Two-Story Medical Office
For Sale
Contact for pricing
8850 W 38th Ave, Wheat Ridge, CO 80033
Medical office building offering a vacant ground-floor suite plus two leased second-floor practices.
Property Size5,048 SF
Price / SF$232.77
Days on Market530
Property Features for 8850 W 38th Ave
General Information
Standard status
Active
Size
5,048 SF
Property subtype
OFFICE
Additional Details
Office Units
3
Building Details
Tenancy
Multi
Listing Agency:
Pinnacle Real Estate Advisors
(303) 962-9555
Listed By:
Paul Nora
(303) 962-9575
Source:
Moodyscre
Added: Apr 3, 2025
Changed: Aug 16
Last Checked: Sep 13 at 11:48AM
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 two-story medical office building includes 2,524 SF of vacant main floor space featuring a reception desk, open work area, two large private offices, a kitchen, two private restrooms, and a ground floor unit configuration.
The second floor offers 1,262 SF leased to a chiropractor, with the lease in place until August 2028, and an additional 984 SF leased to a dental practice, with that lease in place until June 1, 2025.
With 5,048 SF total building size, the property provides a mix of immediate occupancy opportunity through the vacant main-floor suite and existing income from the two second-floor tenants with defined lease end dates.
The second floor offers 1,262 SF leased to a chiropractor, with the lease in place until August 2028, and an additional 984 SF leased to a dental practice, with that lease in place until June 1, 2025.
With 5,048 SF total building size, the property provides a mix of immediate occupancy opportunity through the vacant main-floor suite and existing income from the two second-floor tenants with defined lease end dates.
Key Highlights
- 2,524 SF vacant main floor with reception, open work area, two private offices, kitchen, and two private restrooms
- Ground floor unit configuration in the 2,524 SF main floor suite
- 1,262 SF second‑floor chiropractor space with lease in place until August 2028
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
$68,027
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
5.79%
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%
$1,360,540
$1.4M
Cap Rate 7%
$971,814
$971.8K
Cap Rate 9%
$755,856
$755.9K
Market Conditions
NOI Build-Up for 5,048 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
$102.4K $20.28/SF
− Vacancy
−$11.7K −$2.31/SF
EGI
$90.7K $17.97/SF
− OpEx
−$22.7K −$4.49/SF
NOI
$68.0K $13.48/SF
Area
Jefferson County, CO
Vacancy
11.40%
Lease Rate
$20.28 /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%
$1,360,540
Cap Rate 7%
$971,814
Cap Rate 9%
$755,856
Alternative Uses
Best Use
Office B
$971.8K
$850.3K – $1.13M
NOI $68,027 @ 7.0% cap · market cap 5.79%
Second Best
Healthcare Medical
$970.7K
$849.3K – $1.13M
NOI $67,947 @ 7.0% cap · market cap 5.78%
Theoretical Best
Multifamily LT 5
$11.23M
$9.83M – $13.11M
NOI $786,354 @ 7.0% cap · market cap 66.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
- PET Imaging Exempla Lutheran Med — 8550 W 38th Ave #102, Wheat Ridge, CO 80033
- Whelp Wise — 9111 W 38th Ave, Wheat Ridge, CO 80033
- Veterinary Perinatal Specialties Inc — 9111 W 38th Ave, Wheat Ridge, CO 80033
- Eye Clinic Veterinary — 7630 W 39th Ave, Wheat Ridge, CO 80033
- Hammond Todd DVM — 7630 W 39th Ave, Wheat Ridge, CO 80033
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building offering a vacant ground-floor suite plus two leased second-floor practices.
Where is this medical office space located?
The property is located at 8850 W 38th Ave Wheat Ridge, CO.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 2,524 SF vacant main floor with reception, open work area, two private offices, kitchen, and two private restrooms; Ground floor unit configuration in the 2,524 SF main floor suite; 1,262 SF second‑floor chiropractor space with lease in place until August 2028
