Flex Space with Roll-Up
For Sale
$748,500
2292 S Delaware St, Denver, CO 80223
Corner-site property combines a steel workshop, two-bedroom house, secondary structure, and secure outdoor area.
Property Size1,500 SF
Days on Market12
Property Features for 2292 S Delaware St
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,710
Building Details
Building Size
1,500 SF
Year Built
1924
Units
1
Listing Agency:
BANYAN REAL ESTATE LLC
(303) 748-3843
Listed By:
Chris Lamee · License #001315204
(303) 748-3843
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 22 at 10:04AM
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 BANYAN REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This flex property at 2292 S Delaware St includes an approximately 1,500-square-foot heavy-duty steel building with substantial clear height and roll-up doors at both the front and rear. The site also contains a standalone two-bedroom house, a secondary garage or shed structure, and a secure backyard. Asbestos remediation and clearing have been completed in the house, which is dated to 1924 for the property record.
The corner lot is located just blocks from South Broadway and two blocks from the Evans Light Rail station. The property is currently taxed as a single-family home and has no HOA fees. Fully entitled plans for 10 modern slot homes are included, although the plans will expire if the building permit is not pulled soon.
The corner lot is located just blocks from South Broadway and two blocks from the Evans Light Rail station. The property is currently taxed as a single-family home and has no HOA fees. Fully entitled plans for 10 modern slot homes are included, although the plans will expire if the building permit is not pulled soon.
Key Highlights
- Approximately 1,500 square feet of heavy‑duty steel building space
- Front and rear roll‑up doors with substantial clear height
- Standalone two‑bedroom house with asbestos remediation completed
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
$21,978
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
2.94%
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%
$439,560
$439.6K
Cap Rate 7%
$313,971
$314.0K
Cap Rate 9%
$244,200
$244.2K
Market Conditions
NOI Build-Up for 1,500 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
$39.6K $26.40/SF
− Vacancy
−$10.3K −$6.86/SF
EGI
$29.3K $19.54/SF
− OpEx
−$7.3K −$4.88/SF
NOI
$22.0K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
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%
$439,560
Cap Rate 7%
$313,971
Cap Rate 9%
$244,200
Alternative Uses
Best Use
Office B
$314.0K
$274.7K – $366.3K
NOI $21,978 @ 7.0% cap · market cap 2.94%
Second Best
Mixed Use
$301.8K
$264.1K – $352.1K
NOI $21,128 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$477.5K
$417.8K – $557.1K
NOI $33,425 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,249
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80223, CO
19,862
Population
9,532
Households
2.1
Avg Household Size
34
Median Age
46%
College-Educated
87%
High-School Grad
5.3 sq mi
ZIP Area
3,748
Density / Sq Mi
$80,461
Median Household Income
$50,567
Median Earnings
$1,650
Median Rent
$497,900
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Corner-site property combines a steel workshop, two-bedroom house, secondary structure, and secure outdoor area.
Where is this flex space located?
The property is located at 2292 S Delaware St Denver, CO.
What is the asking price?
The asking price for this property is $748,500.
What are key features of this property?
This property features: Approximately 1,500 square feet of heavy‑duty steel building space; Front and rear roll‑up doors with substantial clear height; Standalone two‑bedroom house with asbestos remediation completed
