suitable for multifamily or student housing conversion.
Property Size25,554 SF
Days on Market124
Property Features for 2995 Baseline
General Information
Standard status
Active
Size
25,554 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$148,960
Building Details
Building Size
25,554 SF
Year Built
1974
Listing Agency:
Gibbons-White, Inc.
(303) 586-5939
Listed By:
Michael-Ryan McCarty · License #FA.040029628
(303) 586-5939
Source:
Elliman
Added: Apr 24
Changed: Aug 19
Last Checked: Aug 24 at 9:46AM
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 Gibbons-White, Inc.
Investment Insights
Based on property information with market context.
This three-story, mid-century medical and professional office building presents a conversion opportunity for residential multifamily or student housing. The property is suited for an owner-user medical or professional office with short-term leases. Existing building support is in place for up to 18 dwelling units and 66 bedrooms, with a buildable site able to support up to 26 total dwelling units with parking reduction. The property is located across from Williams Village at CU Boulder, three blocks from the main campus, at the intersection of Baseline Rd, 30th St, and Canyon Creek Rd, all with direct access. It is close to US 36 and on a bus route. The property includes 84 parking spaces (3.23/1,000 Sq Ft), including a two-story post-stressed parking structure with 29 covered spaces. Recent capital improvements include elevator renewal, a refurbished parking structure, new boilers, HVAC upgrades, landscaping, common area and suite improvements. The bike score is 96, indicating a biker's paradise. The walk score is 49, indicating car-dependent. The transit score is 55, indicating good transit.
Key Highlights
- Prime location across from Williams Village at CU Boulder, just 3 blocks to main campus.
- Ideal for residential multifamily or student housing conversion; existing support for up to 18 dwelling units/66 bedrooms, buildable site supports up to 26 total units.
- 84 parking spaces**, including a 2‑story parking structure with 29 covered spaces.
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
$402,667
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
4.07%
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%
$8,053,340
$8.1M
Cap Rate 7%
$5,752,386
$5.8M
Cap Rate 9%
$4,474,078
$4.5M
Market Conditions
NOI Build-Up for 25,554 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
$766.6K $30.00/SF
− Vacancy
−$34.5K −$1.35/SF
EGI
$732.1K $28.65/SF
− OpEx
−$329.5K −$12.89/SF
NOI
$402.7K $15.76/SF
Area
Boulder, CO
Vacancy
4.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$8,053,340
Cap Rate 7%
$5,752,386
Cap Rate 9%
$4,474,078
Alternative Uses
Best Use
Apartment 5plus
$5.75M
$5.03M – $6.71M
NOI $402,667 @ 7.0% cap · market cap 4.07%
Second Best
Office B
$5.13M
$4.49M – $5.99M
NOI $359,238 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$8.64M
$7.56M – $10.07M
NOI $604,465 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
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
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building suitable for multifamily or student housing conversion.
Where is this office building located?
The property is located at 2995 Baseline Boulder, CO.
What is the asking price?
The asking price for this property is $9,900,000.
What are key features of this property?
This property features: Prime location across from Williams Village at CU Boulder, just 3 blocks to main campus.; Ideal for residential multifamily or student housing conversion; existing support for up to 18 dwelling units/66 bedrooms, buildable site supports up to 26 total units.; 84 parking spaces**, including a 2‑story parking structure with 29 covered spaces.
