Flex Creative Office
For Sale
$6,000,000
1800 38th Street, Boulder, CO 80301
Core-and-shell flexible space with an open layout, adaptable for flex, creative office, or light lab uses.
Property Size18,000 SF
Price / SF$342.66
Days on Market46
Property Features for 1800 38th Street
General Information
Standard status
Active
Size
18,000 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
monument signage opportunities
Flatiron views
Building Details
Building Size
18,000 SF
Year Built
1800
Listed By:
Michael Coppola
(303) 913-8787
Source:
Cushmanwakefield
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 7 at 12:09PM
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 Michael Coppola
Investment Insights
Based on property information with market context.
The property is offered in core and shell condition and presents a highly adaptable interior configured with an open layout, providing a clean slate for custom tenant improvements. The space is positioned for a range of uses, including flex, creative offices, or light lab applications.
The location provides excellent visibility along Foothills Highway with monument signage opportunities and ample on-site parking. Multi-modal access is also highlighted, with the Boulder Junction Depot Square RTD station about 1 mile away and a BCycle Bikeshare station within walking distance.
The setting includes Flatiron views, supporting a work environment designed for modern operations. Positioned within an active life science and technology community, the property is well-suited for an owner-user or for a tenant seeking a build-to-suit arrangement in Boulder’s innovation corridor.
The location provides excellent visibility along Foothills Highway with monument signage opportunities and ample on-site parking. Multi-modal access is also highlighted, with the Boulder Junction Depot Square RTD station about 1 mile away and a BCycle Bikeshare station within walking distance.
The setting includes Flatiron views, supporting a work environment designed for modern operations. Positioned within an active life science and technology community, the property is well-suited for an owner-user or for a tenant seeking a build-to-suit arrangement in Boulder’s innovation corridor.
Key Highlights
- Core‑and‑shell property with 17,510 SF of highly adaptable space.
- Open layout offers a clean slate for customized tenant improvements and build‑out.
- Designed for flexible uses including flex, creative offices, or light lab use.
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
$246,156
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
4.10%
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%
$4,923,120
$4.9M
Cap Rate 7%
$3,516,514
$3.5M
Cap Rate 9%
$2,735,067
$2.7M
Market Conditions
NOI Build-Up for 17,510 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
$462.3K $26.40/SF
− Vacancy
−$134.1K −$7.66/SF
EGI
$328.2K $18.74/SF
− OpEx
−$82.1K −$4.69/SF
NOI
$246.2K $14.06/SF
Area
Boulder, CO
Vacancy
29.00%
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%
$4,923,120
Cap Rate 7%
$3,516,514
Cap Rate 9%
$2,735,067
Alternative Uses
Best Use
Office B
$3.52M
$3.08M – $4.10M
NOI $246,156 @ 7.0% cap · market cap 4.10%
Second Best
Flex RnD
$2.36M
$2.06M – $2.75M
NOI $165,123 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$5.92M
$5.18M – $6.90M
NOI $414,189 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,700
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80301, CO
25,944
Population
12,644
Households
2.1
Avg Household Size
38
Median Age
69%
College-Educated
97%
High-School Grad
28.6 sq mi
ZIP Area
907
Density / Sq Mi
$92,974
Median Household Income
$52,325
Median Earnings
$1,999
Median Rent
$761,500
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 - Core-and-shell flexible space with an open layout, adaptable for flex, creative office, or light lab uses.
Where is this flex space located?
The property is located at 1800 38th Street Boulder, CO.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Core‑and‑shell property with 17,510 SF of highly adaptable space.; Open layout offers a clean slate for customized tenant improvements and build‑out.; Designed for flexible uses including flex, creative offices, or light lab use.
