Medical Office in Fraser
For Sale
Contact for pricing
Pending
2224 S Fraser St, Aurora, CO 80014
Office condominium in established business park, ideal for investment.
Property Size1,442 SF
Days on Market165
Property Features for 2224 S Fraser St
General Information
Standard status
Pending
Size
1,442 SF
Class
B
Property subtype
Office
Zoning
Commercial Office
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$32,724
Building Details
Year Built
2005
Year Renovated
2025
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Innovate Commercial Real Estate
(720) 583-5794
Listed By:
Charlie Cummings · License #CO 100072637
Source:
Crexi
Added: Mar 12
Changed: Aug 20
Last Checked: Aug 21 at 9:26PM
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
Investment Insights
Based on property information with market context.
This office condominium presents a stabilized investment opportunity situated within the Fraser Business Park, a well-established professional area located in Southeast Aurora. The property is currently occupied by the Functional Performance Center, a specialized physical therapy and rehabilitation clinic. The space features a high-quality tenant build-out. The property's location is within a high-growth medical and professional corridor. The property has a size of 1442 square feet and is intended for use as medical office space, office space, and general commercial real estate.
Key Highlights
- Stabilized investment opportunity with existing tenant
- Located in the well‑established Fraser Business Park
- Situated in a high‑growth medical and professional corridor in Southeast Aurora
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
4.79%
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 4.79%
Second Best
Office B
$260.3K
$227.8K – $303.7K
NOI $18,221 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$402.9K
$352.6K – $470.1K
NOI $28,206 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
842
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Office condominium in established business park, ideal for investment.
Where is this medical office space located?
The property is located at 2224 S Fraser St Aurora, CO.
What is the asking price?
The asking price for this property is $423,981.
What are key features of this property?
This property features: Stabilized investment opportunity with existing tenant; Located in the well‑established Fraser Business Park; Situated in a high‑growth medical and professional corridor in Southeast Aurora
