Flex Space with Office-Warehouse
For Sale
$600,000
1515 Chester Street, Aurora, CO 80010
Office space includes multiple private rooms, a conference area, kitchen, restrooms, and warehouse access.
Property Size2,509 SF
Days on Market30
Property Features for 1515 Chester Street
General Information
Standard status
Active
Size
2,509 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
OA-MS
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$9,749
Amenities
conference room
kitchen
break area
Building Details
Building Size
2,509 SF
Year Built
1950
Units
1
Listing Agency:
Paisano Realty, Inc.
(303) 455-2555
Listed By:
Angel Hernandez · License #278049988
(303) 455-2555
Source:
Coloradopartners
Added: Aug 3
Changed: Aug 30
Last Checked: Aug 31 at 5:12PM
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 Paisano Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1950, this flex property combines a front reception area with a hallway-oriented office layout. The interior includes several private offices, a larger conference room, men’s and women’s restrooms, and a kitchen with adjacent break space. At the rear, the office area connects to warehouse space with a garage door and storage area.
The property is located at 1515 Chester Street in Aurora, near Colfax and a short drive from the CU Anschutz Medical Campus. Zoning is designated OA-MS.
The property is located at 1515 Chester Street in Aurora, near Colfax and a short drive from the CU Anschutz Medical Campus. Zoning is designated OA-MS.
Key Highlights
- Flex layout combining office areas with warehouse space
- Multiple private offices plus a larger conference room
- Kitchen and break area with men’s and women’s restrooms
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
$36,963
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
6.16%
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%
$739,260
$739.3K
Cap Rate 7%
$528,043
$528.0K
Cap Rate 9%
$410,700
$410.7K
Market Conditions
NOI Build-Up for 2,509 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
$46.1K $18.36/SF
− Vacancy
−$2.6K −$1.03/SF
EGI
$43.5K $17.33/SF
− OpEx
−$6.5K −$2.60/SF
NOI
$37.0K $14.73/SF
Area
Aurora, CO
Vacancy
5.60%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
15.00%
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%
$739,260
Cap Rate 7%
$528,043
Cap Rate 9%
$410,700
Alternative Uses
Best Use
Warehouse
$528.0K
$462.0K – $616.1K
NOI $36,963 @ 7.0% cap · market cap 6.16%
Second Best
Flex RnD
$488.7K
$427.6K – $570.2K
NOI $34,209 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$701.1K
$613.5K – $817.9K
NOI $49,076 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80010, CO
42,303
Population
15,394
Households
2.7
Avg Household Size
32
Median Age
19%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
8,295
Density / Sq Mi
$60,755
Median Household Income
$36,349
Median Earnings
$1,400
Median Rent
$385,700
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 - Office space includes multiple private rooms, a conference area, kitchen, restrooms, and warehouse access.
Where is this flex space located?
The property is located at 1515 Chester Street Aurora, CO.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Flex layout combining office areas with warehouse space; Multiple private offices plus a larger conference room; Kitchen and break area with men’s and women’s restrooms
