Downtown Office Condominium
For Sale
$985,000
1634 St 1634 Walnut St 1634, Boulder, CO 80302
Three commercial condominium suites in a mixed-use building, including a maintained office layout and two established tenants.
Property Size1,804 SF
Price / SF$546.01
Days on Market81
Property Features for 1634 St 1634 Walnut St 1634
General Information
Standard status
Active
Size
1,804 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$20,090
Amenities
shared courtyard
Central Air
3
Mixed Use
6981.0
Sidewalks, Gutters, Street Lights. Curbs Walk, City Road.
Building Details
Year Built
1989
Tenancy
Multi
Listing Agency:
Robinson Investment Co., Inc.
(303) 464-3903
Listed By:
Stacy Robinson · License #100027034
(303) 817-8345
Source:
Xome
Added: Jun 19
Changed: Sep 1
Last Checked: Sep 7 at 4:39AM
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 Robinson Investment Co., Inc.
Investment Insights
Based on property information with market context.
1634 Walnut Street is a three-unit commercial condominium offering street-level space within a mixed-use building with luxury residential condominiums above. The property includes distinct commercial suites, with Arabesque Cafe operating at the location and Sage Salon operating as a one-chair boutique salon. A third suite is currently vacant, creating flexibility for a new tenant or an owner-user seeking additional space.
The maintained office suite described measures 515 square feet and includes two private offices plus a welcoming reception area, kitchenette, and shared restroom. The layout also features hard-surface flooring, abundant natural light, and one office with a private exterior entrance. Tenants and clients have access to a landscaped shared courtyard, along with ample nearby parking, public transit, bike routes, and the Boulder Creek Path.
Positioned in Downtown Boulder’s East End, the property is described as a walkable area with a mix of boutique retailers, restaurants, professional offices, and locally owned businesses. The suites are well-suited to professional use given the interior configuration, and the property offers an in-place opportunity with two established tenants plus leasing or occupancy potential through the vacant unit.
The maintained office suite described measures 515 square feet and includes two private offices plus a welcoming reception area, kitchenette, and shared restroom. The layout also features hard-surface flooring, abundant natural light, and one office with a private exterior entrance. Tenants and clients have access to a landscaped shared courtyard, along with ample nearby parking, public transit, bike routes, and the Boulder Creek Path.
Positioned in Downtown Boulder’s East End, the property is described as a walkable area with a mix of boutique retailers, restaurants, professional offices, and locally owned businesses. The suites are well-suited to professional use given the interior configuration, and the property offers an in-place opportunity with two established tenants plus leasing or occupancy potential through the vacant unit.
Key Highlights
- Three commercial condominium suites in a mixed‑use building at 1634 Walnut Street, Downtown Boulder (East End).
- 515‑SF office suite with two private offices, reception area, kitchenette, shared restroom, hard‑surface flooring, and abundant natural light.
- Office suite includes one office with a private exterior entrance.
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
$33,755
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
3.43%
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%
$675,100
$675.1K
Cap Rate 7%
$482,214
$482.2K
Cap Rate 9%
$375,056
$375.1K
Market Conditions
NOI Build-Up for 1,804 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
$47.6K $26.40/SF
− Vacancy
−$2.6K −$1.45/SF
EGI
$45.0K $24.95/SF
− OpEx
−$11.3K −$6.24/SF
NOI
$33.8K $18.71/SF
Area
Boulder, CO
Vacancy
5.50%
Lease Rate
$26.40 /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%
$675,100
Cap Rate 7%
$482,214
Cap Rate 9%
$375,056
Alternative Uses
Best Use
Specialty Retail
$482.2K
$421.9K – $562.6K
NOI $33,755 @ 7.0% cap · market cap 3.43%
Second Best
Office B
$362.3K
$317.0K – $422.7K
NOI $25,361 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$609.6K
$533.4K – $711.2K
NOI $42,673 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,796
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?
Office units - Three commercial condominium suites in a mixed-use building, including a maintained office layout and two established tenants.
Where is this office units located?
The property is located at 1634 St 1634 Walnut St 1634 Boulder, CO.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Three commercial condominium suites in a mixed‑use building at 1634 Walnut Street, Downtown Boulder (East End).; 515‑SF office suite with two private offices, reception area, kitchenette, shared restroom, hard‑surface flooring, and abundant natural light.; Office suite includes one office with a private exterior entrance.
