Medical Office
For Sale
$424,981
2224 Fraser, Aurora, CO 80014
Currently operating as a physical therapy and rehabilitation clinic within Fraser Business Park in Aurora.
Property Size1,442 SF
Price / SF$294.72
Days on Market276
Property Features for 2224 Fraser
General Information
Standard status
Active
Size
1,442 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$8,032
Amenities
3
Shingle
Building Details
Year Built
2005
Listing Agency:
Innovate Commercial Real Estate LLC
(720) 583-5794
Listed By:
Charlie Cummings · License #100072637
(720) 583-5794
Source:
Xome
Added: Nov 6, 2025
Changed: Aug 8
Last Checked: Aug 9 at 4:48AM
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 Innovate Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This office condominium is currently operating as the Functional Performance Center, a specialized physical therapy and rehabilitation clinic. The space includes a tenant build-out described as high quality, supporting the clinic’s functional needs.
Located at 2224 S Fraser Unit 6 in Aurora, the property sits within Fraser Business Park, a well-established professional enclave in Southeast Aurora. The offering is presented as a stabilized investment opportunity, positioned within a medical and professional corridor noted for growth.
As an individually owned condominium within the business park environment, this unit provides a dedicated medical office setting for an operator seeking continuity in a clinic-focused configuration.
Located at 2224 S Fraser Unit 6 in Aurora, the property sits within Fraser Business Park, a well-established professional enclave in Southeast Aurora. The offering is presented as a stabilized investment opportunity, positioned within a medical and professional corridor noted for growth.
As an individually owned condominium within the business park environment, this unit provides a dedicated medical office setting for an operator seeking continuity in a clinic-focused configuration.
Key Highlights
- Office condominium built in 2005 in Fraser Business Park in Southeast Aurora
- Currently operating as a physical therapy and rehabilitation clinic (Functional Performance Center)
- Tenant build‑out in place for a specialized physical therapy and rehabilitation 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
$20,329
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
4.78%
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%
$406,580
$406.6K
Cap Rate 7%
$290,414
$290.4K
Cap Rate 9%
$225,878
$225.9K
Market Conditions
NOI Build-Up for 1,442 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
$38.1K $26.40/SF
− Vacancy
−$4.2K −$2.90/SF
EGI
$33.9K $23.50/SF
− OpEx
−$13.6K −$9.40/SF
NOI
$20.3K $14.10/SF
Area
Aurora, CO
Vacancy
11.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$406,580
Cap Rate 7%
$290,414
Cap Rate 9%
$225,878
Alternative Uses
Best Use
Healthcare Medical
$290.4K
$254.1K – $338.8K
NOI $20,329 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$402.9K
$352.6K – $470.1K
NOI $28,206 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 80014, CO
41,711
Population
19,903
Households
2.1
Avg Household Size
40
Median Age
44%
College-Educated
93%
High-School Grad
7.2 sq mi
ZIP Area
5,793
Density / Sq Mi
$72,561
Median Household Income
$47,950
Median Earnings
$1,800
Median Rent
$386,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Rehabilitation center - Currently operating as a physical therapy and rehabilitation clinic within Fraser Business Park in Aurora.
Where is this rehabilitation center located?
The property is located at 2224 Fraser Aurora, CO.
What is the asking price?
The asking price for this property is $424,981.
What are key features of this property?
This property features: Office condominium built in 2005 in Fraser Business Park in Southeast Aurora; Currently operating as a physical therapy and rehabilitation clinic (Functional Performance Center); Tenant build‑out in place for a specialized physical therapy and rehabilitation use
