Versatile Flex Property For
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2180 S Ivanhoe St, Denver, CO 80222
Nine-unit flex property near I-25/E. Evans corridor, renovated in 2022.
Property Size18,069 SF
Price / SF$218.61
Days on Market886
Property Features for 2180 S Ivanhoe St
General Information
Standard status
Active
Size
18,069 SF
Total Parking Spaces
26
Property subtype
Industrial
Zoning
I-MX-3
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1978
Year Renovated
2022
Units
9
Tenancy
Multi
Listing Agency:
Fuller Real Estate
Listed By:
Travis Wanger · License #FA100085277
(303) 881-1061
Source:
Crexi
Added: Apr 3, 2024
Changed: Aug 14
Last Checked: Sep 4 at 4:57PM
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 Fuller Real Estate
Investment Insights
Based on property information with market context.
This 18,069 square foot flex property offers a versatile opportunity for an owner-user or investor. Renovated in 2022, the property contains nine independent small bay units, each featuring front and rear entry, a 10x10 roll-up door, a private in-suite restroom, and warehouse heating and cooling. Quality finishes are present throughout the units. Located along the I-25/E. Evans corridor, the property allows an owner-occupier to benefit from in-place income while running their business. Units 3-9, totaling 15,129 square feet, could be made available.
Key Highlights
- Versatile 9‑unit flex property ideal for owner‑user or investor.
- Recently renovated in 2022 with quality finishes.
- Each unit features front and rear entry, a 10x10 roll‑up door, and a private restroom.
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
$168,562
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
4.27%
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%
$3,371,240
$3.4M
Cap Rate 7%
$2,408,029
$2.4M
Cap Rate 9%
$1,872,911
$1.9M
Market Conditions
NOI Build-Up for 18,069 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
$281.9K $15.60/SF
− Vacancy
−$22.6K −$1.25/SF
EGI
$259.3K $14.35/SF
− OpEx
−$90.8K −$5.02/SF
NOI
$168.6K $9.33/SF
Area
Denver, CO
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$3,371,240
Cap Rate 7%
$2,408,029
Cap Rate 9%
$1,872,911
Alternative Uses
Best Use
Flex RnD
$2.41M
$2.11M – $2.81M
NOI $168,562 @ 7.0% cap · market cap 4.27%
Second Best
Industrial
$2.19M
$1.92M – $2.56M
NOI $153,467 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$5.75M
$5.03M – $6.71M
NOI $402,641 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,758
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80222, CO
22,381
Population
11,625
Households
1.9
Avg Household Size
38
Median Age
57%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
5,890
Density / Sq Mi
$85,354
Median Household Income
$57,833
Median Earnings
$1,715
Median Rent
$596,300
Median Home Value
Market
Vacancy Rate% for Industrial in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Nine-unit flex property near I-25/E. Evans corridor, renovated in 2022.
Where is this flex space located?
The property is located at 2180 S Ivanhoe St Denver, CO.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Versatile 9‑unit flex property ideal for owner‑user or investor.; Recently renovated in 2022 with quality finishes.; Each unit features front and rear entry, a 10x10 roll‑up door, and a private restroom.
