Flex Space with Office
For Sale
$1,248,000
2380 S Delaware St, Denver, CO 80223
Metal construction combines warehouse capacity with finished office space across approximately half the building.
Property Size9,600 SF
Days on Market42
Property Features for 2380 S Delaware St
General Information
Standard status
Active
Size
9,600 SF
Class
C
Property subtype
Office
Additional Details
Clear Height
14 ft
Building Details
Building Size
9,600 SF
Year Built
1982
Construction
metal
Listing Agency:
Shames Makovsky
Listed By:
Joey Gargotto · License #FA100056043
(303) 842-5767
Source:
Naishamesmakovsky
Added: Jul 30
Changed: Sep 8
Last Checked: Sep 9 at 6:46AM
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 Shames Makovsky
Investment Insights
Based on property information with market context.
This 9,600-square-foot flex space is a metal warehouse with 14’ clear to joists and 18’ clear to decking. Finished office space with a dropped ceiling occupies approximately half the building, creating a combination of warehouse and office areas within one property.
The property is located at 2380 Delaware St in Denver, Colorado 80223.
The property is located at 2380 Delaware St in Denver, Colorado 80223.
Key Highlights
- 9,600‑square‑foot metal warehouse
- 14’ clear to joists and 18’ clear to decking
- Finished office with dropped ceiling in approximately half the building
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
$99,203
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
7.95%
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%
$1,984,060
$2.0M
Cap Rate 7%
$1,417,186
$1.4M
Cap Rate 9%
$1,102,256
$1.1M
Market Conditions
NOI Build-Up for 9,600 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
$126.7K $13.20/SF
− Vacancy
−$10.0K −$1.04/SF
EGI
$116.7K $12.16/SF
− OpEx
−$17.5K −$1.82/SF
NOI
$99.2K $10.33/SF
Area
Denver, CO
Vacancy
7.90%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,984,060
Cap Rate 7%
$1,417,186
Cap Rate 9%
$1,102,256
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.34M
NOI $140,659 @ 7.0% cap · market cap 11.27%
Second Best
Warehouse
$1.42M
$1.24M – $1.65M
NOI $99,203 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$3.06M
$2.67M – $3.57M
NOI $213,922 @ 7.0% cap · market cap 17.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
1,086
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 - Metal construction combines warehouse capacity with finished office space across approximately half the building.
Where is this flex space located?
The property is located at 2380 S Delaware St Denver, CO.
What is the asking price?
The asking price for this property is $1,248,000.
What are key features of this property?
This property features: 9,600‑square‑foot metal warehouse; 14’ clear to joists and 18’ clear to decking; Finished office with dropped ceiling in approximately half the building
